How Can I Get Car Financing With a Bad Credit Score?

Are you dreaming of driving a new Kia around Lexington but worrying about bad credit preventing you from achieving your goal? It’s not as difficult as you might think to secure car financing with bad credit. “How can I get car financing with a bad credit score?” If this question is on your mind, you’ve come to the right place. Spitzer Kia Mansfield helps drivers with all types of credit get into a new or pre-owned car they love, and we would love to help you next! Read below for tips on getting car financing with bad credit in the Shelby area.

How to Finance a Car with Bad Credit

How do you start when trying to obtain a bad credit car loan near Ashland? If you’re working with our dealership located in Mansfield, it couldn’t be simpler! You can apply for financing online, which won’t affect your credit because it’s a pre-approval application without a hard credit pull. After you’re pre-approved, you can work directly with one of our finance professionals to work out all the details, like your budget, what type of vehicle you need, and the rates you qualify for.

Tips for Bad Credit Car Loans Near Mansfield

If you want to be successful in getting a car loan with bad credit, keep these tips in mind!

• Know how much you can afford. This amount shouldn’t just be the cost of the vehicle itself but also recurring expenses like registration fees, car insurance, maintenance costs, and fuel costs.

• Make a substantial down payment. Lenders tend to view customers with bad credit more favorably when they make a sizeable down payment on the vehicle. Since your interest rate will be higher with bad credit, a larger down payment will help reduce your total interest paid on the loan.

• Check your credit report and fix any errors before applying for loans. You can get one free credit report per year from Equifax, Experian, and TransUnion. Take advantage of this to check your credit report for any errors so you can dispute them and, hopefully, improve your credit before applying for loans.

• Start paying down debts. If outstanding debts are hampering your credit report, start making payments on them where possible. Even if you can only pay a small amount, it could help you get approved for a better loan.
• Focus on the car you can afford. Right now, you should focus on finding a vehicle that meets your needs and fits your budget. It might not be your dream car, but if you improve your credit and save money, your dream car can be a future goal!

• Shop around with lenders. You may get approved by multiple lenders, so don’t be too quick to accept your first offer. A better one could come along, so be sure to shop around. Our finance team can help you with this, as we have good relationships with local lenders!

A Bad Credit Car Loan Can Help Improve Your Credit

It can be hard to feel optimistic about bad credit car loans near Lexington, but you can use your loan to help boost your credit over time! Make sure to make your payments in full and on time every month, and try to make a dent in any outstanding debts you have, and you will slowly see your credit score improve.

Get Approved with Spitzer Kia Mansfield

Do you have additional questions related to “How can I get car financing with a bad credit score?” Feel free to contact us anytime to talk with one of our experienced financiers! We’re always happy to answer your questions and help you feel empowered as a car shopper, no matter your credit situation. Visit us when you’re ready to learn how we can help!