How to Get a Car Loan with Bad Credit
Not everyone in the St. Louis area has a perfect credit history, so how do they manage to find great vehicles with less-than-great credit scores? Learning how to get a car loan with bad credit takes a little research, but it’s perfectly attainable for Herculaneum and Florissant drivers. Green Light Auto Credit is here to walk you through the steps for financing a vehicle the proper way, so you can secure an auto loan without breaking the bank!
First Step: Applying for Financing
Before you even set foot in an office, you can apply for financing from home for pre-approval. This saves you a trip to the dealership and allows you to get a head-start on paperwork. Additionally, the finance team can start working on your payment plan even before you arrive!
Second Step: Researching Your Options
The next step is to start crunching numbers. When you have bad credit, your car loan can help you build credit over time, which is why this step is so important. You’ll need to figure out what you can handle financially, and be sure to be honest with yourself:
- What is your budget? Try to work out what you can and can’t afford per month.
- How much can you spend for a downpayment? Larger down payments lead to smaller monthly payments.
- Can you clean up your credit? Look for errors in your credit report and try to pay off any outstanding debts that you can.
- What type of car do you want? Shopping around for options like used or CPO models, trade-in deals, special incentives, leases, and other money-saving opportunities.
- Is your bad credit situational or habitual? Depending on your answer, the auto loan amount and interest rates you have access to may be very different.
Get Custom Financial Advice Today
Learning how to get a car with bad credit may be tricky, but we’re here to help every step of the way. Feel free to contact us at Green Light Auto Credit for expert financing advice in the greater St. Louis area. Our team believes in second chances, and we have built a reputation as one of the most flexible lenders in the area. Need more information? Learn how to finance a car with no credit!