Having a credit score below 580 is generally considered bad credit, so if you have a 579 credit score or below, this applies to you. You can still get a car and an auto loan with a 579 credit score, but expect your rates to buy much higher then what prime barrowers would have to pay. But while buying a car with bad credit is possible, not every option will be open to you either. Here is some advice if you are considering buying a car with very poor credit.
Stick to Bad Credit Specialist
People looking to apply for financing on a car, who have bad credit, often have their own sets of issues and circumstances many lenders who do not deal with bad credit are used to handling. Does your lender know what to recommend if you have had a bankruptcy, or have had a prior prepossession? Most importantly, will they help you improve your credit? If you apply for auto financing through LotPro, we will report your timely payments and help you rebuild your credit. Not everyone will however.
Stay on Budget
Set aside fantasies of dream cars and embrace some fiscal responsibility. Sure you want your car to be safe, and it should be dependable so that it doesn't end up costing you more money then it needs to. But set a budget, like only cars under 10000 or maybe less depending on your income and needs. There are many reasons for this but the biggest are smaller payments are easier to pay and therefore it becomes easier to rebuild your credit, and two once you build that credit, you will want to get out of your current deal and into a better rate. This is harder to do with a huge loan around your neck.
Find Someone That Works with You
This kind of goes back to our first point, but you need someone who not only understands your past circumstances, but also is willing to work with your current circumstances. Say you need to get a car with bad credit and no money down, will the lender or dealer you go to have options to suggest? At LotPro, the finance companies we work with understand these sort of problems, and have suggestions and options for people looking to buy a car with bad credit, who need options that may include zero down.
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