FIAT

Corwin FIAT of Springfield

1025 W. Sunshine St
Directions Springfield, MO 65807-2445

  • Studio: (866) 981-4780
  • Service: (866) 981-8441
  • Parts: (866) 981-8994

How to Get a Car Loan with Poor Credit - Springfield, MO


Think back to your late teens and early twenties. Those years were probably filled with bad choices that seemed like such a good idea at the time. If any of those choices included bad credit decisions, that's okay. Now that you're older and wiser, you are trying to recover and we're here to help.If you need to get a new car and want some advice on how to get a car loan with poor credit, follow these steps and you'll be on your way to the car you need.

1. Get to know your credit. 

At least three months before you would like to make your car purchase, take a good look at your credit report. If you spot any errors, make sure to get those cleared away as soon as you can. You can also work on resolving any risk factors like debt sent to collections, etc.

2. Be prepared for high rates. 

When you do get approved for a loan, be prepared for a high interest rate. However, you can still shop around, including at the dealership, to see who will offer you the best rate.

3. Bring financial documents. 

If you plan on talking about financing at the dealership, bring your most recent pay stub or two, your driver's license, a utility bill, and even personal references.

4. Stay in your budget. 

You don't want to make the same credit mistakes again. Make sure your total monthly car budget has room for fuel costs, insurance, maintenance costs, etc.

5. Have a down payment. 

The more you put down, the better off you'll be in regards to your loan status. Put down at least 20% for a new car and at least 10% for a used one.

Improving your credit doesn't happen overnight. However, with these carefully planned steps, your credit will be in a much better state. Give us a call at Corwin Alfa Romeo and FIAT of Springfield if you need any assistance working through your credit issues.

Contact

Corwin FIAT of Springfield

1025 W. Sunshine St
Directions Springfield, MO 65807-2445

  • Studio: (866) 981-4780

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