Can You Finance a Car with No Credit?

Does your credit need work, but you need a new car for Ballantyne drives? Or, maybe you’re a first-time car buyer with no credit? The good news is that you still have options! It may be a bit more difficult to finance but it is possible to finance if you have no credit or bad credit. Learn more about bad credit car finance with us at South Charlotte Chevrolet before coming in to talk to our finance department for a loan of your own.

Tips for Financing with Bad or Even No Credit

When you’re financing a car with bad credit, you’ll have to keep in mind that the down payment may be more than the average and the interest rates may be higher. So be sure to go in with a budget plan in place in order to allow for wiggle room. And keep these tips in mind:

Don’t Assume You Won’t Be Approved

You might be convinced that a certain financing option is the only one available to you because your credit needs work. That’s not always the case. Ask questions and see if there are other options that would benefit you more.

Improve Your Credit Score if Possible

If you have bad credit, build it up if you can. Work out a payment plan and start paying off any outstanding debts. You can also use your credit card on small things and immediately pay it off. This will have your score up in no time.

Apply for Loans the Smart Way

When applying for financing, your credit score can take a hit. Keep all of your loan applications within a 14-day period to limit the potential damage to your score.

Don’t Accept Just Any Offer

The first offer isn’t the only one. You don’t have to accept the first offer you’re given just because your credit needs work. Many dealerships go through multiple lenders, so if you think there’s a good chance you could get a better offer, try for it.

Be Prepared for Higher Costs

You may receive higher interest rates, a larger down payment, or both if you have no credit or bad credit. Keep that in mind as you go through the process.

Apply for an Auto Loan at South Charlotte Chevrolet

Our South Charlotte Chevrolet finance center team in Charlotte is happy to work with all of your Ballantyne and Fort Mill drivers, no matter their credit status. Contact us today to learn how to finance a vehicle today with bad credit or no credit or start the process at home by filling out our apply for financing form.