Getting Car Loans with Bad Credit

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So, you have bad credit. Wondering where to go from here? Getting an auto loan with bad credit might be easier than you think.


Look at your credit score yourself

Don't let somebody else tell you where your credit score stands. Get your hands on a copy of your score and history yourself. Remember, even if your credit score is bad, if you have a long credit history, it can help you stand out to lenders.


Don't settle for less

It's easy for people with low credit scores to assume they can't get a good auto loan and settle for a subprime loan. Instead, you should shoot for loans that are better than you think you can get - you might surprise yourself with what you can get approved for.


Do your research

You should always shop around before you apply for a loan to see what kind of rates you can get with your credit score. Since auto loans cost less than, for example, a mortgage, you can usually get approved for better loans than you'd think.

Talk to your bank or credit union first

It's better to start with a financial institution that knows you and who you trust, so head to a bank that you have a checking account with. Also, try asking your insurance or employer if they do auto financing.


Avoid lenders that specialize in low-credit clients

There are some lenders that focus on subprime loans for low-credit clients. These kinds of businesses may take advantage of you, so avoid them.


Bring someone with you

It's always better to have another set of eyes and ears watching out for you. Bonus points if you bring somebody who's good with money or financial jargon.


Read the contract

This is crucial for anybody, but sometimes lenders try to sneak in extra fees and terms that weren't discussed beforehand into the contract. Give everything the once-over before you sign.


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Stop in and see us at Webb Ford Today. We are located at 9809 Indianapolis Boulevard in HighlandIndiana 46322.