Can I Qualify for a Car Loan With Bad Credit?
For some drivers, the excitement of shopping for a vehicle can be overshadowed by the financial headaches it can bring. At Auto Depot Sudbury, we often hear drivers ask: “Can I qualify for a car loan with bad credit?” To help drivers with less than ideal credit understand their financing options, we’ve put together all the information vehicle shoppers need to know in the blog post below.
Automotive Financing Options for Subprime Credit
While some dealerships may turn down drivers due to their credit score, this doesn’t mean they all will. Some dealerships, such as our team here at Auto Depot Sudbury, are more willing to work with drivers with subprime credit scores. In fact, making consistent monthly payments towards a car loan can be a great way for drivers to improve their credit score.
Lenders Consider More Than Just Credit Score
While credit score plays an important role in determining a vehicle shopper’s finance options, it’s important for drivers to keep in mind that it isn’t the only factor at play. Lenders will also look at a driver’s income sources, prior auto loan history, credit utilization, and debt-to-income ratio to determine approval and terms for a loan. Even if a driver’s credit score isn’t great, these other factors can show lenders that they’re able to make their car payments, giving them more options when financing their vehicle.
Finance Your Vehicle Through Auto Depot Sudbury
The finance department at Auto Depot Sudbury offers flexible and affordable financing plans for drivers with subprime credit. Our team believes that even though life can throw a few financial curveballs, that shouldn’t prevent drivers from purchasing a reliable vehicle. No matter the current state of your credit, our finance experts will use every resource available to them to come up with a financing plan that works for your situation.
Auto Depot Sudbury is the perfect place to shop for your next vehicle in the Sudbury, Ontario area. Our dealership has a wide range of pre-owned vehicles for drivers to choose from. Looking for vehicles that fit within your budget? Explore our vehicles under $15K and vehicles under $25K. Have any financing questions for our team? Give us a call at (705) 673 – 6079 or send us a message right here online.