Need a Used Car But Have Bad Credit? Tips for Making it Happen in O’Fallon
September 15, 2020
If you happen to have low or poor credit, you may think buying even a used car is not possible. Bad credit may impact your lending options, but it doesn’t mean that you can’t get the loan that you need. 5 Star Auto Plaza has a variety of choices available to potential buyers. Here are some used car buying tips with poor credit in O’Fallon:
Timing is Everything
When applying for a used auto loan, pick a time when your credit score is at it’s best. If you are building credit, this can be after you have had several months of promptly paying all your bills. It could also be after you have paid off another major purchase or even a small credit card bill.
Save for a Down Payment
Another thing that can help with the loan process is saving for a substantial down payment. If you have more saved up than the required amount, it can help towards your vehicle purchase. This means a smaller monthly amount to pay as well.
Check Interest Rates
Knowing what the current interest rates are can help you make sure you are getting a good deal. With poor credit, the interest rates might be higher, but they should not be double the going rate. Steer clear of any company that goes that route.
Go over your finances carefully. Know what you comfortably afford to pay for a vehicle and how much you can comfortably afford to pay monthly. Make sure all your necessary paperwork is in order.
You Can Purchase a Used Vehicle
At 5 Star Auto Plaza, we want everyone to have a vehicle that is in good shape. We work with you to find the financing option that meets your needs. These used car buying tips with poor credit in O’Fallon can help smooth the process. Contact us at (636) 940-7600 and let us help you purchase a quality used car.