Bad Credit Car Loans

Jay North Auto Is A Car Dealership That Works With Bad Credit In Springfield Ohio.

We understand how tough it can be to get a decent car loan when you have bad credit or brand-new credit, but the good news is that we’re a car dealership that works with bad credit and will always go above and beyond to provide our clients with the guidance they need to secure a fair and affordable car loan. 

Although some bad credit dealerships get a bad rep, you can be rest assured that our team of car industry specialists will always put you and your car shopping needs first. You won’t have to worry about all the hassles and warning signs associated with bad credit car lots when you shop through Jay North Auto, and below we’ve developed a comprehensive guide into helping you buy a used car with bad credit. 

So here are 7 tips from our specialists that will help you properly address your bad credit while you’re browsing for a new car!

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1. Come Prepared And Know Your Credit Score 

The first thing you should always do as you’re shopping for a car with bad credit is obtaining an official credit report and begin considering how your report will look in the eyes of a lender. A good rule of thumb is to start monitoring your credit report about three months before you start really digging into your car search because this will help you when it comes to properly address any outstanding items. 

This of course isn’t always an option for everyone as their dream car suddenly comes on the market, but it simply goes a long way when you understand your credit score and can pay off some outstanding loans or credit card debts prior to obtaining your car loan. 

It’s important to understand that your credit score will have a direct impact on the interest rates you’ll be offered from lenders, but once you understand your credit score you’ll then have a good foundation for initiating your car shopping! 
Credit Score

2. Determining What You Can Afford

Shopping for used cars with bad credit can sometimes make it a little more difficult for the average car shopper to understand their budget in terms of monthly car payments, but it’s also important to simply keep your focus on the bigger picture.

Monthly payments won’t include everything that goes into a car purchasing budget, because you’ll also need to consider insurance and fuel costs. Insurance typically tends to be more expensive with bad credit, which is why we always recommend a used car if you’re on a tight monthly budget.

What’s important to keep in mind while you’re shopping through the inventory of a car dealership that works with bad credit is that bad credit can detrimentally affect your interest rates, which subsequently has an effect on the total costs of your monthly payments.

Our team will always help you when it comes to understanding how your credit score will affect your interest rate and monthly payments on particular cars, so we’ll always guide you towards vehicles that fall within any budgetary constraints you may have.

3. Organizing Your Financial Documents

It’s always important to have all your paperwork in order as you’re beginning the process of applying for a car loan, and many lenders will want to see 1099 or W-2 forms as proof of your income.

There are of course instances in which people work in a way that’s more difficult to prove income, so if you’re in this type of situation then it’ll be important to print out your bank statements that show proof of your weekly/monthly deposit history.

It’s also possible that a lender will want to see proof of your housing agreement (rental agreement/mortgage statement) to prove your address. Lenders typically want to know where people live because it provides proof of stability, so banks will highly consider how long you’ve lived at your current residence. But they also simply want to know where you live just in case the vehicle needs to be repossessed!

By simply having all of these financial documents when you come to our dealership, you can potentially get a response on your loan application within hours instead of days. It’s also important to note that you may need to provide personal references for lenders as well.
Financial Documents

4. Getting Your Auto Loan Pre-Approved

It’ll be important to seek out approval from more than one lender, which we’ll be happy to help you out with so you are sure to get the very best deal.

Your bad credit may hinder you in terms of only being able to obtain a high-interest rate, but we’ll be sure to pinpoint the auto loan rates that are best for you and your budget.

5. Choosing Your New Car

It’s important to keep in mind that loan lenders view cars differently, and they’re generally more likely to approve new cars with less mileage as compared to older vehicles with high mileage.

The financing equation that loan companies utilize will entail factors like:

• The car’s age
• The car’s history
• Mileage
• The buyer’s credit history/score

It’s important to always be flexible when you’re shopping for used cars with bad credit, and that your high APR may only be temporary as you’re rebuilding your credit.

It’s always possible to refinance your auto loan once you’ve got your credit score in a better position, and we’ll be sure to help you through every step of this process when you’re ready!

6. Making Your Down Payment

The sometimes hard truth for car shoppers with bad credit is that they’re likely going to need a down payment, and most banks will require a minimum of 10% down or $1,000.

It’s definitely possible to utilize a trade-in as your down payment, but there may be the possibility that a bank would prefer cash. Cash down payments will always go a long way in proving to lenders that you’re absolutely committed when it comes to maintaining the integrity of your auto loan.

It’s also important to note that the more you put into your down payment, the more likely you’ll be approved of a better interest rate.
Bad Credit Car Dealership

7. Closing The Deal By Applying For Your Loan

When you work with a bad credit car dealership like Jay North Auto, you can always have peace of mind that you’ll be working with experienced industry specialists that help car shoppers with bad credit. Our finance department has helped many different individuals and families when it comes to getting their next car through a subprime or deep subprime loan approval, and we’ll know which lenders to reach out to given your unique situation.

Knowing who to send a loan application to will always be a major part of getting shopper approval, and this is a big part of our expertise as a bad credit dealership.

Reach Out To The Jay North Auto Team To Learn More About How We Can Help You Buy Used Cards With Bad Credit!

Jay North Auto has helped countless people with bad credit get approved for car loans and consistently helps shoppers organize their next used car purchases, and we’ll be more than happy to support you as you go through this type of car shopping process.

So always feel free to reach out to us online or call us at 937-325-3748 to get in touch with our industry experts who can help you find your next vehicle while you’re experiencing bad credit!