Credit Crisis: How to Buy a Car with Bad Credit

Thursday, September 14, 2017, 6:00 PM | Leave Comment

So, you need a car but you have a bad credit rating? This can be a stressful situation, as a good credit rating is pivotal in being approved for purchasing a car.

However, with some effort and patience, you’ll be able to buy a car with a lower score. Here are four ways to buy a car with bad credit.

Credit Crisis: How to Buy a Car with Bad Credit

  1. Try leasing

    Some dealers might be understandably hesitant to sell you a car if your credit rating isn’t quite up to snuff. However, you can try leasing. By leasing a vehicle, you get to rent a vehicle for an extended period of time and then make the decision on whether you want to outright own it. If you can convince the dealer that you’ll be able to make the monthly payments necessary for the lease, there’s a good chance they’ll look favorably upon you.

  2. Be realistic

    If you think for a minute that you’ll be able to go to a dealership and purchase a brand-new Mercedes or Lexus with your dismal credit rating, then you need to think again. It’s totally possible to purchase a car with bad credit, but you need to think smart. Look for a vehicle that is within your price range and make sure that you’ll be able to make the payments necessary in order to keep it.

  3. Shorten the loan time

    When discussing things with the dealer, offer the suggestion to decrease the length of the loan period. This will help convince them that you are to be trusted, as you’re showing your willingness to pay things off quicker. Plus, you’ll benefit yourself by not having to deal with the additional interest of a longer period.

  4. Go to special dealers

    You aren’t the only person with a bad credit rating in need of wheels. That’s why there are dealers who are aimed towards your specific demographic. While no dealership business model would be able to survive by selling cars to people who all have absolutely rock-bottom credit, there are certain dealers like AutoStart and similar businesses that are definitely more flexible. Many of these have programs that cater specifically to people in your situation. It’s just important to make sure that any dealership you consider is trustworthy.

A bad credit rating can really be a nuisance, but it doesn’t need to ruin things like buying a car. By being realistic and knowing how to negotiate, you can get a car for yourself, even while having a less-than-desirable credit rating.

Author BIO

Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max.

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