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How to Get a Car Loan with Bad Credit

You’ve found a new Kia vehicle that’s perfect for your lifestyle in Raleigh, and it’s even well within your budget! Now it’s time to move into the financing stage of the car-buying process, but if you’re worried about a bad credit score holding you back, you may wonder how to get a car loan with bad credit. Hendrick Kia of Cary has all of the tips and information you need regarding bad credit car loans, below.

Bad Credit Car Loans: Getting Started

Though you may assume otherwise, you should know that you’re certainly not the only person in Durham wondering how to get a car with bad credit. Thankfully, bad credit car loans are attainable for those who are still in the process of building their credit. Getting started today is as simple as filling out an online pre-approval application! From there, you can work with the finance center at Hendrick Kia of Cary to be connected with top lenders that can offer the most favorable rates and terms.

How to Get a Car with Bad Credit: Steps to Take

Whether you’re applying for bad credit car loans or any other type of loan, there will always be some initial steps to take to ensure you’re fully prepared for this new financial responsibility:

  • Determine a realistic budget. Remember, you’re not only budgeting for the sticker price of the vehicle, but also for ongoing expenses like car maintenance, registration fees, gas costs, and auto insurance payments.
  • Save for a larger down payment. When you’re working with bad credit, the larger your down payment, the better. Lenders will view you more favorably, and your larger down payment will lead to a lower balance to pay off.
  • Review and clean up your credit report. Each year, you’re entitled to a free copy of your credit report from the three major credit reporting bureaus: Equifax, Experian, and TransUnion. Take advantage of this before applying for a bad credit car loan. Review your credit reports for any errors and dispute them if you find any. Additionally, starting to pay down any lingering debts can help make incremental improvements to your credit.
  • Only buy as much vehicle as you need. If you’re a solo commuter, a sedan will probably be more affordable than an SUV. You should look for a vehicle with a monthly payment you can afford while leaving room in the budget for maintenance and other expenses.
  • Compare lenders. You might think you’re limited to the first lender that approves you, but this may not be the case! Apply to a handful of lenders so you can compare their rates and terms and select the best one.

Does a Bad Credit Car Loan Improve Your Credit?

We understand that shoppers who are researching how to get a car with bad credit may feel a bit discouraged, but there’s a bright side to the situation. You can leverage your auto loan to improve your credit! By making timely, in-full payments, your credit score will slowly start to improve. Eventually, you may even have a chance to refinance for a better interest rate!

Find a Reliable Ride at Hendrick Kia of Cary

Hendrick Kia of Cary wants to help you secure reliable transportation for trips to Apex. Whether your credit is good, bad, or in-between, we’ll work hard to get you the most favorable rates. Contact us with questions, and be sure to review our new Kia specials and pre-owned inventory for a budget-friendly vehicle!

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