If you came to this article with a headache from all the car buying hoops you’ve had to jump through already because of your credit, please don’t turn away from what you’re about to read. Buying a car with less than perfect credit can be discouraging because popular culture makes it out to seem like one of the hardest things a person can do. Realistically, if you have credit issues, you can’t expect to finance something like a Corvette, but there are ways around saving up half a year’s salary and paying exorbitant amounts of interest to buy a new to you car.
Here are some things that you should consider when buying a car with less than perfect credit. Most of the time, these considerations are overlooked when car buying is on the docket, but keeping them at the back of your mind will save you time, money, and frustration when the time comes for getting a new car.
You Will Have to Check Your Credit to Avoid Getting Overcharged on a Loan or Line of Credit
Are you one of those people who just knows that their credit is bad and doesn’t want to address the issue? In a recent Money Tips survey, nearly 30% of the people who responded said that they didn’t know their credit score, and many of those who avoided looking up their credit score were doing so because they were afraid to look. However, during the car buying process, you should look at your credit score regardless of whether or not you think it is low. Credit scores change reasonably frequently, and therefore, you’ll want to stay ahead of the businesses through which you are trying to finance. Otherwise, you might find that you are being taken advantage of.
You Will Have a Hard Time With Traditional Financing Avenues
The sad reality of financing a new car is that it is nearly impossible to get a decent loan through traditional means if you have past credit issues. This shouldn’t discourage you from getting the help you need, however, it is essential to know that banks and credit agencies will either deny you a loan or will hike up your interest rates on a loan -- and when you are paying off that loan at a regular pace, that can make a significant impact on your finances.
Going through an alternative means of financing, such as buying through a used car dealer like AutoNow of Independence, will save those with less than perfect credit time and money.
You Will Likely Need to Buy Used
The chances that you’ll be able to buy the newest make and model of a car with a less than perfect credit score are relatively slim. New car dealerships usually will not finance their vehicles to those with credit issues, and banks might, but it will be a hassle. However, there are many affordable and reliable used car options that can be just as nice as a brand new car.
You Should Look for Certified Pre-Owned Vehicles With a Warranty
A myth that people with poor credit face is that they have to buy the “Craigslist Special” because they have no other option. After being denied loans and financing routes, many with credit issues revert to buying a junker car outright. The problem with junker cars is implied in the name -- they only provide a small fix. Chances are, that car will break outright before you can mend your credit enough to get a traditional loan.
Buying through a buy here pay here lot like AutoNow of Independence ensures that you will get a certified pre-owned vehicle that comes with a warranty. Any used car being sold with a warranty will save you money. It shows that the company selling the car takes pride in their vehicles, and it makes sure that if anything out of your control goes wrong, you won’t have to pay for it.
Make Sure to Ask Questions Throughout the Process
Not asking questions during any complicated process is a rookie car buying mistake. Even if you think you trust the person selling you your car, you should make sure to ask questions throughout the process. At the least, asking questions will help you when it comes time to pay for your next car. At best, it will prevent you from being overcharged on things during the car buying process.
Finding Somewhere to Rebuild Your Credit While Paying For a Car Is Key
Rebuilding credit is a tricky process. It requires you to pay off the debt you already have while also accruing more lines of credit. However, if you have poor credit, obtaining these lines of credit is extremely hard. It is possible to rebuild your credit while paying for your car, and one of the best ways to do that is with a buy here pay here car. When you’ve been denied loans in the past, buy here pay here cars will approve you for financing and will let you rebuild your credit while you pay for your vehicle. It’s a win-win situation -- you get the car you need while also improving your credit score.
A Buy Here Pay Here Car Dealership is a Great Option
Don’t settle for traditional loans and lines of credit when you have credit issues. These lending options often don’t pan out, which leaves potential borrowers feeling frustrated and inadequate about their situation. Financing a car through a buy here pay here car dealership is one of the best options for getting a vehicle that those with credit issues can take. They will spend less time filling out paperwork and getting approved, and will ultimately pave the way for better lending opportunities as they improve their credit score.If you live near Independence, Missouri and need help financing a car, AutoNow of Independence should be your first choice. With a wide selection of quality pre-owned vehicles, a 24-month limited warranty on each car, and a high approval score on Google reviews, you can tell that we care about our cars and the customers we serve. Stop by our store today to find out more about what we can do to help you buy a car with less than perfect credit.