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How to Get a Car Loan with Bad Credit

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While having bad credit will limit your options in Tri-Cities, it is definitely possible to still get a car loan. The finance team at Camp Chevrolet helps local drivers to secure the most competitive deal regardless of what their credit score is. Below, we have provided some tips that we suggest for drivers in your spot to follow in order to make the best of their situation! Learn how to get a car loan with bad credit today and when you’re ready to see your options, reach out to us.

 

Steps to Take to Receive Bad Credit Car Loans 

There is no right or wrong way to get auto financing, but when you have bad credit, you will want to be strategic about how you want to approach the process. Your options won’t be as abundant as someone with ideal credit, but there are steps you can take to get you in the best spot possible! Consider these recommended steps as you’re exploring different bad credit car loans in Post Falls:

  • Determine how much you can afford to pay. Think beyond just how much you can afford to borrow. This amount should also include other expenses, such as annual registration fees, car insurance, maintenance costs, and gas costs. 
  • Make a bigger down payment if possible. A larger down payment is a great way to show lenders that you’re committed to paying off the rest of your car loan. Plus, you will have a smaller loan balance to pay off, so you will have less interest paid overall. It’s a win-win situation if you have saved up some money that can be put towards the down payment. 
  • Try to clean up your credit report before applying for a loan. Any errors in your report should be disputed as they can be affecting your credit score. You can also start paying off any outstanding debts to help your credit score.
  • Be honest about what kind of car you should buy. Choose a car that you are confident about paying off and one that you can rely on for the upcoming few years. Your goal should be to get a vehicle that you can comfortably afford even if it’s not your dream car. Consider one of our quality pre-owned cars in Spokane and be sure to use the payment calculator to see how much you’ll owe per month.
  • Shop around with lenders. The first lender to approve you might not be the only one. Apply with a handful of lenders, so you can compare the rates of those who approve you. Try to be patient and explore all of your possible options before determining the best one in Spokane Valley.

How to Get a Car with Bad Credit: Improve Your Credit Score

Bad credit car loans might feel like a bad idea, but they’re actually a great way to build up your credit if you put in the effort to make payments on time every month. This is true for almost all loans, but it’s especially true if you need a car to commute. Use this car loan as an opportunity to improve your credit score and you’ll be able to have more borrowing power down the road when your credit is improved!

Secure Auto Financing Regardless of Your Credit at Camp Chevrolet 

Camp Chevrolet has all the answers you need when exploring car financing options with a bad credit score! Fill out an application online now and we will be in touch to discuss your next steps. If you have any questions, feel free to reach out at any time! 

 

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