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

Image of pen and bad credit history
If you’re in need of a new car, but have bad credit, you may be wondering how you can finance a car. At the Coon Rapids Chrysler Jeep Dodge RAM finance center, we can help you with car financing with bad credit. Learn more about bad credit car loans, car financing, and more with our team before you decide on the model that’s right for you and your Brooklyn Park driving needs.



How Can You Finance a Car with Bad Credit?

Wondering how to get a car when you have bad credit? Our finance experts make it as easy and painless as possible for you to secure a bad credit car loan. Simply apply for financing online to get the process stated. Once you’re pre-approved, you can work directly with our finance team to find a payment plan that works for you.


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

When the time comes to take out a bad credit car loan, there are some things you’ll want to make sure you have together first. In order to make sure you’re making the best financial decision for you, get the following in order:

    • 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 like annual registration fees, car insurance, maintenance costs, and gas costs. 


    • Make a bigger down payment if possible. If your credit isn’t great, a larger down payment will help lenders to see you more favorably as a borrower. Additionally, a larger down payment means you’ll 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 absolutely dispute them because they could be dragging your credit score down. If you have any outstanding debts, start paying them down where possible – even 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 car 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 will be 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

Surprisingly to some, taking out a car loan, even a bad credit car loan, can help your credit score/ If you take out a car loan with bad credit, and can make your payments on time every month, your credit profile will be improved, giving you more lending power down the line for lower interest loans and credit cards.


Finance a Car with Bad Credit Near Forest Lake Today!

Should you want to take out a bad credit car loan with us at Coon Rapids Chrysler Jeep Dodge RAM, use our online financing form. We also offer other finance tips to help you get the answers you need. Need help or have questions in the meantime about CPO vs. used models, our savings options, and more? Don’t hesitate to contact our team.


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