People with Bad Credit Can Get The Car They Need With Special Financing Options: Unlimited AutoMarket
Industry: Advertising & Marketing
Low credit scores can keep you from getting conventional financing, but no matter what caused your bad credit, it doesn’t have to be permanent.
Pennsylvania (PRUnderground) May 31st, 2018
People with Bad Credit Can Get The Car They Need With Special Financing Options
Low credit scores can keep you from getting conventional financing, but no matter what caused your bad credit, it doesn’t have to be permanent.
Special financing could help you buy a car
If your credit score is below 580, you will have problems when you try to finance any purchase. People with credit scores above 700 can often qualify for loans with lower down payments and lower interest rates.
The average credit score in the United States right now is 695. This is considered “good” by lenders, but depending on income and employment history, those with scores in the average range may still be required to pay financing fees and a higher interest rate.
Car buying tips for people with bad credit or no credit
Check your credit reports
It’s so important that everyone check each of their three credit reports once a year that the federal government made a law that gives everyone the right to see their full credit report annually for free.
Visit www.annualcreditreport.com to get yours. There’s no need to enter payment information.
Check for signs of identity theft, accounts you don’t recognize and errors. The three credit bureaus make it easy to take care of these problems online at no charge.
Figure out how much of a payment you can afford
Choose a payment amount that fits easily into your budget before you shop for a car. The special financing experts at Car Vision Mitsubishi are happy to help you find the car you need at a price you can afford.
Make every payment on time
Making on-time payments on your auto loan will help you build good credit. New information about responsible payment activity will give your score the boost it needs after just a few months of on-time payments. If you are delinquent on other accounts that show up on your credit report, try to bring those current before you go car shopping to increase your chances of securing financing with good terms.
Save money for a downpayment
Having some cash for a downpayment makes getting financing for your vehicle easier. People with serious credit problems may be required to produce a certain percentage of the total purchase price as a down payment. Having a verifiable source of income and a solid work history helps the situation, too.
Work with a car dealership that specializes in helping people with past credit problems get financing
Conventional lenders want only low-risk borrowers with clean credit scores. They rely on FICO scores for qualification. A dealership that understands credit problems should offer a great program with terms that fit your budget and your financial goals. They’ll take factors like work history, income, and your down payment into consideration.
The Car Vision Mitsubishi credit experts have helped many Pennsylvania residents get the financing they want for the vehicle they need.
To learn more about financing available for any credit situation, contact the Finance Department at Car Vision Mitsubishi by filling out the Online Finance Application or by calling (610)279-4010. Wondering if Car Vision has the car you need? Talk with one of our sales team by calling (610)624-8333 or stop by our dealership at 2626 Ridge Pike in Norristown, PA.
