How To Get a Car Loan With Bad Credit

Here at the Andy Mohr Speedway Chevrolet Finance Center, we’re always getting calls, messages, and emails that ask the exact same question: how can I get a car loan, even though I have poor credit?

The good news is that we have all the answers that you’re looking for! So, that’s why our team here at Andy Mohr Speedway decided to write this helpful article for our customers in Indianapolis, Fishers, Carmel, and the surrounding Indiana communities. Keep reading to discover bad-credit auto loans!

 

The Takeaways

1. CHECK YOUR CREDIT SCORE
2. DETERMINE YOUR BUDGET
3. SHOP FOR AUTO LOANS
4. GET PRE-APPROVED
5. NEGOTIATING, COSIGNERS, ETC

 

STEP #1: CHECK YOUR CREDIT SCORE 

First thing’s first: you need to know exactly where you stand. We understand that checking your credit score can be daunting, especially if you know that you’re not going to like what you see.

Best of all, per the federal Fair Credit Reporting Act (FCRA), the three major nationwide credit reporting companies (Equifax, Experian, and TransUnion) are obligated to provide you with a 100% complimentary credit report once per year. We really encourage you to take advantage of these.

 

STEP #2: DETERMINE YOUR BUDGET

After you have a better sense of your credit score, but before you go looking around for actual loans, you need to figure out exactly how much you can afford to pay each month. This way, you won’t get yourself into a financial obligation that will merely worsen your existing bad-credit situation. 

 

STEP #3: SHOP FOR AUTO LOANS

Once you know how much you can afford to pay each period, it’s time to find a loan. We have two main suggestions on this matter: do all your shopping within a fourteen-day timeframe and find sympathetic financing departments. Regarding the first point, loan shopping during this window won’t further hurt your credit score; regarding the second, the Andy Mohr Speedway Chevrolet Finance Center can help.

 

STEP #4: GET PRE-APPROVED 

We’ve even created a simple financing application that can have you pre-approved in mere minutes.

 

TIPS AND TRICKS: NEGOTIATING, COSIGNERS, ETC.

Last, but certainly not least, we’ll cover a few of those astute veteran tricks that can really help you out.

Negotiating: Just because you’ve made mistakes in the past doesn’t mean that you need to settle for a poor deal in the present. You’re in the process of remaking your credit score, which means that you deserve to advocate for yourself. Try to get the lowest annual percentage rate (APR) possible. Ok?

Co-Signer: If you have a trusted, loving family member or friend who is willing to help you as you work towards rebuilding your credit, then by all means…take advantage of that. A co-signer is a major plus.

 

If you’re looking to finance your next car (even if you have less-than-perfect credit), then Andy Mohr Speedway Chevrolet is the perfect place to start. You’ll find plenty of helpful resources on our site:

• • Finance Application
• • Trade In Appraisal
• • Your Guide to Credit Repair
• • Payment Calculator
• • And more!

Just call us, reach out to us online, or stop our Finance Center today from Carmel, Fishers, or Indy!