Bad Credit? How to buy a car with bad credit. If you have bad credit, you may think it will disqualify you from obtaining financing for a new car. However, that doesn’t have to be the case for you. Here are some ways you can finance a new Chevy in South Jersey, with less than perfect credit.
How to Buy a Car with Bad Credit
Bad Credit but you have stable employment?
Similar to your credit history, your employment history can help lenders determine whether you are a good candidate for a loan. Lenders will look to see how long you have been at your current place of employment as well as how much you make monthly. If you have worked at the same job for more than a year, it can make you a better candidate for a loan because it shows you have a stable job.
Find a co-signer
If you have a trusted relative or friend that can co-sign on the loan it can increase your chances of obtaining financing. Moreover, if they have a great credit history this can help you receive a favorable interest rate, which may save you a significant amount of money over the life of the loan. It’s important to note that if someone co-signs a loan for you, that person shares the same obligations you do. If for whatever reason you default on the loan they would become responsible for paying it.
Pay a down payment
A down payment can help you receive the financing you need. If it’s possible, try to make a down payment of at least ten percent of the purchase price of the vehicle, and if you can do more, aim for 20 percent. Keep in mind that the more you are able to put down at the time of the loan closing, the less you will have to pay for the loan. This may also help you earn a better interest rate.
Apply at a dealership
While there are many financing options available to you, one of the best is to visit the dealership to apply. This is where Burlington Chevrolet can help you. Our team of finance professionals will be happy to assist you in financing your new vehicle. What sets us apart from other options is that we have a network of lenders we use; therefore, we can help you receive the best rate on your new vehicle. Furthermore, with our easy to use website, you can apply for financing from the comfort of your couch using our secure application. You can also stop by the dealership if you are uncomfortable applying online. Regardless of the option you select, we will work hard to find you the best deal no matter what your credit history is.
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