How to Finance a Car with Bad Credit Car DealersEven with bad credit you can still finance a car
Unless you live in a place where the public transportation is top notch, you need a vehicle, especially if you have a family to support. Luckily for those of us who live in Denver, Lakewood, or Aurora we have light rail access. Gas prices are also plummeting so it will be easier for people to save up money to buy an auto, truck or SUV.
Car Loan for Bad Credit?
Just because you have more disposable income doesn’t mean that you should spend it. The good news is that if you have a damaged payment history and little cash down you can still get financed for a vehicle depending on what used auto dealership you end up going to. There are some bad credit car dealers to choose from in the Aurora, Denver and Lakewood area that will fit your needs.
The first thing you should do is look online for a bit to see what’s around you. Check out some of the reviews. Any bad credit car dealerships with a 3.5-4 rating should be a good place to start. Take the time to look through the reviews and see what good things and bad things are said. Sometimes people are unreasonably mean and their bad reviews have no merit. Other people have legitimate complaints. Be sure to take this into consideration.
The most important thing isn’t the vehicle you want but the financing program that fits you. Most bad credit car dealerships have a wide range of autos to choose from and always have more coming in. The best thing is to ask the dealers if they can work with you if you have a low down payment. The truth is that car loans with bad credit are considered high risk so sometimes the dealers need more money in advance.
If you don’t have much cash to put down and need an automobile now then they can give you a period of time, from 45-60 days, to secure the rest of the down payment. They will also establish a schedule for you that falls comfortably in line with when you get your pay check. Then you will have as much as 60 days to make your first loan installment as well so you’ll have plenty of time to save some cash.
Before you get your vehicle make sure that the dealers either report the payments or have an outside company. It would be bad to send all those payments and not have them recorded with a reporting agency. A big perk of financing through bad credit used car dealerships is reporting your payments, so it raises your credit score. An automobile and a house are your 2 biggest purchases you’ll make in your lifetime. Showing other companies that you can pay them off goes a long way in the credit world. The better your payment history the more money you’ll save over your lifetime.
While you may be on a budget it is best to try and pay the car loan off as fast as possible. Most buy here pay here dealers work on short term loans because they are considered high risk. If you send more on a monthly basis you’ll save money over the long run.