How To Get a Loan with Bad Credit?
How To Get a Loan with Bad Credit?
Posted on March 21, 2021
You've found the car of your dreams and are getting ready to apply for the auto loan needed to make it yours when you run into a bit of a problem: your credit is bad. Does this mean you can't get an auto loan? Fortunately for you, there are such things as bad credit auto loans that exist to help you in this very situation. Sure, you'll get a more modest loan than you would if your credit was excellent so you may not be able to afford that dream vehicle, but you'll still get an amount that will be able to help you get a new-to-you vehicle nonetheless. Here at Wille Dodge, we don't believe that a bad credit score should stop you from being able to get another vehicle if you really need it. Keep reading to find out how to qualify for bad credit car loans and what you can do to improve your credit score for the future!
Where to Start
To get started securing your bad credit car loan you'll need some fairly standard paperwork, namely your proof of employment and some bank statements. Generally, you'll need a monthly income of at least $1,800 before taxes are deducted in order to qualify for a bad credit auto loan. Our financial advisors will then crunch the numbers and get back to you with the amount you qualify for. From there, you can start looking for your next vehicle. Because your bad credit auto loan will be a lower amount, you'll want to check out our used vehicle section. Don't worry, used doesn't mean driving something covered in rust that's 30+ years old. It just means you won't be taking the latest and greatest Ram 1500 hundred home. If you have a vehicle you'd like to trade-in, that'll help increase the amount of money you'll have to put towards your next vehicle.
How Can I Get a Newer Car Someday?
One of the advantages of getting a bad credit car loan is that you'll actually be improving your credit score each time you make your monthly payment, provided that it's in full and on time. Paying off a modest loan such as a bad credit auto loan shows lenders that you're reliable and responsible with your money, which increases your credit score and enables you to qualify for a larger loan later on down the road.