You have bad credit and you need a car.  You would be surprised at how common this situation is.  So what is it you need to do in order to get that auto loan?

First off is knowing your credit score.  This is the important number that will help you truly understand what you will be up against.  It’ll also answer the question if you truly have bad credit.  For all you know, the idea of you having bad credit may just be a misbelief.  Your number may not be as low as you think.  This is why it is important to know your credit score.

Once you have that score, know where you fall on the credit risk scale.  Edmunds.com shows that if your score is between 601 and 660, that puts you in the Nonprime category.  If your score is between 501 and 600, that is subprime and anything below 500 is deep subprime.  Again, you would be surprised by how many people borrow at the subprime and deep subprime level.  Edmunds estimates that this is 32 percent of used car loans and 10 percent of new-car loans.

Now that you know where you are located in your credit score, now is the time to plan.  Put together your budget and know what you can afford monthly.  The lower on the subprime scale you find yourself, the more you’re likely to pay over a longer period.  If that is the case, then it is also time to start thinking about a downpayment.  That can help you get a loan when you’re in the subprime category.

At Bayside Chrysler Jeep Dodge, we want to help you make your dream of owning a great car a reality, and we will work with you to find the right car to fit your needs. You can get pre-approval, check out our monthly specials, and shop our online inventory by make, model, and year.  You can also get our latest deals and news by following Bayside on Twitter and Facebook and subscribing to our YouTube channel!