4 Tips to Get a Vehicle Loan Regardless of Your Credit Score
There’s nothing more enjoyable than searching for a new car. It’s fun to let your imagination run wild looking at different brands and models. However, if you have a low credit score (or no credit at all), that can ruin the fun by limiting your choices OR making it very difficult to get approved for a loan.
Believe it or not, it is possible to get a vehicle loan no matter what your credit situation.
Want to know how to get a vehicle loan with a less-than-ideal credit score? Read these 4 tips to help get you on the road!
Work with a Dealership that Accesses Multiple Loan Providers
Just as no two dealerships have the same lineup of automobiles available for purchase, no two dealers have access to the same variety of loan providers. Some dealers have access to only a few loan providers, which narrows your options for finding an affordable vehicle loan regardless of your credit score.
At VLCI, we make it easier for you to find a loan because we work with multiple loan providers. We can provide you with numerous options based upon your credit score, giving you more flexibility in finding the right loan with a higher chance of approval. Our goal is to pair you with a trusted lender that can get you an approval, while being a good fit for your situation and affordability.
Make Sure You Get the Best Deal Possible
Regardless of credit score, all car buyers want to get the best deal possible on a new car. This used to mean constant haggling with dealers to try and lower the price to a point the buyer could afford. Well, those days are gone! When you work with a dealer like Village Luxury, you’re working with a dealership that uses software to intelligently monitor the market and price our vehicles aggressively from the get go.
It is our job to make sure you get the best market deal for your vehicle purchase. In fact, we offer a pricing guarantee to all of our customers.
Remember, at Village Luxury, if you find a better deal on the market, we’ll beat it!
Have a Down Payment Ready
There’s no requirement for a down payment with any vehicle purchase, but if you have one ready when buying a vehicle with bad credit it can help increase your chances of approval. Providing a down payment can also enable a lower monthly payment (increasing your cash flow over the life of your loan).
So if you have lead time before you need to purchase a car, consider adopting a savings plan to put away cash that you can use for a future down payment.
Looking to Upgrade Vehicles? Know Your Equity Situation
The trade-in value of your existing vehicle, and your equity in it can play a major role in your ability to place a down payment on a newer vehicle purchase, which can ultimately impact not only the monthly payments you face in the future, but whether or not you receive a loan in the first place.
At Village Luxury Cars we’ll help you figure out the true value of your current vehicle and assess your equity situation. We’ll help you find out if you have negative or positive equity, and work hard to partner you with the right lender to match your financial situation.
If you have bad or low credit, VLCI can help you get into the new car you want without sacrificing your financial stability or being rejected for a vehicle loan.
Call us anytime at (888) 787-0724 to learn more, or view our current inventory.