Bad Credit Financing in Dartmouth NS
Financing a vehicle can be difficult in the best of situations and may appear impossible during the worst. Having bad credit can make getting a new or used vehicle an extremely challenging ordeal, adding additional stress to an already stressful situation. Thankfully, we at Fairley & Stevens Ford are here to help you take the stress out of the equation! We have several great tips that someone with bad credit can employ to ease the buying process! Continue reading to learn more.
1. Select a Vehicle Well Within Budget
An important step to any purchase, not just a vehicle one, is to determine a budget that’s realistic and then stick to it. You want to make sure you can afford your purchase without issue and that you’re not going to fall behind and damage your credit while you’re trying to improve it. Make sure you factor the initial costs of purchasing a vehicle as well. These costs include the sales tax, title and registration fees, as well as other expenses.
2. Large Down Payment or Trade-in Vehicle
You should also make sure you’re making a large down payment or bringing in a vehicle to trade. This can help you offset initial costs and make your interest rates, and payments, more manageable. Not only that, but loan providers like to see that you’re willing to invest in the purchase and will feel more secure in lending to you. A down payment of at least 10 percent of the loan value can go a long way in making your purchase an easier one.
3. Compile a List of Lenders
Our final tip for you is that you don’t just rely on the dealership’s lender. The dealership will have a variety of credit providers that they work with and while they might offer good deals, we encourage you to also look elsewhere. This includes banks and credit unions in your area. You should compile a list and check what kind of terms each is willing to offer then compare and find the best one available.
To learn more about financing your next vehicle, or to see what vehicles we currently have available for you, contact our agents today! We’re more than willing to help you with any questions you might have.