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How Can I Buy a Car with a Bad Credit Score?

Are you wondering, “Can I get a car with bad credit?” The answer is yes! At Capital Ford Lincoln, we help drivers from throughout the Regina area secure the financing they need to get behind the wheel of the new car, truck, or SUV they want. Learn more about how you can get car financing with poor credit, and then explore the great deals available in our new vehicle specials!


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How to Finance a Car with Bad Credit

It may seem more than a little daunting to consider buying a car when you have a less-than-stellar credit rating, but the finance team at Capital Ford Lincoln specializes in providing bad credit car loans. Even if you are a first-time buyer or have no credit at all, we’ll get you the best financing and interest rates possible. To start, you can use our convenient online payment calculator to determine what your monthly payments will be, and then apply for financing with us online to get pre-approved. Our finance specialists will work with you to create a payment plan that is the right fit with your budget.

What Steps Should I Take To Get a Car Loan with Bad Credit?

There are some things you can do ahead of time to make sure that you make the best financial decision when attempting to take out a bad credit car loan. Consider the following:

  1. Determine how much you can afford to pay per month based on your budget.
  2. Make a bigger down payment if possible. If you already own a car, trading it in can help cover the down payment.
  3. Try to improve your credit score before applying for a loan.
  4. Be reasonable about what kind of car you should buy. Don’t overreach.
 
buying a car with bad credit is possible at capital ford lincoln

How to Improve Your Credit Score

If you take out a car loan with bad credit and are able to consistently make your payments on time every month, it will actually help you to improve your credit profile and credit score. Some other things you can do to boost your credit score include:

  • Check Your Credit Reports: The first thing you should do is make sure that the information in your credit reports is updated and correct.
  • Assess Your Debts: Make a list of all of your debts so you can get a clear picture of what exactly you owe. 
  • Create a Payment Plan: Eliminating small balances on credit cards and working towards paying off large debts is an easy way to boost your credit score.
  • Open a Credit Card: A good way to establish credit is to open a credit card. Then pick one recurring monthly charge and have it paid with your card. As long as you make sure you set the money aside to pay the balance off when the bill arrives, your credit score will continue to improve. You will want to be careful when applying for new cards or loans. Whenever lenders do a hard inquiry of your credit, it can negatively impact your score for up to a year. 

Some drivers may ask, “Can I refinance my auto loan once my credit score improves?” The answer is yes. As you work to boost your credit score, you will be eligible for lower interest rates and will be able to lower your monthly payments if you decide to refinance. 

Alternative: Get a Cosigner

Another option when trying to get a car loan with bad credit is to arrange for a cosigner. This is a serious responsibility for the borrower, as the cosigner will be on the hook if the borrower defaults. As long as you make sure to manage the loan responsibly, having a qualified cosigner can make getting a loan and a good interest rate more possible for those with a bad credit score.

Let Capital Ford Lincoln Help You Finance a Car with Bad Credit 

Whether you have good credit, bad credit, or no credit at all, the finance team at Capital Ford Lincoln is here to make getting the loan or lease you want easy and hassle free. Check out our current offers, and please don’t hesitate to contact us if you have any questions. We want to put you behind the wheel of an exciting new Ford or Lincoln today!

Capital Ford Lincoln 50.4990096, -104.6390075.