Good Credit vs Bad Credit: Car Loans Made to Help

March 3rd, 2018 by

Credit Report Under Glasses

 

Good credit vs bad credit: does it matter for car loans? If you have less than perfect credit and you’ve tried to buy a car in the Chicago area, you already know the answer. Many institutions will deny drivers the auto financing they need for a new or used vehicle, but at Bettenhausen CDJR we want to help. If you have good credit, you’re good to go – you might even want to lease a new vehicle – but if you have bad credit, you’re not out of luck.

Financing a Car with Bad Credit

There are some steps you can take to make the experience less stressful and to help you save money on the cost of bad credit car financing while you work to improve your credit score and get in to a better ride:

  • Do Your Homework: Research local finance options and see what their lending policies are and apply to your choice online to see where you stand before you start.
  • Value Your Trade: If you have a trade-in vehicle, know its worth before you begin negotiations – knowledge is power and lets you know how much to budget.
  • Understand Your Budget: Calculate the payment you can afford, decide on loan length, and consider the costs of maintenance and insurance so you know you aren’t financing more than you can afford.
  • Plump Your Savings: Not only will having more money in the bank reflect well on you when you apply for financing, but the more you have for a down payment, the easier financing will be.

To learn more about bad credit auto loans and see how easy it is to get a better Naperville commute, contact the finance experts at Bettenhausen CDJR. We can help you find the right car for your budget and apply for the financing you need so you can rebuild your financial profile again. For more, let us tell you all about CPO vehicles and how they can be a great alternative to new models.

Posted in Finance, Tips & Tricks