Your car is on its last leg. It’s making a clanking sound, the gas gauge is no longer floating — it’s just there, stuck somewhere between empty and 1/4 full. The suspension is going, and the alternator has been replaced at least two times in the past six months. Oh, and you’ve noticed a weird leak and a funny smell.
You need a new car. Plain as day, it’s time.
And then you take a look at your credit score and realize it’s in poor shape. But you still need to buy a car. Let’s see how you can buy a car even if you have bad credit, it can be done.
How to Buy a Car If You Have Bad Credit
First and foremost don’t lose hope. However, you do need to rebuild your credit and Mr. Ed can help you!
The Mr. Ed Department only works with the Nation’s top financial institutions to help you buy or even lease the right vehicle for you and your family. Our lenders offer a multitude of flexible payment options in order to best fit your budget and to make it easier to stay current on your payments. And speaking of payments, every time you make one, it gets reported to all three major credit reporting agencies. Rebuilding your credit couldn’t be any easier!
Improve Your Credit Score
Here’s an infographic that can help you see how you can improve your credit score. Realistically, you need a good credit score not only to buy a car but also a home, and many other large purchases you may do in the future
Courtesy of: Mr. Ed Credit & Auto Loan Help
Ask Your Auto Dealer About Loans for Bad Credit
Dealers, like, Mr. Ed at Earnhardt Auto Centers, generally have access to a variety of lenders who all have different standards of what they will accept and what rates they will charge. In this instance having a substantial down payment (10-20%) would be a good idea to lower your overall costs.
There are times when even with a low credit score you can get an approval for a loan from a local bank or credit union. They will generally give you a letter of intent, and with this letter in hand, the dealer knows that you have funds available. They will work with you a little easier, and may even knock down the sticker price in order to meet your budget.
While buying a car on a budget and with bad credit can be frustrating, there are options available for the average person. The best thing you can do though is research. Know your credit score, and what charges are on it that way you can improve things as quickly as possible.