How to Get a Car Loan in Sudbury with Bad Credit

By: Auto Depot Sudbury   |   29 Oct 2018
young couple driving on highway

We get it, credit slip-ups happen. Many people would be surprised to know that bad credit or credit missteps are more common than you’d think. We deal with all kinds of different and unique credit situations here at Auto Depot Sudbury, and bad credit is one of them. Whatever your credit look like, we can help you find and drive your next great used car.

Bad Credit Vehicle Loans—How are they Different?

There is a great deal of advertising out there and we want to be clear that bad credit car loans do exist! They aren’t too good to be true, but they are usually at rates slightly higher than folks with spotless credit reports might receive, and that’s okay. Using these loans is a great way to build your credit back up, and eventually, obtain better rates through refinancing or your next loan.

When you apply for vehicle financing, you’re submitting a request for credit. This means that your credit score is pulled and analyzed to determine how much credit and at what rates you’re eligible for. This differs across vendors and banks, and also takes other details into account.

What else is Being Considered for my Application?

Along with your credit score, lenders look at other relevant details to ensure you’re getting the best fit. These include, but are not limited to:

• Current employment status

Current income and proof of income

Other outstanding debt such as credit cards or mortgages

Student status

Past loan history

With these things in mind, our lender network can determine how much to realistically allow a monthly payment to be, as well as at what rate of interest. Don’t forget to bring ID!

Why Work with Auto Depot Sudbury for a Bad Credit Car Loan?

When you work with us, you aren’t just getting a car or a car loan. Yes, we will help you find a great used car, truck, or SUV, but we also have a dedicated finance team. This means that you will be treated uniquely as an individual and we’ll help you find a loan that speaks to that. Because we have a vast network of banks and lenders that we work with, we won’t just select one for you, but we will help you to determine which one is most likely to approve you for a loan, and only submit your application once, as it should be. Some finance departments will submit your application all over the place, harming your credit with each pull. We don’t do that. We’re here to help, not hinder. You’ll notice our attention to detail every step of the way!

Ready to finance your next vehicle? Apply online today and we’ll get back to you in no time!

 

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