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How Can I Get a Bad Credit Car Loan?

Credit History

Things happen, and sometimes your credit score can take some hits in Ooltewah. If that happens, is it possible to shop for bad credit car loans? Don’t lose hope—bad credit car loans exist and might be available to you! The finance team at Mtn. View Chevrolet can help. Take a look at their guide to bad credit car loans. 

How To Get a Car Loan with Bad Credit

Dalton drivers who need a new vehicle but are struggling with less-than-stellar credit might not know where to begin. It’s easy to get discouraged. These steps will put you on track to get a bad credit car loan: 

  • Determine how much you can afford to pay. Don’t just think about the sticker price on a new or used car at Mtn. View Chevrolet. You need to also consider all the other expenses that go with car ownership: annual registration fees, car insurance, maintenance costs, and gas costs. 
  • Be honest about what kind of car you should buy. When you know how much you can afford to spend on a car, make sure you don’t set your sights too high. A car from our budget used cars with 100,000 miles on it can still last another four or more years if it was well maintained. 
  • Make a bigger down payment if possible. If you can make a bigger down payment, you won’t need to borrow as much for your car loan, which increases your chance of being approved for one. If you don’t have savings to use for a down payment, you can trade in an old vehicle and put its value towards your new car. Our Value Your Trade tool will help you estimate the value of your old car. 
  • Clean your credit report before applying for a loan. Errors can show up on your credit report, and you have the right to dispute them. Check your credit report and make sure it’s accurate before you apply for loans. 
  • Shop around with lenders. Don’t assume that the first lender to approve you will be the only one. Apply with a handful of lenders, so you can compare the rates of those who approve you. When you apply for financing with us, we’ll work with multiple area lenders to find the best rate available to you. 

How to Improve Your Credit Score

When you get a bad credit auto loan, it’s a great opportunity to rebuild your credit! As long as you make all your payments on time, you’ll see your credit score numbers steadily increase. That will help you get lower interest rates on future loans and credit cards. You can even consider refinancing your vehicle with your new and improved credit rating. 

Find Your Next Vehicle at Mtn. View Chevrolet

No matter your budget or credit score, Mtn. View Chevrolet wants to help you get a vehicle you’ll love at a price you can afford! Once you know your budget, take a look at our affordable selection of used cars, or contact us, and we’ll help you find a car that’s right for you.

 

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