Does your credit score need improvement? Perhaps you’re a first-time car buyer with no credit or even bad credit. If so, you might wonder if you can obtain bad credit car financing. The answer is typically yes! It is more challenging than if you had established or good credit, but it’s not impossible. Learn more about financing a car with no credit here with the finance specialists at Arriba Motors in Porter, and contact us for more information.
You’ll need a larger down payment if you want to finance a car with no credit. You should also be prepared to have a higher interest rate, which means a larger monthly payment. We encourage you to be flexible and leave some wiggle room in your Houston budget. Below are some bad credit car finance tips.
If your credit needs work, don’t believe a specific financing option is your only option. That’s only sometimes the case. Ask questions, be open-minded, shop around, and ask about other options for financing a car with bad credit.
If you have bad credit or no credit, work on improving it. Figure out a payment plan for your outstanding debts. Use your credit card on small things and immediately pay it off to increase your credit score. If you have stuff in collection, pay them off consistently and as promised.
When applying for financing around Humble, your credit score usually goes down. But keeping all of your loan applications within 14 days will reduce the potential damage to your credit score.
The first financing offer likely won’t be your only one, so don’t feel you must accept it just because your credit needs work. Many dealerships work with multiple lenders, so if you think getting a better offer is possible, keep trying because it probably is.
Be prepared to pay higher interest rates and make a larger down payment if you have no credit or bad credit. Once you improve your credit score, you can refinance for a better interest rate.
At Arriba Motors near Sugarland, we take all the hassle out of financing a car with no credit. We assure you that bad credit car finance is possible. Contact our finance team to hear about your bad credit car finance options, or start the process with an online loan application. You can also get a value for your trade-in online. We’re on your side and ready to help!
