It only takes one late credit card or mortgage payment to bring your credit score down. Anyone in the process of repairing their credit, or simply finding themselves with credit that is just under a good rating, will be surprised to discover that it is still possible to walk away with a modern automobile from a new car dealer. Just follow the tips below and you’re well on your way to becoming a brand new car owner.
Visit a Buy-Here, Pay-Here Dealership
If you have bad credit, then you’ll want to keep your eyes open for a new car dealer that advertises as a buy-here, pay-here dealership. This type of establishment has more than just your traditional financing options, since they are actually the financiers. You can work with the dealership to come to an agreement on a payment schedule that suits everyone’s needs. When your bill comes due each month, you just take it to the dealership directly. There is no middle man.
Save Up for a Down Payment
With less than perfect credit, you may still qualify for some financing. This is especially true if you have a steady job and can show proof of income, or if your debt-to-income ratio is on the lower side. In this case, saving up for a down payment will bring the total cost of your car down enough that you can obtain a loan to pay for the rest. It is helpful to call the dealership’s financial department ahead of time to discuss just how much you’d have to put down to qualify for a loan. Then you can begin saving with a goal as your motivation.
Agree to Pay a Higher Interest Rate
Many dealers can help customers with bad credit obtain a loan, albeit at a higher interest rate. This may sound scary at first but, if you request a no-penalty clause for paying off the loan early, it might be your best shot at a brand new automobile. Once you have the loan and the car, you can work on paying the loan off ahead of time, which will save you money where interest is concerned.
Get a Loan With Your Bank
You don’t have to purchase a car with money from the dealership’s financial department. Instead, sit down with a loan officer from the bank you regularly do business with. If you have already established a relationship with them, you are more likely to be approved. You may qualify for the entire amount you need, or a large part of it. Then you can save up the remaining amount.
No matter which of the above tips you use to purchase your next vehicle from a new car dealer, you’ll want to make sure you don’t obligate yourself to pay more than you can handle each month. Take the time to go over your finances before shopping for a car, so that you know how much money per month you can spend on a car payment. Then browse the new automobiles that fit your budget.
When you’re looking for great options from a new car dealer, you need to visit www.townsendnissan.com/dealership/about.htm!
Article Source: EzineArticles.com/expert/Anders_Abadie/1022510
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