Bad Credit Car Loan Larchmont NY
Get Financing for your Alfa Romeo at Alfa Romeo of Larchmont
It can be difficult but not impossible if you need a car loan with bad credit! For those with a low credit score, you need to go over all your options but know that the borrowing costs from a dealership like us here at Alfa Romeo of Larchmont will be much lower than a bank, credit union, or online lender. Below we have provided you with some tips that will assist you in getting a bad credit car loan and keep in mind that our finance team will always be at your disposal. Once you are done reading, check out our spectacular inventory of used vehicles here at Alfa Romeo of Larchmont!
Know Your Credit Score
Before you apply for a new car loan, drivers should know their credit score. Knowing your score will give you an idea of how lenders will view you as a possible suitor. Borrowers can obtain a free copy of their credit report from the major credit bureaus by contacting Equifax, Experian, and Trans Union and asking them for a copy. Remember that a score below 580 is considered bad, and you should know that your credit score is calculated on how much you owe, the length of your credit history, and your payment history. Not making timely payments will affect your credit score, and outstanding payments must be handled before applying for a car loan. You might also want a co-signer with a higher credit score when you apply for a car loan, as it can increase your chances of getting approved for a car loan, and you might even get a better rate!
Save Up for a Down Payment
A larger down payment can offset your bad credit and improve your chances of getting approved for a car loan. It also reduces the amount you need to borrow, which can result in lower monthly payments. You may consider doing several things to save money, such as cutting cable or eating out less; the more money you have, the better vehicle you can get. Most experts will recommend that your down payment should be twenty percent of the total price of the vehicle, but if that is too much, put down as much as you can. Our team here at Alfa Romeo of Larchmont is more than happy to work with you!
Get a Secured Loan
Consider a secured loan if you are having difficulty getting approved for an unsecured car loan. With a secured loan, you pledge collateral, such as your car or savings account, which can increase your chances of getting approved. You will have to make your payments on time if you decide to go this route, as it can have disastrous consequences if you don't. Another thing that you need to be aware of is that bad credit borrowers may be offered a higher interest rate than someone with good credit. You need to be prepared for this and understand that a higher interest rate means you might have to pay more in interest. Though here at Alfa Romeo of Larchmont, we will be able to work with you as much as possible!
Make Payments on Time
Once you have been approved for a bad credit car loan, make timely payments. This can help improve your credit score over time, making it easier to obtain credit in the future. In addition, if you have any outstanding payments in other areas, be sure to contact your creditors and work out a payment plan for your outstanding debt. This will also increase your credit score and allow you to get a better vehicle. Here at Alfa Romeo of Larchmont, we have a wide selection of high-quality pre-owned Alfa Romeo vehicles, so no matter your credit score, you will always be getting something that will last you for years to come!
Check out our Pre-Owned Alfa Romeo Inventory at Alfa Romeo of Larchmont
If you are looking for the perfect pre-owned Alfa Romeo with no-so-perfect credit, head down to Alfa Romeo of Larchmont and check out our extensive inventory! You will find terrific vehicles at our dealership, such as the 2019 Giulia Ti Sport and 2019 Stelvio! Head down to our dealership today to set up a test drive with our outstanding sales team members, who can even accompany you on the test drive so you get the full feel of your Alfa Romeo vehicle! If you fall in love with your used Alfa Romeo, then be sure to check out our finance center, where we will work with you toward a great loan that will fit your budget. You can also view our complete used Alfa Romeo inventory here on our website!
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