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How to Get a Car With Bad Credit

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Bloomington drivers often ask the Suburban Chevrolet finance team how to get a car loan with bad credit. Well, we can help you figure out how to finance a car when you have bad credit, and doing so may actually improve your situation. Read our guide on how to get a car with bad credit, and then take advantage of our great deals by checking our new vehicle specials.

How to Get a Car Loan With Bad Credit

Getting a bad credit car loan is easier than it seems. At Suburban Chevrolet, our finance team can show you how to get a car loan with bad credit and make it as easy as possible. To get started, just apply for financing online and get pre-approved. Then, you can work with our finance experts directly to figure out a payment plan that works for your financial situation in Minnetonka.

What Steps Should I Take To Get a Bad Credit Car Loan?

Another part of how to get a car with bad credit is to ensure that your financial approach is as sound as possible. These are some things you should get together as soon as you can to keep you in a good place:

  • Determine how much you can afford to pay. This amount should encompass more than just how much you can afford to borrow. Think about other expenses like annual registration fees, car insurance, maintenance costs, and gas costs. 
  • Make a bigger down payment if possible. If your credit isn’t great, a larger down payment will help lenders to see you more favorably as a borrower. Additionally, a larger down payment means you’ll have a smaller loan balance to pay off, leading to less interest paid overall. 
  • Try to clean up your credit report before applying for a loan. If you catch any errors, you should absolutely dispute them because they could be dragging your credit score down. If you have any outstanding debts, start paying them down where possible – even making a small dent can help your credit score. 
    • Be honest about what kind of car you should buy. Your focus should be financing a car with an affordable payment (even if it’s not your dream car), and one that you can afford to take care of in the coming years. 
  • Shop around with lenders. Don’t assume that the first lender to approve you will be the only one. Apply with a handful of lenders so you can compare the rates of those who approve you. 

Bad Credit Car Loans Can Improve Your Credit Score

This isn’t necessarily obvious, but as long as you make your payments on time, taking out a car loan when you have bad credit can actually improve your credit score. Be sure to consistently make your payments on time every month to improve your credit profile and credit score. Down the line, you’ll have more lending power for lower interest loans and credit cards in Hopkins. You may even be able to refinance your car and improve your contract. 

Finance a Car with Bad Credit at Suburban Chevrolet!

Here at Suburban Chevrolet, we have your best interest in mind. The finance team at our Eden Prairie dealership is ready to help you. If you have questions about financing a car with bad credit, feel free to contact us with any questions, and by valuing your trade online, you’ll be able to get a great deal on your next vehicle.

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