If your bad credit has so far had you too afraid to even try to get financed, chances are you don’t even know where to begin now that you’re ready. But fear not; our bad credit wizards at Suburban Auto Finance are here with some awesome tips to help you!
Get Comfortable With Your Credit Score
Want to turn things around so you can get financed? The first thing you need to do is get to know, and get comfortable with your credit score. Getting your hands on your credit report and actually taking the time to learn more about what’s really going on behind the numbers being used to represent you is the first step you need to take to start making positive changes. You might even find out there are errors on your credit report making you look unnecessarily irresponsible!
Get To Know The Lingo
Want to have a leg up during your financing negotiations? Make sure you don’t have to waste any time trying to understand the complex terminology being thrown around by doing all the comprehensive research you need ahead of time. Look up anything that you think is even a little confusing. Familiarize yourself with the lingo and do your best to understand on your own what things like annual percentage rates (APRs), residual values, principle balances, secured loans, and more are.
Learn Who To Avoid
Sketchy subprime lenders are everywhere. You can often spot them by the flashy ads and gimmicks they use to target anxious car-buyers with bad credit, but beware. Trusting sketchy subprime lenders is the easiest way to guarantee you end up with outrageous interest rates and increasing debt that eventually causes you to lose your vehicle entirely. Remember, there are honest subprime lenders.
Try To Get Prequalified
The easiest way to secure financing and not have to worry about negotiating with car dealers for a vehicle on the spot is to get prequalified. It allows you to take your time finding the right financing offer for your budget without feeling all the pressure. Then, when you do actually visit a car dealership, you can do so with confidence because you’ll already have a loan offer to work with.
Do The Best You Can To Enhance Your Prospects
All in all, be smart and think of anything and everything that might increase your chances of success. Start making slightly bigger payments/payments on time to reduce your debt faster, learn what kinds of scams are out there so you never become a victim, try to save up a down payment, convince a friend or family members to co-sign – do what you have to do to better your chances of raising your credit score and getting affordably financed.
Choose Suburban Auto Finance
Ready to take the final leap and get the preapproval you deserve today? Trust the one auto loans provider that will never let you down: Suburban Auto Finance. Our Guaranteed Credit Approval and access to our network of trusty car dealers can be all yours, no hassle, as soon as you Apply Now!