How to Get a Car Loan with Bad Credit

If you’re in need of a new or pre-owned vehicle but your credit score isn’t in the best shape right now, you may be nervous about securing an auto loan with bad credit. Fortunately, bad credit car loans are very common and it’s not very difficult to get approved. Learn how to get a car loan with bad credit without exceeding your budget with Hendrick Buick GMC Cary!

Bad Credit Car Loans: What Are the First Steps?

When exploring how to get a car with bad credit, what’s the first step you should take? If you’re working with Hendrick Buick GMC Cary, getting started is as simple as applying for pre-approval online! You can get pre-approved for a bad credit car loan using our 100% secure online application. Rest assured, your information never goes further than our own finance center team. Shortly after submitting your application, a friendly associate from our team will contact you to discuss the next steps and help you find a payment plan that suits your budget.

How to Get a Car with Bad Credit: Improve Your Chances

Hendrick Buick GMC Cary wants to help drivers from Raleigh to Charlotte get reliable transportation for a price they feel good about. We offer credit assistance programs to help credit-challenged drivers secure the keys to a vehicle they love, and we’re ready to work with you no matter what your credit situation is. However, there are some steps you can take to help yourself get a better rate:

• Realistically, how much can you afford? Determine a realistic budget for yourself to get started. To do this, you shouldn’t max out your budget on the sticker price of a vehicle. Remember: you will also need to factor in insurance payments, annual registration fees, maintenance costs, and fuel costs.
• Save for a Larger Down Payment. A larger down payment will increase your chances of approval, but it’ll also lower the total cost you need to pay off in the months to come.
• Try to clean up your credit report before applying for a loan. Check your credit report, being sure to look out for any discrepancies. If you find a mistake, you should dispute it with the associated credit bureau. Additionally, starting to pay down outstanding debts will help raise your credit score by a few increments.
• Don’t buy more than you need. If you’re hoping to secure a bad credit car loan, you should focus on getting only as much car as you really need. If you’re a solo commuter, a sedan would be more affordable than an SUV. If you have a growing family, springing for a more entry-level SUV will be more affordable than a top-level trim.
• Shop around with lenders. When you’re learning how to get a car loan with bad credit, it might be tempting to accept the very first offer you get. However, it’s best to get a few offers so you can compare them and accept the very best rate possible. Just be sure to limit your applications to a 14-day period to limit any affect on your credit score from hard credit pulls.

Does a Bad Credit Car Loan Improve Your Credit Score?

Often, the need to research “how to get a car with bad credit” can make us feel a little down. Keep this positive spin in mind: a bad credit car loan can actually help improve your credit over time! So long as you’re making on-time, in-full payments, your credit score will gradually increase. You might even be able to look at refinancing the loan in the future to get a better rate! When your credit score has improved enough, you may even be able to trade in to get your dream car.

Get Financed at Hendrick Buick GMC Cary

Visit our dealership in Cary, NC when you’re ready to explore your options for bad credit car loans. We will help you find a new or pre-owned Buick or GMC vehicle that suits your lifestyle without exceeding your budget. Have additional questions about how to get a car with bad credit? Contact us at your convenience to begin a conversation!