Does your credit need work, but you need a new car? Or, maybe you’re a first-time car buyer with no credit? You may be wondering if it’s possible to get a no credit or bad credit car finance plan. The answer is yes! It may be a bit more difficult than it would be if you had established credit, but it’s not impossible. Learn more about no credit car loans and even financing a car with bad credit with us at Motor Cars Mitsubishi before coming in to talk to our finance department for a loan of your own.
When you’re financing a car with no credit, you’ll have to keep in mind that the down payment may be more than the average, and the interest rates may be higher. Go in knowing your budget and leave some wiggle room. And remember these tips:
You might be convinced that a certain financing option is the only one available to you because your credit needs work. That’s not always the case. Ask questions and see if there are other options that would benefit you more.
If you have bad credit, build it up if you can. Work out a payment plan and start paying off any outstanding debts. You can also use your credit card on small things and immediately pay it off. This will have your score up in no time.
When applying for financing, your credit score can take a hit. Keep all of your loan applications within a 14-day period to limit the potential damage to your score.
The first offer isn’t the only one. You don’t have to accept the first offer you’re given just because your credit needs work. Many dealerships go through multiple lenders, so if you think there’s a good chance you could get a better offer, try for it.
You may receive higher interest rates, a larger down payment, or both if you have no credit or bad credit. Keep that in mind as you go through the process.
At Motor Cars Mitsubishi, our finance team makes obtaining a bad credit car loan as easy as possible. See our no credit and bad credit car finance options, leasing options, and more when you make the trip to our Aurora dealership. Or, apply for financing online to get pre-approved. Don’t hesitate to contact us today with any questions.
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