When you finance a car with no credit, first remember that your down payment is likely to be higher than average, and your interest rates may be higher, too. So before you step into our office, know your budget, with room to spare. Keep these pieces of advice in mind:
Ask questions and don’t assume you won’t be approved. Financing may be offered that seem like your only option. But it’s not. Ask questions and see if there are others that would be better for you.
Revive your credit score. Build your bad credit back up using a credit card on small bills that you immediately pay off.
Know your budget and your credit score (if you have one). As you’re applying for financing, your credit score can fall. Keep all of your loan applications within a 14-day period to limit potential damage to your score.
Separate price negotiation from financing. The first offer won’t be the only one. Many dealerships consult with multiple lenders.
Be prepared for a higher cost. Higher interest rates and larger down payments are both possible if you have no credit.
Leasing might be a better option. Look into options on lease terms. These payments might be higher, but in the long run, might be cheaper than attempting to purchase a vehicle.
Apply for a Loan at Bob Frensley Chrysler Jeep Dodge Ram FIAT
Our finance team makes obtaining a bad credit car loan at Bob Frensley Chrysler Jeep Dodge Ram FIAT easier than you might expect. With bad credit car finance options, bad credit leasing options, and more at our dealership in Madison, getting a car you love in your driveway after you apply for financing online can certainly work wonders.
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