What Are the Best Used Car Buying Tips with Poor Credit in St. Charles?
February 22, 2022
If you drive, the chances are that you’ve driven, or currently drive, a car that you don’t like. Or at least you long for something better when you’re stuck in gridlock traffic. For commuters, it’s important to love, or at least like, the car you have because you spend so much time in it. But how can you get a car loan with iffy to bad credit scores? 5 Star Auto Plaza presents some used car buying tips with poor credit in St. Charles, especially for first-time car buyers.
Poor credit… happens sometimes. You don’t plan to fall behind on important payments, but it all kind of snowballs. Luckily, car loans are easy second chances. Approvals mean that you can use repayment to bolster your credit score, then refinance for better rates the next time around.
1) Whittle Down Small Debts to Give Your Credit Score a Small Boost Before a Car Loan Application.
Those small debts drag your credit worse than larger bills. Work on paying as many of those off as possible before you file the paperwork for car loan approval. The incremental boost to your credit score could make dozens of dollars of difference in what you have to pay back.
2) Keep Tabs on Interest Rates Trends for First-Time Car Buyers with Poor Credit.
Interest rates change with automotive trends and the consumer marketplace. Keep an eye on the market for first-time car buyers, and file for approval when you feel interest rates would benefit your poor credit the most.
3) Trade in Your Current Car as a Down Payment!
Just because you’re a first-time car buyer doesn’t mean you’re not well-versed in owning a car. There are many ways to get a car, but going through a dealership or lot, like 5 Star Auto Plaza, is a little different. Your current car has trade-in value, which would go towards a down payment to whittle down your monthly rates on an approved car loan.
For more information about used car buying tips with poor credit in St. Charles, especially for first-time car buyers, give 5 Star Auto Plaza a call. (636) 940-7600 – We look forward to hearing from you!