Having a reliable vehicle is important. But no one should miss out on the opportunity to drive a car they love. It can be difficult to get a loan for a vehicle for drivers with bad credit. At Carl Hogan Chrysler Dodge Jeep Ram, we understand that life happens. That is why our finance center works so hard to help customers secure the financing they need. Although every situation is unique, let's consider how financing can happen, even if you have less than perfect credit.
Have a Cosigner
If possible, having someone in your life with good credit cosign your loan can make things much easier. It gives lenders extra peace of mind that payments will be made on time. Remember, if you miss payments on your loan, there will be negative consequences for both you and your cosigner. This is why finding someone to do this can be difficult, but it is one of the best options for drivers with low credit scores.
Have a Down Payment
Down payments reduce the total amount of the loan. A larger down payment can mean a shorter term or lower monthly payments, making lenders more comfortable issuing the loan. Having a larger amount to put down also demonstrates your ability to save money, which makes it seem more likely that you will be able to make all of your payments.
Knowing How Much You Can Afford
Owning a car requires you not only to make your payment but also can afford gas and maintenance. If you have already looked at your budget and determined what you can afford, that will simplify the shopping process. If you are not approved for the loan you applied for, it may be time to look at less expensive vehicles for your commutes. The lower the loan amount, the easier it will be to get approved for it.
Our team is standing by to help you get the car you need. Apply for financing online, and be sure to reach out to our team if you have any questions.
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Finance