How Can I Get Car Financing with a Bad Credit Score?

Tiny car with coins and finance paperwork
 

If you’ve ever wondered how to get a car with bad credit in the Beaverton area, you’ve come to the right place! At Dick's Hillsboro Honda, our finance team can help you secure the vehicle of your dreams no matter what has happened in the past. Right now you may be thinking you can’t finance a vehicle if you have a poor credit score, but bad credit car loans are a thing and you could be driving away in a new ride sooner than you thought possible. While securing a loan with good credit is easier, there are plenty of options available if your credit score needs work. Our team has put together this helpful guide outlining everything you need to know about bad credit car loans below – check it out!

 

 

How to Get a Car Loan With Bad Credit: Five Methods

If you want to finance a vehicle in West Portland but you’re worried about your credit score, there are a few different methods you can take, as well as some key things to keep in mind:

  • Determine how much you can afford to pay. No matter what your credit score may be, the first step to financing a vehicle is to take charge of your financial situation. Don’t just factor in the starting price of the vehicle–also consider expenses like annual registration fees, maintenance, insurance, and gas costs.
  • Make a bigger down payment if possible. If you’re able to, making a larger down payment than requested will help lenders see you in a more favorable light as a borrower. A larger down payment also means you won’t have as much to pay each month, which leads to less interest paid overall.
  • Try to clean up your credit report before applying for a loan. Carefully go over your credit report before applying for a loan, and keep an eye out for any errors that could be accidentally dragging down your credit score. Additionally, see if you can pay off any outstanding debts–every little bit helps improve your credit score.
  • Be honest about what kind of car you should buy. You may not be able to afford your dream car yet, and that’s okay! It’s better that you find a vehicle that you can afford right now.
  • Shop around with lenders. If you get an offer from a lender and it’s not what you expected, don’t be afraid to apply to different lenders around West Portland and Tigard to see if you can get a better deal.

Improving Your Credit Score with a Car Loan

A lot of drivers don’t realize this since it sounds a bit counter-intuitive, but taking out bad credit car loans can actually improve your credit score! As long as you make your payments on time and in full each month, your credit profile and credit score will improve. This will give you more borrowing power down the road, which in turn means it’ll be easier to secure lower-interest loans and credit cards.

Finance Your Next Vehicle with Dick's Hillsboro Honda!

Thinking of securing a bad credit car loan at Dick's Hillsboro Honda, but you still need help with the down payment? You can actually value your trade online to see how much equity can be applied to your new vehicle. Here at Dick's Hillsboro Honda, we’re striving to become your trusted dealership and we offer a level of customer service that’s hard to find elsewhere. We care about each and every one of our customers and that means we’re doing all that we can to ensure you’re happy when you leave our dealership. Discover a few of our easy-to-use shopping tools to make your car-buying experience less stressful: 

Don’t let your credit score hold you back from getting the vehicle you need, contact us today to learn more about how to get a car with bad credit.

 

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