It can be quite difficult to buy a new or used vehicle when you have poor credit. Unfortunately, so many Americans have credit issues due to a variety of reasons — and purchasing a functioning vehicle can be tough if the situation is bad enough.
Thankfully, there are some things you can do in order to improve your chances of purchasing a high-quality vehicle, even with poor credit. Here are some tips for buying a car with bad credit:
- Work on your credit before car shopping — Unless you are in dire need of a vehicle, you might want to take some time to start bringing your credit score up before you begin shopping for a new car. Cleaning up your credit can help you in just about every financial aspect of your life.
- Purchase used cars — Used vehicles aren’t nearly as bad as some people think. Thanks to modern automotive technological breakthroughs, just about every vehicle that’s been manufactured over the last 15 to 20 years remain viable options for buyers. The average age of vehicles currently on the roads in the U.S. is 11.6 years, and these used cars are much more affordable than their newer counterparts.
- Acquire bad credit auto loans — A bad credit auto loan is the perfect solution for acquiring a high-quality vehicle despite trouble with credit. Just because these loans exist doesn’t mean you shouldn’t work towards improving your credit, however, but they can at least help you get back on your feet (and inside a car).
- Avoid additional bad credit items — In the months leading up to your credit loan application, it’s best to keep your credit score as best as possible. Pay everything on time, don’t take on other major credit obligations, and don’t ignore calls or letters.
- Make a bigger down payment — If it’s feasible, making a bigger down payment can help you offset the interest, taxes, and fees associated with the car buying process. Your credit history will limit the size of the loan you can get right away and high interest rates will lower that amount even more, so placing a larger down payment is a great idea.
If you want to learn more about purchasing used cars with bad credit, give Auto Sales and Service Inc. a call right away. Good luck!
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