When you have bad credit, securing a loan for a new vehicle might seem impossible. But with the help of the experienced financing specialists at Balise Hyundai Fairfield, you can get behind the wheel of the vehicle you need. Even though a fair portion of Americans suffer from bad credit, most are still able to get approved for loans by with professional guidance and the right kind of loan. We’ve compiled a list of frequently asked questions (FAQs) below to help get you on the right track.
Will I be able to buy a car if my credit score is low?
If your score is in the “poor” range, getting approved will be a challenge, but it certainly won’t be impossible. If you can put off buying a car for a few months, you can use that time to work on improving your credit score. Start by paying off credit cards, any other outstanding bills, and making sure your credit reports are accurate. If you need a car right away and don’t have time to improve your credit, there are a couple of options which we’ll get into later on this page.
How can I view my credit report?
Just go online and look for the three nationwide credit reporting companies: Equifax, Experian, and TransUnion. Through each of them, you can get a free copy of your credit report every calendar year.
I hear the word FICO a lot. What does that mean?
FICO is an abbreviation for Fair Isaac Corporation; this is the company that developed the most commonly used method for determining and categorizing credit scores universally. Your FICO score is simply the three-digit number mentioned above that ranges from 300 to 850. You may also see your Equifax credit score, which will fall between 280 and 850. These scores provide a fair way for lenders determine how likely you are to repay your loan.
If I notice an inaccuracy on my credit report, what should I do?
You’ll need to contact that creditor directly to fix the error. Make sure you have proof that you’ve paid the debt in question. Inaccuracies gone unnoticed or uncorrected can have a negative impact on your credit.
What does it mean to default on a loan?
Defaulting is when a borrower fails to pay back the debt that was agreed upon. Any missed payment will damage your credit score and make it harder for you to get financing in the future.
Can a cosigner help me get a loan?
If you cosign on a loan with someone who has a good credit score, it will be much easier for you to get approved. Keep in mind that not everyone is willing to cosign because it puts them into a legally binding contract where they must make the payments if you fail to. Anyone who agrees to cosign will be putting a great deal of trust in you to faithfully make those payments.
How can I make sure to keep up with payments once I’m approved?
The best way to keep track of your expenses is to budget as it shows you how your money is being spent for the month. It’s also a great idea to set up automatic withdrawal of your car payment so that you’ll never forget to pay it (some lenders will actually require this under the terms of the loan).
Balise Hyundai of Fairfield is happy to offer bad credit car loans! So if you have bad credit, or even no credit, Balise Hyundai will help you get a loan for a brand new car. Our finance department offers multiple financial solutions so you can find a plan that works for you and your budget. Whether you want to lease a new Hyundai Santa Fe or finance a pre-owned Santa Fe, Balise Hyundai has a car for everyone.
Balise Hyundai of Fairfield offers bad credit car loans because we think all of our customers deserve to drive a safe, reliable, and affordable vehicle. We’re proud to help people from all over the Fairfield area, including cities and towns like Stamford, New Haven, Bridgeport, Norwalk, and Milford.
Don’t have any credit? Don’t worry about it! We’re happy to work with first-time buyers. Plus, buying or leasing a new car can actually help improve your credit.
What are you waiting for? Come into Balise Hyundai of Fairfield today and get answers to all of your auto questions…and a bad credit car loan!
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