Trying to finance a car can be frustrating when you have bad credit. The good news is that it’s possible to get a car loan, even with a poor credit score, when you work with a buy-here-pay-here dealership like Byrider in Milwaukee. Understanding your options and taking the proper steps can significantly improve your chances of driving away in your dream car today.
In most cases, having bad credit will prevent you from finding a car loan through a traditional dealership. They use outside lending institutions for auto financing, and more often than not, the banks want to see a high credit score on your report for you to be considered for a loan. Before looking at how to get a car loan with poor credit, it’s essential to understand a credit score. Credit scores usually range from 300 to 850. Scores below 580 are considered “poor.” This score is based on your payment history, amounts owed, length of credit history, types of credit used, and new credit inquiries. Traditional lending institutions use this score to measure the risk of lending money to you. Byrider dealerships are different because we consider more than just your credit scores. We look for indicators that you can afford to make timely payments and won’t default on the loan. We make our decisions based on your current financial situation, residency, and job, and we do it in-house at the dealership. Your chances of securing financing with us are much better than those of other dealerships.
Now that you understand where your credit score comes from, it’s a good idea to know what that number is. If you are unsure how to pull your reports from the three major agencies, the team at Byrider can help. Bring the documents we need to review, such as proof of employment and income, with a printed pay stub showing year-to-date earnings. Showing that you can afford to make car payments helps with more than getting approved for a car loan with bad credit. It can also help you get approved for lower interest rates, a down payment, and better loan terms. Save what you can towards a down payment, too. Along with reducing the amount you have to finance, a down payment shows our finance team that you are committed to paying off the loan. We tailor our automated loan plans to your current situation and work to keep our down payment requirements low, but it’s still a good idea to have some money saved.
You can find out what you can afford using Byrider’s secure online pre-approval form. When shopping on our website or with us at the dealership, remember to choose a budget-friendly car that fits within your means to pay for it. Buying a snazzy car is tempting, but selecting a vehicle that fits your budget is crucial. We have many top brand model cars, trucks, SUVs, and vans that have been inspected, reconditioned, and test driven, so no matter what your budget is, Byrider has what you need. Getting a car loan with bad credit is challenging, but possible at our buy here, pay here dealership in Milwaukee. By understanding what your credit situation is and how it affects your loan options, saving for a down payment, learning about the different loan plans we make available, and choosing a budget-friendly car, you can increase your chances of getting a loan that fits your needs and helps you rebuild your credit. We are in the business of helping people get the vehicle they want and need, with a car loan that they can pay with low monthly payments. Visit Byrider in Milwaukee to get a car loan with bad credit.