How to Get a Car Financed with Bad Credit?
The ordeal of having a bad credit score is known to all. Your loan application is turned down by most financial institutions and you are probably asked to wait till your credit score improves to make the purchase that you want to now. While a few things can wait, essential commodities like a house or a car are necessary as your life can come to halt in the absence of those. Fortunately, you can still buy used cars at White Horse Road in Greenville, SC with bad credit. You can take one of the following routes and drive home the car you need.
Way 1: Make a very high down payment
Credit score comes into play in deciding the amount loan the financial institution can give you. So, if you make a very high down payment for the car you are about to buy, say 50%-70% of the net price, you will then need a smaller amount as loan. The credit score you now have can cover the reduced amount and most financial houses may be willing to approve your loan. Paying cash upfront shows your financial mettle.
Way 2: Apply with a co-signer
Many auto credit lenders accept applications from bad credit holders if they accompany a co-signer who has a good credit score. In this way, your risk of bad credit is basically being backed your co-signer’s good credit and should you default on your payments in the future, your guarantor will be held liable. If you can find such a trusting family member or friend, then you are good to go. Or else, you are left with the final option.
Way 3: Go for buy here pay here car dealerships in Greenville, SC
buy here pay here greenville sc dealerships are also your auto finance providers who accept no credit and bad credit applicants. Being independent financial houses, they are at their own will to extend credit to anyone. Here, your current job acts as your loan’s collateral and you do not a co-signer of any sort. Plus, the down payment you wish to pay is upon you as the loan is not credit score dependent.
So, search for the best buy here pay here near me if you want to finance your own car. Your credit score does not decide your approval. BHPH dealerships are like your second chance where you can have your car now and simultaneously build your credit score. You really do not have to wait for anything.
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