Need a car but your credit is less than stellar? Don’t assume that means you’re out of luck. By taking some time to review your credit situation you may not only be able to get a car but improve your credit score at the same time.
Let’s say that you suffered a job loss in the past and that made you fall behind on some of your bill payments. Or maybe you had some unexpected medical bills and you had to max out one of your credit cards.
Maybe you’ve even filed bankruptcy or had a vehicle repossessed in the past.
Hey, it happens.
But now it’s time to buy a car and you have some doubts as to whether you’ll get approved for a loan.
And, to be honest, you might have some trouble getting approved at a traditional dealership or through a bank.
But at a buy here pay here dealership which offers in-house financing, you’ll have a much better chance of getting approved, because we are the bank.
Our easy approval process looks at factors beyond just your credit report.
So you don’t have any credit or you’ve had some bumps in your credit. Who hasn’t?! We aren’t going to judge you just because you’ve had some financial hiccups here and there.
We would prefer to talk with you and learn about your needs rather than just read a piece of paper which doesn’t tell the full story.
That way, we can help match you up with a vehicle that fits your budget just as much as it fits your lifestyle.
Here are a few tips when looking for bad credit auto financing in Indianapolis
Find the right dealership for you
There are so many used car dealers out there that you may feel overwhelmed.
The thing to keep in mind is that most traditional dealers will take a hard look at your credit score and if your score falls below a certain range, then you may not be able to qualify to purchase a vehicle with them. This is when a bad credit car dealership in Indianapolis might be the right option for you.
A car dealership that specializes in bad credit loans means that the financing occurs at the dealership not at the bank. If your goal is also to improve your credit score, you will want to keep in mind that not all of them will report your payment history to credit bureaus, that’s one place where J.D. Byrider stands out. J.D. Byrider will report your payment history to all three major credit bureaus and put you in a position to improve your credit.
After doing your homework and making a decision on which Indianapolis bad credit auto dealer best suits your needs, be sure to bring the following items with you to the dealership:
- The most recent pay stub from your job
- Your utility bill (gas, water, electricity)
- Your driver license
- Your initial payment
- Contact information for your references
Evaluate how much car you can afford
Let’s say while you’re at the dealership you get approved for a vehicle costing $22,000. While this is a good thing, you might want to consider asking yourself if you need a vehicle that costs that much or if a lower priced car might suit your needs better.
Ask about any terms or hidden fees
Once you find out how much your loan is going to be and you’re comfortable with your monthly car payments, don’t forget to ask about things such as late fees or adjustable interest rates. Make sure you understand the complete terms of your loan. You should also see if your loan includes a maintenance plan which could potentially save you a lot of money down the road on any needed car repairs. All vehicles purchased at J.D. Byrider come with either an optional extended service agreement or a limited warranty.
Set a budget and stick to it
After driving your car off the lot, the first thing you should do when you get home is to start working on your budget. Factoring in your new car payment, make sure your budget includes all your fixed expenses and when your payments are due. This will not only help you stay on track with making your payments on time, but is also a great way to help build and improve your credit.
If you’ve done your credit homework, shopped within your price range and made your payments on-time, you’re not only on track to improving your credit score, but you’re also establishing good finance habits over the long-term.