How Can I Get Car Financing with a Bad Credit Score?

Credit History

Are you a Moosejaw driver wondering how to get a car loan with bad credit? At Capital Lincoln near Estevan, our finance centre team is here to help you navigate bad credit car loans and get a great deal by taking advantage of one of our new vehicle specials. Learn more below and call us at 306-546-6822 or reach out online for more information.

How Can You Finance a Car with Bad Credit?

So, how to get a car loan with bad credit? At Capital Lincoln, our finance centre team makes it easy for you to secure what is known as bad credit car loans. All you have to do is apply for financing online to get pre-approved, and then work directly with our finance experts to determine a payment plan that works for you and your budget. 

What Steps Should I Take To Get a Car Loan with Bad Credit?

If you’re considering one of our bad credit car loans, there are some things you’ll need to get together to ensure you’re making the right financial decision for you and your budget:

  • Determine How Much You Can Afford to Pay: This amount should encompass more than just how much you can afford to borrow. Think about other expenses, including annual registration fees, car insurance, gas costs, and maintenance costs.
  • Make a Bigger Down Payment: If your credit isn’t in the best shape, a larger down payment will help lenders see you more favorably as a borrower. Additionally, a larger down payment means you will have a smaller loan balance to pay off, leading to less interest paid overall.
  • Try to Clean Up Your Credit Report Before Applying For a Loan: If you catch any errors, you should dispute them because this could be dragging your credit score down. If you have any outstanding debts, start paying them down wherever possible, because making a small dent can help your credit score.
  • Be Honest About What Kind of Car You Should Buy: Your focus should be financing a vehicle with an affordable payment (even if it’s not your dream car), and one that you can afford to take care of in the coming years. 
  • Shop Around With Lenders: Don’t assume that the first lender to approve you is the only one. Apply with a handful of lenders, so you can compare the rates of those who approve you.

How to Get a Car Loan with Bad Credit: Improve Your Credit Score

You may not realize this, but if you take out bad credit car loans and can consistently make your payments every month, it can help you to improve your credit profile and credit score. This can give you much better lending power down the road for lower-interest loans and credit cards.

Finance a Car with Bad Credit Near Moosejaw Today!

Now that you know what bad credit car loans can involve, turn to Capital Lincoln for all your car finance needs. Check out our new and pre-owned vehicles and find the model that best meets your needs and budget around the Estevan and Swift Current area. Experience Lincoln vehicles in Regina with us today!

 

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