How to Get the Best Car Loan No Matter Your Credit
- April 20, 2019
- Posted by gene
- Comments Off on How to Get the Best Car Loan No Matter Your Credit
How to Get the Best Car Loan No Matter How Bad Your Credit Is
Having a bad credit score can make getting a good loan on your next car purchase difficult. Even if your credit happens to be less than ideal you can still get a competitive loan on your next car. Let’s take a look at some steps you can take in order to be sure that you are getting the best possible car loan no matter how good or bad your credit score is.
Know Your Credit Score
The very first step in getting a great car loan is to know and understand your credit score. There are a ton of free online options that will not only show you your credit score, but help you understand why it is as high or as low as it is. Once you gain an understanding of your credit score, try to improve it if you can. If you used an online service to check your credit score, they will also show you ways in which you can improve your score. Before you can find the best loan possible, you need to know what your credit score is.
Explore All of Your Options
You don’t necessarily have to get a loan for your car from the dealership. You can check with banks, credit unions, online lenders, and others to see if you can get a more competitive loan rate elsewhere. Sometimes it is a good idea to get your loan and your car at different places. If you get pre-approved before you go car shopping, you may find you have more options when it comes to the kind of car you are able to buy.
The important thing to remember is that you have more than one option so check around before you commit to a loan. However, if you are actively applying for loans with different credit unions, banks, dealerships, etc, be sure to do all of them in the same two week period. Unfortunately, every time you apply for a loan your credit score takes a slight hit. You don’t want to over apply and take a big hit to your credit score before you secure a line of credit for your next car purchase.
Know Your Lender
Before you take credit from anyone, it is smart to know more about them first. A little bit of research into your lenders can help you make a more prudent decision. Check online, with the BBB, and whatever other resources you have available to you. It is important to note that online reviews aren’t always reliable, but it could give you a barometer of what to expect. The important thing is that you should not take credit blindly no matter how good the loan terms are.
Why We’re Different
G and E Motors is not your typical dealership. Gene and Eric (G and E) have worked for many years in the finance industry. They know how difficult dealing with credit problems can be, and they have years of experience helping people with less than ideal credit scores secure fair, competitive loans. At G and E Motors we believe in second chances, and we understand how important it is to have a car you can afford. Bad credit should never stop you from getting a great car loan. Contact us at (267) 560-5519 to learn more about our unique inventory of used cars and the loan deals we can offer you!