Learn More About Financing with Challenging Credit
Many people rely on auto loans to purchase a vehicle in Michigan. It may seem daunting to try and get an auto loan with less-than-perfect credit, but it’s not impossible. Below we will go over some things you can do before you step foot into a dealership to make the process go smoothly!
Before You Apply for a Vehicle Loan
Review Your Credit – It is easy to run a credit check on yourself to determine your current credit score. There are several websites available to give you a credit report from each of the credit bureaus for free. You can then check over your open accounts and see if you can fix any errors to add points back to your score.
Assess What You Can Afford – By filling out a budgeting spreadsheet or something similar, you can sit down and figure out what you can afford by inputting income coming in and bills going out. A dealership wants to know if you can balance a new monthly car payment with other pre-existing payments. Multiple factors go into purchasing a vehicle. Day-to-day costs include gas, maintenance, insurance, and even parking expenses. Ensure you go with a vehicle you are confident you can budget with other fees. Buying a vehicle and staying current on payments is a great way to rebuild strong credit.
Gather Financial Documentation – If you are struggling with bad credit or a low credit score, you can sometimes bring other financial documentation that shows you are likely to pay back a loan. These documents can include previous loan repayments, employment history, and your monthly income. The automotive finance experts at Mike Ward Alfa Romeo can help you figure out what documentation will help with your financing.
We Can Assist You at Thelen Chrysler Dodge Jeep Ram
Whether you have great credit or low credit, Thelen Chrysler Dodge Jeep Ram in Bay City, Michigan, can assist you in finding the best finance rates and terms on our inventory of new and gently used vehicles. Our expert finance team works with a large variety of lenders to customize rates for you. When you are ready to start the process, stop in or give us a call at 989-402-9499.
(Photo Credit: PEXELS)
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