Looking to get a vehicle for yourself but are also suffering from having bad credit at the same time? What you might not know is that having credit issues and purchasing that very car can actually go a long way in helping you improve your score.
Auto Credit Express breaks down the how this can help. Lenders are looking to get people through the dealership doors even if they have low FICO scores. Just because your credit is bad now doesn’t mean that it was in the past. If they can see that changes in your score occurred due to major life events, such as losing your job or experiencing a medical problem, then the odds are more in your favor of getting a good loan.
Before you do head into the dealership, however, there are things to keep in mind. First, that loan you’re getting after a dip in the FICO score will be at a higher rate than many consumers are used to. You’ll also want to make sure to make each payment on time, as well as other bills you have, so that you can qualify for a better rate the next time around. If you miss a payment on time, then it will take your credit score even lower down.
The point of purchasing a car in this case is to improve your credit while getting the vehicle you need. The best tips to do this are to make sure that you look for an inexpensive car, small or midsized. See if you can choose a loan term of 48 months or less. Make sure you check on the history of the vehicle. By following these steps, you place your self in a position to save money by trading out in 18 to 30 months for a better deal. Also, knowing that history makes sure you avoid thousands of dollars in repair bills.
Come on in to Bayside Chrysler Jeep Dodge and start the process of improving your credit while driving away in that car you need. We love to say yes at the dealership. Be sure to like our Facebook page and follow us on Twitter for more tips and deals.