Used Car Buying Tips for People with Poor Credit in St. Louis
November 13, 2019
Have you been looking for tips for buying a used car with poor credit near St. Louis? Lots of prospective car owners have a hard time finding your way through the approval process due to your subpar credit history. 5 Star Auto Plaza is here to help with an assortment of financing options that take into your current financial standing as well as your credit history.
Should you find yourself at this critical crossroads, there are a few steps you can take to improve your chance of being approved for the used car of your dreams. First and foremost, try to time your application based upon when you expect your credit score to be at its highest. This can occur after you’ve paid off some other major lines of credit or after several months of reliably paying off your monthly bills.
If at all possible, those looking to purchase a used car while maintaining a bad credit history should attempt to make a larger-than-required down payment. This can help offset any taxes and interest that may accrue while you are working to pay off your loan, thus enhancing your credit score in turn.
Along the same lines, you should remain skeptical of any used car dealer that offers an interest rate that is twice as high as the current average. While you will almost certainly need to pay a higher-than-average interest rate because of your poor credit, a doubled interest rate can make it difficult to fulfill your monthly payments, thus harming your credit score even further.
Finally, take the time to ready all of the paperwork. Here at 5 Star Auto Plaza, though, we’ll never lead you astray as we work to find a financing option that’s right for you. If these tips for buying a used car with poor credit have helped you, give us a call at 636-940-7600 to learn more about we can do to get you back on the road.