How to Get a Great Car With Bad Credit

From applying for a loan to anything as simple as a lease application on an apartment, your credit can make or break opportunities now and in the future. Breaking the cycle and building good credit can be difficult and often seem impossible at times. Finding bad credit vehicle financing is just as difficult navigating car dealerships throughout North Carolina and beyond. Public transportation is not always an option and reliable transportation is a key factor in holding down and maintaining a job. Bad credit does not mean you’re out of luck buying a car, especially if you’re in nearby Raleigh, Durham, Chapel Hill, Butner, Creedmoor, Louisburg, Wake Forest, Rolesville, Zebulon, Nashville, or Warrenton. Our car lots in Youngsville, North Carolina or Henderson, North Carolina have a wide range of inventory and we’re ready to help. In fact, consistent payments on a vehicle may increase your credit score.

For 25 years we’ve made it our mission to provide not just transportation, but reliable and affordable transportation to our friends, our families, and our customers. As a small business with locations in Youngsville, North Carolina and Henderson, North Carolina, we’ve continually offered our buy here pay here program since our doors opened. What that means is our team has been a network of support for people who are having a difficult time obtaining a vehicle due to bad credit for vehicle financing. We believe that financial hiccups and hardships of the past shouldn’t dictate your future.

Tips to help you achieve realistic car-buying goals with bad credit

Step One: Know your credit and determine your needs

used car lot

So you’re in the market to buy a car but you don’t have the best credit. Congratulations, this is an exciting time. But you need to be prepared. A high FICO score typically means a lower APR from a lender. While financial institutions may not deny you a loan outright, your total APR will likely be much higher in comparison to someone with a excellent credit score. What this means is that your monthly payment is higher and your total interest paid on a vehicle could be substantially more. It’s important to not only research your options for third party lenders as well as financial institutions, but also consider our buy here pay here program and see if it’s the right fit for your needs.

Step Two: Determine your needs

An important step in buying a new or used vehicle from a car lot is to determine your needs for the vehicle. Buying a car is a balance and finding that middle ground depends on research and being prepared. Will you be using the vehicle for in-town trips or will your job require extensive travel? If your monthly payments are high, you should consider other expenses of the car that could affect you personal income. Can you get away with a smaller, more efficient vehicle or is that SUV absolutely necessary? Determining your vehicle needs before arriving to look at vehicles will significantly help steer you and the dealership in a productive direction to find the best vehicle for your needs without wasting your time.

Step Three: Do your research

Once you’ve determined your vehicle needs, determine your financial needs as well. Using independent online sites are great resources for narrowing down your needs and making sure they align with market value and are priced fairly. Our online inventory is a great place to start. After identifying your vehicle profile, you can search our inventory comparing and contrasting what you find so that you can arrive confidently and ready for the test drive.

  • Some keywords to look for and understand before purchasing a used vehicle with bad credit:
  • Annual Percentage Rate (APR)
  • Amount financed
  • Additional products and services
  • Finance charge
  • Total of payments

Step Four: Picking the right car and closing the deal

Look for newer vs. older vehicles. Older vehicles tend to not only incur higher interest rates than newer vehicles, but buying a newer car could be a better financial investment in the long run. Newer used cars often offer better financing, have less issues and maintenance needs and won’t feel ‘outdated'.

Don’t forget to read the contract and ask questions. Often times, car buyers will get fatigued from the anxiety of such a big expense that when it comes time to close, they overlook the contract and fine type. Read the contracts and ask questions. If you’re not 100% comfortable signing for the vehicle, don’t sign. It’s important to remember that you’re in control because not only are you making the monthly payments, but you know your budget and what you can and cannot afford.

Step Five: Keep the loan in good standing to help build credit

So you’ve found a car and you’ve closed on the deal. Congratulations, but it’s not over. Now that you have monthly payments, you need to at least meet the minimum required payment to keep the loan and your credit in good standing. Should you have the opportunity to pay more than the minimum each month, it can’t hurt to increase your contributions when you can and pay the loan off earlier than expected. Repaying many types of loans on time helps rebuild your credit setting you up for a bright financial future.

If you’d like more information on the buy here pay here program, take a look at our research section or swing by one of our locations in Youngsville, NC or Henderson, NC. We service areas around Raleigh, Durham, Chapel Hill, Butner, Creedmoor, Louisburg, Wake Forest, Rolesville, Zebulon, Nashville, and Warrenton and are always willing to help. Our buy here pay here financing program is set up through our quick application in the online portal making it easy to get started and into a car today.

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