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“Can I buy a car with bad credit?” If you are asking yourself that question, you have come to the right place. Securing a car loan when you have a less-than-stellar credit rating can be a challenge, but it is possible. Capital GMC Buick has helped drivers from Regina to Moose Jaw get behind the wheel of an exciting new Buick or GMC, no matter what their credit score may be. Find out what your options are from our in-house finance experts.
Whether you have bad credit, are a first-time buyer, or have no credit at all, there are several ways that you can get approved for an auto loan. One of the easiest ways is to have a family member or close friend who has a strong credit score act as a cosigner. What is a cosigner? When applying for a car loan, you are the borrower and the cosigner is an additional person who will take on the responsibility for paying back the loan should you default. This works basically as a safety net for the lender, ensuring them that the loan will be paid.
While this is a rather common way for White City car shoppers with bad credit to secure a loan, it comes with serious responsibilities for the borrower. You want to avoid putting the cosigner in the uncomfortable position of having to pay off your debt. However, if you make sure to manage the loan responsibly, having a qualified cosigner is a good way for those with bad credit to be approved for a car loan.
If getting a cosigner is not a viable option for you, what else can you do to get a car loan with a poor credit score? Here are some things you should do before applying for financing:
The steps above will give you a good idea of how you may proceed and help you decide whether or not you are in the position to successfully apply for financing.
Want to boost your credit rating? Some Lumsden-area shoppers may not know that by taking out a car loan and keeping up to date on your payments, it will automatically improve your credit. Here are some other ways you can raise your credit score.
A bad credit auto loan will generally come with increased interest rates. As long as you keep up to date on your payments, over time your credit score will improve, and you then will have the option to refinance in order to lower your monthly payments. The finance team at Capital GMC Buick can help walk you through the process should you decide to refinance your loan.