Can You Buy a Used Car with Bad Credit?
Posted on January 5, 2018
It’s easy to earn yourself a less-than-perfect credit rating. Few missed payments, an over-extended credit card, or defaulting on a loan can all help you find your way to a bad credit rating. A few financial indiscretions can follow you around for seven years or even longer, troubling you whenever you need a helping hand. So when you go to buy a car, it’s natural to wonder if your bad credit will prevent you from buying a used car.
You Can Still Buy a Car with Bad Credit
Luckily, there are understanding people who deal with auto loans and car sales. They know that what happened in the past doesn’t always dictate what you’ll do in the future. Lenders are operated by regular people – many of whom may have been through similar circumstances as you.
Despite that black mark on your credit report, there’s a very good chance you’re still eligible to buy a car. Bad credit car loans, understandably, are a higher risk for the lender, which means you’ll need to accept a higher interest rate. You may also need to have a down payment for the car you want to buy.
A Car Loan Can Boost Your Credit
A used car loan might be just what you need to get on the right track financially. A loan on your credit bureau is a positive thing…as long as you make your payments faithfully in full and on time. When you repay a loan, it shows that a lender has trusted you with funding. That can reflect very well as you rebuild your credit – much better than doing nothing at all.
If you need to buy a used car but you have bad credit, we can help. Jay Wolfe Auto Outlet has a great selection of pre-owned vehicles to choose from, and lenders that can get almost anyone with bad credit funded. Fill out a credit application or stop in today to find out how Jay Wolfe Auto Outlet can help you buy a used car, even with bad credit.
