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When buying a car from bad credit car dealerships, there are certain things that you need to keep in mind to help make car payments manageable.
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June 8, 2017 Bad Credit Car Dealerships Have A Lot To Offer You: Just Keep These Tips In Mind In today's automotive industry, having bad credit does not mean the end of the world, especially when it comes to buying a car. That's because nowadays, there are a number of bad credit car dealerships that readily offer loans for car buyers with lower credit scores than most. That means, even when your score happens to be below 629, you would still be able to drive away with the car of your dreams. There are a number of reasons why you may be dealing with a bad credit score for the moment. For starters, it could be due to your history of making late payments over the years. Some people, on the other hand, may have been a recent victim of identity theft. Or, simply, you do not possess enough years of credit on your history yet. In any case, with bad credit car dealerships, car ownership is still possible. Page | 1
Note though, that when your bad credit score is actually reflective of your problems in making payments in the past, you need to be more careful in selecting your car. To help you with this, here are some tips: Consider A Used Car A used car is always cheaper than a brand new one. Not to mention, it also means you don't end up paying large tax fees levied on brand new units. Better yet, used cars also have a lot less charges when it comes to registration fees and insurance costs. Getting a used car also means you end up with a unit that would not depreciate as much over time. That's because when a car enters its second year, its rate of depreciation dramatically falls until it reaches its fifth year. In contrast, a brand new car tends to lose 20 percent of its value the moment it leaves the dealership. Moreover, that value further slips down by 10 percent during the car's first year alone. Because of this, a used car is actually the better investment for you, especially when you are living on bad credit. Opt To Make A Bigger Down Payment Being able to make a bigger down payment means you will be facing a relatively smaller monthly bill to pay for the car. Not to mention, it would also help offset any taxes, interest rates and fees. This is a good idea if you have just received a bonus or promotion. Forget about the Extras for Now Prioritize just getting the car itself. After all, extras like leather seats and better entertainment systems can definitely cost a fortune. Forget about them first. You can always get them when your credit rating improves. Keep these things in mind when you go shopping for a car with a bad credit. Remember, it's all about managing your finances well so that you can handle paying for your new car without much financial difficulty. After all, when you show that you are able to make payments better this time, it would also reflect on your credit score. You might not realize it but this might just be the purchase that can help pull your credit score up. Page | 2
About McLoughlin Chevrolet: McLoughlin Chevrolet is one of the top bad credit car dealerships in the country today. We will work one on one with you to help you secure the car of your dreams. We also offer the latest Chevrolet models in our showroom. Sources: Bad credit car loans – 9 steps to getting a car loan with bad credit, bankrate.com How to Buy a Car With Bad Credit in 2017, credit.com 12 Tips for Buying a Car With Bad Credit, thebalance.com Page | 3
