Financing a Car with Bad Credit

September 21st, 2021 by

It can be rather disheartening when you realize that bad credit affects more things than just opening a new store card somewhere. Bad credit can often be a deciding factor in those big, life-changing purchases that you’ve been looking forward to for quite some time. This rings true for financing a car. But all doesn’t have to be gloomy because there are a few ways to get around having bad credit and Yonkers Auto Mall will tell you all about it.
used car dealer near bronx

Check your Budget

First things first when it comes to financing a car with bad credit is knowing what budget you can work with. Do you have a decent income where you can afford to make hefty monthly payments? Or do you have big savings nestled away where you can pay upfront? Knowing your budget is key and often where you have enough to work with then you can get a decent car and finance it with no issue.

See What your Credit Score is

One problem that we see with drivers looking to finance with bad credit is that they don’t have bad credit. Believe it or not, many people confuse their credit score with a bad one leading to their inaction when deciding to approach lenders. But if you check your credit score and you’re not in the red, then you shouldn’t have an issue securing a car loan. The key here is to always check your credit first. Know the numbers.

Save up the Money

If you’ve checked your credit score and know that you’re in the red in terms of credit, don’t worry yet because there’s still a viable option—save up. The more that you can put down for your newly financed vehicle, the better off you’ll be in convincing lenders that you’ll be able to the rest of the car off. No lender wants to take on someone who can’t afford to pay off the loan they’ve given you. Save, save, save.

Become a Lender Shopper

The final option is to get familiar with the lenders that are out there. Not all lenders are built the same and if you shop around you may find a lender that’s willing to work with you in terms of your current credit score.

Forget the bells and whistles of brand-new overpriced models on the market today. If you’re looking to buy, finance or lease used then look no further than Yonkers Automall. With over fifty years in the industry, our inventory has a car selection for any driver. Whether you’re looking for a Chevy, VW, Nissan, Hyundai, or a variety of luxury brands including Cadillac, Volvo, Lincoln, or Genesis call us today at (855)700-9198. Want to see our models with your own eyes, then come on in as we’re located at 1716 Central Park Avenue in Yonkers, NY.

Posted in Blog, Financing, Used Cars