Bad Credit? Doesn’t Mean You
Can’t Buy a Car!
Looking to get into a new car, but worried about bills from
the past that have bogged you down? Don’t stress, there are still options for
you. Larry H. Miller Used Car Supermarket has professionals that specialize in connecting customers
with reasonable finance options. So don’t waste your time thinking about
reasons you can’t get into a car that not only will handle your needs, but
something you’ll love!
What you need to know!
Research:
It is important that you take your time to do some research
before heading to the dealership. While there are many different ways a car
dealership can help you get behind the wheel of a vehicle you desire, some of
these methods will hurt you in the long run. The more prepared you are, the
more confidence you’ll have and the less likely you are to fall into a trap.
This blog post is meant to serve as a basic guide to buying a car with damaged
credit, but your research shouldn’t necessarily stop here.
Your Credit History:
You should have an idea of your credit situation before
going into any dealership, so that you’re not surprised by anything and you can
also have the opportunity to dispute or fix any credit issues possible. There
are websites that offer free credit checks, like Credit Karma. Once you have your credit
score, you can take a look at your credit history, as well as know where you
sit with your credit score. This information will be useful for your research,
so you have an idea of what your capable of receiving, in terms of financing.
What You Need:
Too often, car shoppers fall in love with something they
want, rather than something they need. And sometimes, this is the exact
decision that results in damage to their credit. Before you go car shopping,
take some time to decide what kind of vehicle you need. Do you just need the
car to get from Point A to Point B for work? If this is the case, you probably
don’t need to get a big SUV. Do you have a large family that requires a lot of
room? Then maybe you should look at that big SUV or a minivan. Leather,
sunroofs, big rims, upgraded stereo systems, you know, all the bells and
whistles? How important is all of this for you? It might be wisest to pass on
these luxuries, and exchange it for a smaller monthly payment.
Things You Need to Bring!
Down Payment: While
many people would like to buy a car without having to lay out any money up
front, this isn’t always the best way to go about purchasing a car.
Furthermore, for those buyers with damaged credit, there is more of a need for
a down payment. When you provide a down payment, you are showing the lenders
commitment, which will go a long way in helping you get a reasonable financing
rate. A good rule of thumb for how much you should put toward your down payment
is to put down the total cost of all your taxes and fees for the vehicle.
Proof of Employment:
In order to get financed for a vehicle, you will be required
to provide proof of employment. This can come in the form of your most recent
pay stub. The financial lender will want to see that you are employed and have
a source of income. If you do not have a pay stub, you can reach out to your
employer and they will be able to provide this documentation.
Proof of Residence:
Be sure to bring along proof of residence. This can come in
the form of utility bills, bank statements or even a pay stub with your home
address. Proof of residence is also something that is required to be provided
by the lender.
In a Nutshell:
We understand that your past is exactly that, the past.
While you may have damaged credit, there are options out there for you. The
best thing you can do is prepare yourself with research. Larry H. Miller Used Car Supermarket has professionals that specialize in finding car loans for buyers with
circumstances like yours. Don’t be discouraged. Come in to see us, and you’ll
be glad you did.
