Can I Get a Car Loan with Bad Credit?
From trying to get a reliable vehicle for your daily needs to being able to purchase a home, everyday Americans are feeling the drawbacks of having poor credit. Credit problems can arise due to various circumstances. It could be because you're a new resident of the U.S. beginning with no credit history or a recent graduate grappling with a substantial student loan. Perhaps you're a small business owner facing financial difficulties, or you simply can’t get that old missed phone bill off your back. Whatever the reason, having a poor credit history shouldn’t deter you from finding a suitable vehicle to get you where you need to be! Here at Rainbow Motor Sales, we believe that every one of our customers deserves the right to an affordable vehicle, no matter their financial situation. Let’s discuss a little bit more about financing and your credit as it relates to getting approved for a car loan.
Stress-Free Auto Financing
Having a low or non-existent credit score doesn’t mean all hope is lost! Rainbow Motors provides our customers in Coldwater, MI, with flexible car loans at the most affordable rates. While you might not be eligible for 0% financing or your dream car, our finance team will work diligently to find you the best rates available on a reliable vehicle that will get you where you need to be! With our finance-first approach to financing, we’ll take account of your credit history and your vehicle criteria, and match you with an array of quality vehicles you’re guaranteed to get. This way, you can avoid the unexpected letdown (and embarrassment) of being rejected by banks. We have long-standing relationships with a variety of lenders – so you can trust we’ll get you approved with rates and terms that align with your budget.
What Kind of Loan Can I Get?
The answer to this question varies depending on your financial situation, including current debts and credit score. If you score under 500, you may get approved for a loan but at slightly higher interest rates. If you’re in the mid-range of 600-700, you could get a more affordable rate but may have to pay more down. Other variables, like fluctuating income, can also influence a lender’s decision. Fortunately, our financing team specializes in working with individuals with all kinds of credit and can explain your options in detail and get you on the road as soon as possible!
It’s also worth mentioning that financing a new (or used) vehicle is a great way to build your credit, even if it has to be from the ground up! Whether you’re new to the world of credit or have been sitting in the red zone for some time, having affordable payments that you pay off regularly and on time can really make a difference in improving your credit score.
If you’re not sure where you currently stand with your credit, there are many free sites out there, like Credit Karma and Experian, that can give you a detailed breakdown as well as keep you up to date as you watch it grow.
Get Approved with Rainbow Motors
No credit? No worries! It’s time you knew that a bad credit history shouldn’t be the thing to hold you back from the freedom of purchasing your own vehicle! Apply for a bad credit auto loan at Rainbow Motor Sales in Coldwater, MI, today, and our team will work diligently to secure you a car at an affordable rate. We’ll also provide you with guidance on how you can start rebuilding your credit and improve your credit score.
