It isn’t uncommon to have less-than-perfect credit when trying to finance a vehicle, and that is ok! There are dealerships that can assist you with qualifying for a car loan with challenged credit, and Thelen Volkswagen in Bay City, Michigan is one of them. We know how important it is for your day-to-day life to have a quality vehicle to get you from place to place. Plus, making on-time payments with a vehicle loan can help boost your credit score over time! Here are some tips and tricks for going through the vehicle purchasing process with less than stellar credit.
Check Your Credit Score
First and foremost, check out your current credit score. It is a great idea for you to know your score so you can set realistic expectations for your vehicle buying experience. If you have a low or no credit score, an auto lender will likely charge a higher interest rate on the loan or require a larger down payment to cover some risk. Checking your credit can also allow you to see if you have any current missed payments you can rectify. Many lenders go off your FICO score – between 300-579 is usually considered poor, 580-669 fair, 670-739 is good, and 740+ is very good.
Be Able to Show You Can Afford a Vehicle Loan
When you are ready to shop around for a vehicle, be sure to think about your budget. So, before you even set foot into a dealership, be sure to have a realistic vehicle payment amount in mind! Our convenient Payment Calculator can help you estimate your vehicle buying power. Lenders will look at your average monthly income to see what size vehicle payment you can afford on top of your other current payment obligations. When it comes time to shop, proving the stability of your income is very important. Bringing in your paystubs and proof of address will help a lender assess the risks you pose as a buyer.
Be Flexible With Your Vehicle Choice
You might have your heart set on a specific type of vehicle with an exciting variety of features. However, be willing to look at other options that might fit better into your budget. Being able to comfortably afford the vehicle you choose is essential both during the financing stage and for rebuilding strong credit. At Thelen Volkwagen, we have a wide selection of gently preowned vehicles, so you are sure to find one that fits your financing needs while also providing a car, truck or SUV you will be proud to drive around the Great Lakes Bay Region!
Thelen Volkswagen Can Help You Find the Best Vehicle
No matter what your credit score looks like, our friendly staff at Thelen VW in Bay City, Michigan will assist you in finding the best car, truck, crossover, or SUV to fit your budget and lifestyle. If you are ready to start the vehicle shopping process, you can start with a pre-approval on our website. Or stop by our dealership to sit down with one of our amazing staff members and discuss your vehicle buying needs.
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