If your credit needs improvement, but you need a new car for your Shelby commute, you may wonder if financing a car with no credit is possible. Renaldo Honda has good news! Financing a car with bad credit or no credit is challenging but possible. Learn more about bad credit car finance here and chat with our finance department for more information or to apply for an auto loan.
When you’re financing a car with bad credit, be prepared to make a larger down payment and pay a higher interest rate than those Gastonia drivers with better credit. Also, keep these bad credit car finance tips in mind:
You might think that certain financing options aren’t available to you because your credit needs improvements, but that’s not always true. Keep an open mind and ask questions to see what your options are.
If you have bad credit, do your best to improve it. Work out a payment plan and start paying down any outstanding debts. One technique to improve your credit is to use your credit card on small things and pay them off immediately.
When you apply for loans with several creditors, your credit score might take a hit. Try to keep all of your loan applications within a 14-day period to limit the damage to your credit score.
The first offer is likely not the only offer for financing a car with no credit, so don’t feel like you have to accept the first offer you receive. Many dealerships work with multiple Kings Mountain lenders, so keep trying.
If you get approved for financing a car with bad credit, expect higher interest rates and a larger down payment. You can always refinance later if your credit score improves.
At Renaldo Honda near Hickory, our finance team takes all the hassle out of bad credit car finance, and shopping. Contact us today to hear more about your bad credit car finance options, leasing options, and more, or apply for financing online to get pre-approved today!