Can I Get Car Financing With Bad Credit?

August 24th, 2013 by

Bad credit financing at Middletown HondaYou need a new car, but your credit score is getting you down. Your biggest question is “is it possible to still get a car with bad credit?” You’re worried your score is going to prevent you from obtaining any sort of reasonable car loan.

At Middletown Honda, we work with a wide range of drivers every year and help them get the financing they need. It doesn’t matter if you have good credit, bad credit, a history of bankruptcy, or no credit whatsoever; our team will still work with you to try and get you the financial help you need. You can start the approval process by using Middletown Honda’s online financing application.

Once approved, our finance team will work with you to hammer out a payment plan that works on your budget, as well as help make sure you understand the terms. We try to make things work as easily as possible with customers. That’s why we continue to be one of the most trusted names around in auto sales.

Tips for Financing

Here are a few good general guide lines about getting approved for financing, as well as tips for building your score:

  • Put as much money down as you can: most people can’t pay for their whole vehicle out of pocket, but making a significant down payment will help you to lower your monthly payments and reduce your payback period. In the long run, this will reduce the total amount of interest you owe. A lender may also be more willing to approve you if you make a sizeable down payment.
  • Don’t give up hope: even if you don’t get approved at a dealership, there are still other options. Special agencies cater to drivers who are looking for auto loans, including drivers that may be normally turned down by dealerships.
  • Set up automatic bill pay: often times, you have the means to pay for a bill, but you simply forget to do so. This is where automatic bill payment comes in handy. Most banks allow you to set up reoccurring deposits to a lender online, making it so you’re never late on payments again.

 

Posted in Dealer Information