Blog

It is a common notion that it is almost impossible to buy a car with bad credit. It is now possible to purchase a car with that credit status, but it will take you a long process and do extra work. Your loan on your used car will likely be more expensive than it would be for buyers with higher credit scores.  If you have a low, bad, or no credit at all but wanted to buy a used car, Airport Auto Sales—Used Car Dealership in Woodbridge, VA can cover you. It is completely possible to find great deals when purchasing used cars even though many incentives, such as “no down payment” and loan terms will be based on your existing credit scores.

Bad Credit Financing for Used Car in Woodbridge VA

Used Car Dealerships and auto lending companies are industries build on trust. They generally trust borrowers with high credit rates to pay back their loans on time. Consequently, they don’t have as much confidence in borrowers equipped with bad credits; hence, they price the additional risks into loans by charging higher interest rates. Moreover, borrowers with bad credit rates will also find loan terms that are more restrictive than for buyers with high to prime credits.

Purchasing a car when you have poor credit may lead you to a better credit score. However, when you make mistakes and purchase a new or used car, it can be detrimental to your financial future. Airport Auto Sales—Used Car Dealership in Woodbridge, VA provides you a quick guide for you to understand your options on purchasing a used car when you have bad credit or no credit at all. This will also ensure that you will successfully navigate the car purchasing, financing, and ownership.

• Be aware of your credit rating. First, you need to understand that your credit score is determined by the Fair Isaac Corporation (FICO). The information gathered by the FICO is carefully deliberated and weighted to form the profile of your credit risk.  FICO scores range from 300 to 850, based on Investopedia. When your credit score reaches 579 and below, that constitutes that you have bad credit.

Before you begin planning for purchasing a used car, it is vital to know your credit status, not only knowing your budget and what features that you need when you purchase your next car.  When you know your credit scores will push you to make an informed decision about your limitations on what you can buy and how much it will cost.

• Find a used car that complements your needs and budget. When you have poor credit, you may opt to buy a used car or reset your expectations when purchasing your next vehicle. Your primary goal should be to find a used car that complements your needs but ensuring that it will be within your budget. You are now in a middle of a financial crisis, and you do not afford to dig it any deeper.

When you have poor credit and urgently need a used car, the ideal move for you is to find a vehicle that fits easily to your tight budget. You need to pay your financial obligations on time to improve your credit standing and for you to purchase a better car the next time around. When you overextend your budget, your used car purchase can bury you in massive debt, which can damage your credit to the point where it could be challenging on your part to qualify for a car loan in the future.

• Shop for the best car loan. It is integral to get a pre-approved loan in place before you get anywhere near a used car dealership. Your chosen dealer may be able to find you a financing package that is affordable to your budget. It is a preferred choice to buy a car and get financing at one location; however, it is a dangerous option if you have poor credit. There are plenty of places where you can get a car loan like large national banks, credit unions, community banks, online banks, ad finance companies, to name some. Some options are more affordable and financially safer than others.

How can we help from your bad credit financing for a used car in Woodbridge, VA?

No matter how awesome or fearsome your credit score is, Airport Auto Sales—Used Car Dealership in Woodbridge, VA has resources to get you into the right car for the right price that fits your budget.  If you have other queries on bad credit financing for a used car in Woodbridge, VA, don’t hesitate to raise them to us. We are more than willing to help you answer them.