How to Get a Car Loan in Sudbury With Bad Credit

By: Auto Depot Sudbury   |   18 Jul 2018
Woman drawing a dollar sign in a notebook

Don’t worry, Sudbury, it really is possible to get a car loan with bad credit.

While it might come as a surprise, bad credit is a lot more common than many people think. From starting with no credit, student stumbles, and changing life circumstances, it happens. Here at Auto Depot, we know that life happens, and we’re here to help get you back on track in a great used vehicle.

Know your Credit Situation and Budget

Sometimes we have people arrive on our lot thinking they have low credit or no credit when they really have good credit! Of course, the opposite happens as well, but the point is to know where your credit stands. With apps like Credit Karma and access to our credit scores online, it’s easier than ever to know where your credit truly is at.

While the banks often tend to dictate our budgets for us, they can be surprisingly generous. Take a look at your finances and have an idea of how much you’re looking to spend on vehicle payments each month. We always suggest playing it safe, to avoid tight spots down the road. If you find a payment that you’re more than comfortable with, you can always upgrade to a more luxurious vehicle down the road.

Once you have an idea of your credit situation, this allows our finance experts to assess your loan requirements. Based on your budget and credit, we will be able to determine which lenders are most likely to approve you for a loan. Because we have a long history of working with a variety of different lenders, we know which ones are best for each credit situation. This means that we don’t submit your credit application again and again, harming your credit. We’ll set you on the right track from the beginning.

Loan Application Checklist

We think it’s best to come prepared. This way, our credit experts will be able to give you the most detailed advice possible for your unique situation. Here’s what we would suggest knowing or bringing with you:

Checkmark Ideal budget range

Checkmark Credit range

Checkmark Down payment amount

Checkmark Vehicle type (car, truck, SUV, van, etc.)

Checkmark Identification

Checkmark Proof of insurance and income

Checkmark Banking information: history, account statements, etc.

This will give you a great baseline and will help us get you the best bad credit car loan for you.

Use a Vehicle Loan to Build Your Credit

When people come to us with bad credit, we like to look at it as an opportunity for them to build their credit. Because a car loan is a much less risk for a bank or lending institution than a house or a boat, it’s much easier to get approved.

Once you have a down payment and we connect you to the right lender, you’ll be tasked with making monthly payments. Making these payments on time and in full will help build your credit with a positive repayment history. Non-payments are reported to credit bureaus and harm your credit, so the incentive is there to make the best of each month and pay your loan back on time.

Ready to get started? Apply online today and our credit experts will help get you into the vehicle of your dreams in no time!

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