How To Get a Car Loan with Bad Credit

Whenever customers visit Benzel-Busch Family of Dealerships, they often wonder how to get a car loan with bad credit. At our Englewood dealership, we aim to make the bad credit car loan process as seamless and stress-free as possible, as everyone deserves an opportunity to own or lease a reliable vehicle to tackle Ridgewood, NJ challenges. Our team is here to help you learn how to get a car with bad credit, so keep reading, or give us a call if you have any questions or concerns along the way. 

How to Get a Car With Bad Credit?

How do you get a car loan with bad credit? At Benzel-Busch Family of Dealerships, our team makes it possible for you to secure a bad credit car loan. To get started, you must apply for financing online and then work directly with our finance experts to figure out a payment plan that works for you.

Step-By-Step Instructions on How to Get a Car with Bad Credit

If you’re thinking about taking out a bad credit car loan, there are some things to try to get together beforehand to ensure you’re making the best financial decision for you right now.

• Determine how much you can afford to pay. This amount should encompass more than just how much you can afford to borrow. Consider other expenses like annual registration fees, car insurance, maintenance, and gas costs. 
• Make a more significant down payment. If your credit isn’t great, a larger down payment will help lenders see you more favorably as a borrower. Additionally, a larger down payment means you’ll have a smaller loan balance to pay off, leading to less interest paid overall. 
• Try to clean up your credit report before applying for a loan. If you catch any errors, you should dispute them because they could drag your credit score down. If you have any outstanding debts, start paying them down where possible – even making a small dent can help your credit score. 
• Be honest about what kind of car you should buy. Your focus should be financing a vehicle with an affordable payment (even if it’s not your dream car) and one you can afford to take care of in the coming years. 
• Shop around with lenders. Don’t assume the first lender to approve you will be the only one. Apply with a handful of lenders to compare the rates of those who agree. 

How to Get a Car Loan with Bad Credit: Improve Your Credit Score

Many people don’t realize this, but if you take out a car loan with bad credit and consistently make your payments on time every month, it will help you improve your credit profile and credit score. This gives you more lending power down the line for lower-interest loans and credit cards.

Finance a Car with Bad Credit At Our Englewood Dealer Today!

Please contact us if you have any questions or concerns about buying or leasing a vehicle in the Harriman, NY or Hackensack, NJ area. We are happy to help with every step of the process. Once you are ready to review your options, peruse our new or pre-owned vehicle inventory!