Can You Get a Bad Credit Car Loan?
Posted on January 26, 2018
There’s no way you can buy a car, is there? When you graduated high school, you began racking up thousands of dollars in tuition, and you’re having a hard time getting caught up with those payments. You haven’t been disciplined in making your bill payments on time, and you’ve had a credit card cancelled on you. Your credit score is in the toilet right now. Why should you think that you’d qualify for financing – even a bad credit car loan?
The fact is that more than half of Americans live with a credit score that’s below par. It could be from the same reasons as you or from a completely different set of problems. What you have in common is that you could very well qualify for a bad credit car loan. It’s probably easier than you think too!
How to Prepare for a Bad Credit Car Loan
There isn’t much you need to do to get ready. It takes time to repair bad credit. You can make it easier for a lender to give you a bad credit car loan approval with these tips.
Start Making Your Payments
If you’re currently late on a loan, utility, or credit card payment, now is a good time to start making regular payments. You can’t erase late or missed payments from your credit bureau but you can make sure your commitments are current.
Have a Down Payment
You need some skin in the game. If you have a down payment for your car purchase, it takes some risk away from the lender and puts it on your shoulders. It’s a great way to boost your chances of getting the bad credit car loan approval you want.
Hold a Steady Job
If you jump from job to job, the lender doesn’t have any security that you’ll be able to pay your loan back. You need to prove that you have the stability and guaranteed income to make your payments. You’ll need at least three months on the job to qualify for a bad credit car loan. You’ll need proof of income also, so bring a pay stub when you’re applying for your loan.
Do you want to find out if you qualify for a bad credit car loan? We can help. At CarUp KC, our lenders understand that everyone’s position is unique. We work hard to get you into the car you need and want!
