Purchasing a vehicle if you have bad credit or no credit can
be a stressful situation. At Emich Volkswagen in Denver, our finance experts are eager to help you
secure financing that will help you build or re-build credit. There are several steps you can take to help
in the vehicle finance process.
First, know your credit score. You can access that information for a variety
of sources. This
will help you to understand the potential impact on your ability to finance
which might include a more expensive interest rate or lack of ability to
purchase a pricey vehicle. Depending on
your credit score, you might be looking at higher interest rates reserved for non-prime,
subprime, and deep subprime borrowers. This
information will be helpful for you to choose the price range of vehicle to
shop for.
Review your budget to determine how much payment you can
comfortably afford. Remember to factor
in expenses such as insurance, maintenance, licensing fees, and fuel
costs. This will help you compile a
complete picture of the potential expenses related to the vehicle
purchase. Sticking to a comfortable
payment might mean forgoing features you can do without, but it will be worth
it when you can make payments without a struggle.
If possible, save aside some money for a down payment. With bad or new credit customers, a bank
might like to have this down payment as a type of commitment from the
consumer. If you have a vehicle with
equity to trade in, this might take the place of a cash down payment in many
instances.
Before heading to the dealership, you can get pre-approved on our website. That means you will have
a strong idea of your ability to make a vehicle purchase when you reach the
dealership. Also, make sure to gather
together any pertinent financial documents you might need when you meet with
our finance experts. If you have any
questions regarding what to bring with, give us a call and let us help you figure
that out.
When you get to the dealership, have a realistic expectation
regarding the vehicle you can afford to purchase. Perhaps looking at a gently used vehicle will
allow you to afford more features within your desired payment. Let our helpful sales staff know what factors
are most important in your vehicle purchase.
Do you need room to carry a large family or lots of cargo? Do you have a long commute that necessitates fuel
efficiency above all else? Is there one
luxury feature you just can’t do without?
Let us help you find the best vehicle option for you at a price that
fits into your budget.
Purchasing a vehicle can be helpful in building and
re-building credit. So, after you drive home
in your new or new-to-you vehicle, make sure to pay your monthly payment promptly. Keep on track with your finances and you will
be a prime borrower before you know it!
No comments:
Post a Comment