May 2, 2023
While having bad credit certainly makes it more difficult to buy a car, it doesn’t automatically mean it can’t be done! With the help of our new Hyundai financing specials and some must-know tips, you can still drive away with the new Hyundai or other car you want. Here are some tips to help you buy a car even with bad credit:
- Know your credit score and report: Before you start shopping for a car, you should check your credit score and report. This will give you an idea of what lenders might see when they look at your credit history. If you have errors on your report, you can dispute them and potentially improve your credit score.
- Set a realistic budget: It’s essential to know how much you can afford to spend on a car before you start shopping. Consider all of your monthly expenses, including car insurance, and determine what you can afford to pay for a car payment each month. That way, you know exactly what you should be looking for.
- Look for lenders that work with people with bad credit: There are lenders that specialize in working with people who have bad credit. Look for these lenders online or through a dealership. Keep in mind that these lenders may charge higher interest rates, so be prepared to pay more for your car loan. Luckily for you, our finance department works with people from all credit backgrounds.
- Consider a cosigner: If you have a friend or family member with good credit, you might consider asking them to cosign on your car loan. Cosigning gives more assurance to the financer and relieves pressure off of you financially. This can help you get approved for a loan and potentially lower your interest rate.
- Shop around: Don’t settle for the first car or loan offer you receive. Shop around and compare rates and terms from different lenders. The more options, the better. This will help you find the best deal and save you money in the long run.
- Consider a used car: If you have bad credit, you may have a harder time getting approved for a loan for a new car. Consider purchasing a used car instead. Used cars are typically less expensive than new cars and may be more affordable for those with bad credit. Check out our inventory of quality used vehicles from our dealership today!
- Make a larger down payment: If you can afford it, consider making a larger down payment on your car. The larger it is, the lower your monthly payments will be which will potentially improve your chances of getting approved for a loan. If you have a car you want to trade-in with us, that’s an easy way to put a bunch of money towards your newer purchase!
Here at Wyatt Johnson Hyundai, we understand that everyone has unique financial situations. That’s why our expert financing team welcomes people from all credit backgrounds to get them the car they need! Follow these tips to help you get approved for a car loan and find the car that’s right for you. Get pre-approved today.
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