Can I Get a Car Loan With Bad Credit?
While vehicle shopping is an exciting idea for many drivers, those with less-than-ideal credit might be worried about finding a car loan. We often hear drivers ask, “Can I qualify for a car loan with poor credit?” To make it easier for drivers to understand their automotive financing options, we’ve broken down everything they need to know about subprime financing options.
Subprime Credit Financing
Although some dealerships may turn down drivers due to their low credit scores, this isn’t true for every dealership. Here at Southbank Dodge in Ottawa, our financial experts will work closely with vehicle shoppers to find a car loan that makes sense for their individual needs and budget. A car loan can even help drivers improve their credit score, making it easier to find financing in the future.
Credit Score Isn’t the Only Factor Lenders Consider
While it is true that a driver’s credit score plays an important role in determining their financial options, it isn’t the only factor that lenders take into account. A driver’s sources of income, credit utilization, debt-to-income ratio, and prior auto loan history can all play a role in determining whether or not a driver is approved for a loan. This means that even if a driver’s credit score isn’t as high as it should be, they may still be able to qualify for a loan.
How Car Loans Can Repair Your Credit Score
Car loans provide drivers with an effective way to improve their credit score. Car loans allow drivers to establish a history of on-time payments, which will cause their credit score to improve over time. However, it’s also important for drivers to note that late payments will have the opposite effect, resulting in a lower credit score. As a result, it’s important for drivers to find a car loan that’s within their budget.
Finance Your Vehicle Through Southbank Dodge
Southbank Dodge’s Finance Department is here to help you find the right automotive financial plan for your next vehicle purchase. We offer a wide range of subprime financing options for drivers with low credit scores. Interested in applying for financing? Fill out our secure online credit application. One of our team members will reach out to you and guide you through your next steps.