Everyone falls on hard times. When this happens, it can be a struggle to dig something out of it and in the meantime your credit score may take a hit. If you’re starting to rebuild and need to get a car but have damaged credit due to recent events with the economy, there is still steps you can take to getting a new vehicle with bad credit.
Begin Early:
If you know you’re going to be getting a new vehicle, then it is best to start ASAP. That means taking advantage of the fact that you get one free credit report each year from the major credit reporting companies of Equifax, TransUnion, and Experian. Using this, you can see where your credit score is and if you fall into the subprime for each reporting company. Another piece of info to look for is risk factors. These are caused by old debts and if a fine when to a collection agency that had to be paid in court. This isn’t a derailment on your steps to bettering your credit, but you should look at these as guidelines for fixing what you need to get that credit score back up.
Bring in Documents Proving You are a Good Credit Risk:
When you head into the dealership, include a list of documents on your checklist of things to bring in. The reason for this is that when you sit down to look at financing, you can have these in your corner. What you are looking to do with these papers is to prove that you have a job and a history of making monthly payments. The items that you should bring then are anything you pay monthly, such as water bills, electric bills, and phone bills. Bring in your most recent pay stub from your employer showing your job. If you can get personal references to vouch for you, they won’t hurt to try to get.
Stay in You Price Range:
This is where knowing what you can and can’t afford on a monthly basis plays into. While this may hurt the car that you want, it is time to be sensible and go with the one that you know you can pay every month. This is especially important because you should know if you can cut back on certain features, this can help you with regards to saving for gas money and other car related bills.
As we usually state in these tips, there is an endless amount of things you can do to ensure that if you have bad credit and need a car to get the best deal possible. These are a few of those examples and ones that can help you get a great rate and a great car.
If you need further assistance in finding financing for a new vehicle on bad credit, contact our financing department. We’ll sit you down and help you through the process. We love to say yes, you’re approved! Be sure to like Bayside on Facebook, following on Twitter, or subscribing on YouTube.
Source: Edmunds