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

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At Millennium Chevrolet, we’re often asked, “Can I get a car loan with bad credit?” Yes, you can! Our finance experts are here to guide you through the process and help you learn more about how to get a car loan with bad credit. Read on to learn more about how to get a bad credit car loan from our friendly finance team

Bad Credit Car Loans & How to Get One 

If your credit needs work, then you’re probably wondering how you can get a car. The finance team at Millennium Chevrolet is committed to making it as easy as possible for Hicksville drivers to secure bad credit car loans. Simply apply for financing online to get started. Once you’ve been pre-approved, our team will work with you to get you a loan with terms and rates that make sense for you. 

Get a Bad Credit Car Loan: Step-by-Step Guide 

If you’re thinking about taking out a bad credit car loan, there are some things you’ll want to do beforehand to make sure you’re making the best possible choice: 

  • Decide how much you can afford to pay. This amount should include more than just how much you intend to borrow. Factor in other costs like annual registration fees, car insurance, repair costs, and fuel costs. 
  • Make a large down payment if you can. Putting alarger down payment on your loan will help lenders to see that you’re serious about repayment. What’s more, a larger down payment equates to a smaller loan balance to pay off, resulting in less interest paid over the loan term. 
  • Boost your credit score as much as possible before applying for a loan. Check your credit report; resolve any errors and try to repay any debts that are past due or have fallen into collections. This will help boost your score. If possible, you don’t want any black marks on your credit report. 
  • Be honest about your budget. Make your main goal to finance a car with reasonably affordable monthly payments. Cross any cars off your list that don’t fit your budget. 
  • Shop around with lenders. You don’t have to settle for the first approval you receive. Apply with different lenders and compare the rates they offer. 

How to Get a Car Loan with Bad Credit: Improve Your Credit Score

Again, if your credit needs work, taking out a car loan can actually help increase your score. This is assuming you make your payments on time and in full. You’ll only do further damage to your score if you don’t make your payments by the agreed-upon date. Boosting your credit score can improve your future chances of getting approved for lower interest rates on loans and credit cards. 

Finance a Car With Bad Credit Near Hicksville Today!

If you have more questions about how to get a car with bad credit, the team at Millennium Chevrolet can help. Contact us online or call us at 833-898-0018 to speak with one of our friendly experts. For now, browse our online shopping tools, such as our trade-in value estimator and car payment calculator. Start planning your purchase today! 

 

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Main 833-898-0018 Sales 833-898-0018
220 N Franklin St
Hempstead, NY 11550
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Millennium Chevrolet 40.71365, -73.62896.