Are you someone in Bedford who has had credit problems in the past, and your credit score has suffered? If so, you're among a large population of consumers throughout Cleveland and nationwide. You may believe that being approved for a loan to buy a car is simply out of the question. However, a setback is merely an opportunity for a comeback to emerge empowered. Nowadays, bad credit is an obstacle that you can overcome with the right resources and the right lender. And Ganley Chrysler Dodge Jeep Ram near Cuyahoga Falls may be able to help you with our array of bad credit car loans.

Down Payment Options

A bad credit score ranges from 500 and 600. In most cases, that means you're not going to qualify for prime rates. However, some lenders specialize in bad credit auto loans and may approve a borrower with a subprime rate. Are you aware of your credit score? If it's within the above range, you may be able to qualify with a larger than usual down payment. Typically, a down payment on a new car should be 20 percent and 10 percent on a used car. The more you can put down above those percentages, the better chances you have of being approved.

Income and Employment

Lenders consider your length of employment and residence in Solon. Are you someone who has employment longevity? Do you own a home in Brunswick? While bad credit will impact the lender's decision to approve you, having consistent employment and residence may offset that impact. Another factor is your income. Even someone in Chagrin Falls with perfect credit will have difficulty being approved with low income or having too many credit obligations. The best-case scenario is a debt-to-income ratio higher than the standard guidelines when you have bad credit. If all else fails, consider a co-signer.

To find out more about financing a new or used car with bad credit, contact us. All credit applications are accepted.

Categories: Finance