If you need an auto loan but have bad credit, trying to buy the car you need can turn into a difficult process. Our finance department is here to help you, even if your credit history looks grim! Whether you’re planning on buying new or used, our finance team can get you a hassle-free bad credit or sub-prime vehicle loan that fits your financial situation. We make bad credit auto loans available to shoppers from Columbus, GA. We’ll work to get your finance application approved, get you an affordable interest rate, and hassle-free terms that you can live with.
Clearing up bad credit can seem like a difficult task, but all it takes is diligence, responsibility, and a little time. To start the process of rebuilding your credit, get a copy of your credit report(s). You can get one free report every year from each of the major credit bureaus; TransUnion, Equifax, and Experian. Get your report (or all three) and look it over completely; check for any errors (an incorrect address or your name being misspelled, for instance) and check for any accounts you don’t remember opening (which could be a sign of fraudulent activity). If everything checks out, start clearing bad debts that might be festering within your credit history.
There are many components to your credit score that affect it in different ways. How long you’ve had credit overall, the types of credit you have, how often you apply for new credit, late payments, delinquencies and outstanding debts, late fees, overdue bills, and collections accounts all determine your credit score. Applying for a loan or credit card means your credit history will be bought under consideration to determine whether you will be denied or approved. With one or two “bad marks” on your credit history, it’s still possible to get a loan at a conventional interest rate. Multiple signs of damage, however, paints you as a poor candidate for credit, so you might have to consider getting a bad credit loan to get the financing you need.
You can rebuild your credit, especially with an easy-to-pay bad credit, high risk, or second chance loan from our advisors. If you plan on buying a new or used car with a credit reestablishment or second chance loan, you’ll soon be seeing your credit score improve. Following these tips can also help:
- Make credit card and loan payments on time
- Make your monthly payments in full, don’t rely solely on the minimum amount
- Keep your credit utilization (total credit limit minus your total account balances) between 1% and 20%; don’t max out your credit cards
- Cancel any credit cards you no longer need or use, but keep your oldest cards open if possible
- Don’t apply for in-store credit cards or loans you don’t need in order to limit inquiries on your report
A bad credit loan can be a great way to get your finances back on track and raise your credit score; you shouldn’t take out a loan just because you want a car. Consider your options and talk to our finance staff and ask our finance advisors how a bad credit auto loan can help rebuild your financial status.