can I buy a new car with bad credit
Buy a New Car with Bad Credit
Buying a new car can seem like a daunting task for anyone. Those who have bad credit may think that it's impossible. However, there are solutions that can help you get the car of your dreams even if you have no credit or bad credit. At Steele Hyundai, we are here to help you get approved to purchase a vehicle from our new inventory and rebuild your credit in the process. It's a win-win! When it comes to bad credit loans, there are opportunities everywhere. We specialize in offering loan solutions for those with bad credit, and it's easier than you may think!
Car Pre-approved
If you have a credit score below 660, you may find it challenging to get a loan from banks, dealerships, and other lenders. However, there's still hope! Sub-prime loans allow customers with bad credit to get approved and start their journey toward rebuilding their credit. Sub-prime loans are suitable for the short term as they provide the money you need to make a big purchase, like an auto loan, but at higher interest rates. It is essential to always make payments on time to increase your credit score and work towards adjusting your loan agreement to something with lower interest rates.
Car Down Payment
A down payment is a percentage of the vehicle's purchase price paid upfront. Depending on how much you want to put down, your monthly fees can be higher or lower. If you put a larger down payment, your monthly payments will be lower because you owe less, and vice versa. Approval rates are much higher with a down payment, so it is recommended that you put some money down if you are considering purchasing a new vehicle. However, we understand that this isn't always possible, and there is no money down options that you can explore.
Bad Credit Cosigner
A cosigner is someone who agrees to share the responsibility of your loan. This gives you a higher chance at approval as a cosigner decreases the level of risk for the lender. However, you can still get approved without one. Contact us to learn more about our financing solutions and options.