Looking for a new car in Mobile, AL can be stressful if your credit needs work. You may be wondering if financing a car with no credit is even possible, or if you’ll only be offered very high interest rates. Although you should expect to pay somewhat more in interest, you have more options than you might think! In the guide below, the Allen Turner Hyundai finance team explains how to access the best interest rates and increase your chances at approval.
When financing a car with no credit, you should adjust your budget to account for higher interest rates as well as a larger down payment. That way, you won’t need to adjust your expectations later on in the buying process when it comes to which vehicles you can afford. Buying a car near Ft Walton? Keep these tips in mind as you get started:
Don’t make the mistake of assuming that a certain financing opportunity isn’t open to you because of your credit score. Your lender or dealership may be more flexible than you expect, or there may be other options that better fit your needs.
There are lots of little things you can do to boost your credit score by a few points, even in just the span of a few months. Try paying off small debts that are over five years old, or taking care of any debts that have gone to collections. You can also use your credit card to pay for small purchases, and then pay it off on time to quickly rebuild credit.
Be sure to send all of your financing applications within a 14-0day period. This will mitigate any possible damage to your score as a result of applying for a loan.
You may worry that the first offer you receive will be the only one, but that’s often not the case — even if you’re financing a car with no credit! If you apply in-house with a Gulf Breeze-area dealership, they will send your application to multiple lenders.
You should anticipate higher interest rates, a larger down payment, or both if you have no credit or bad credit. Be sure to factor those costs into your budget.
Here at Allen Turner Hyundai, we want to find a car financing solution that works for your financial situation. We offer a range of flexible financing and leasing options, so we encourage you to reach out to our team, or stop by our dealership in Pensacola. For savings on your next purchase, take advantage of our exclusive pre-owned and new vehicle specials!
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