Securing a Car Loan With Bad Credit

Just because you've filed for bankruptcy or made mistakes on your credit in the past doesn’t mean that you'll automatically be disqualified for a car loan. Here at Good Fellow's Auto Wholesalers, we work with many consumers who have less than perfect credit. Below, we have listed some tips to help you secure a bad credit auto loan.

Review Your Credit Report

Before you apply for any type of loan, it is important to review your credit report. Look for any mistakes, wrong addresses, or inaccurate charges. Any items on your credit report that are wrong should be updated. 

Condense Your Finances

Having a few lines of credit is important to improve your credit profile. However, excessive amounts can have the opposite effect. Idle store credit cards and lines of credit should be closed. The more streamlined your credit report looks, the better chance you have at landing an amenable loan.

Confirm Your Budget

Wanting a new car and being able to afford a new car are two different things. Take the time to sit down alone or with your partner to assess your current finances. Look at your income, current expenses, and then calculate how much you can put aside for monthly car payments. This will give you a realistic idea about how much you can borrow without the danger of defaulting. 

Choose Your Lender Wisely

Securing a bad credit car loan is a great way to boost your credit profile and give you the transportation that you need. However, it's important you work with a reliable lender who has your best interest at heart. 

Good Fellow's Auto Wholesalers is always here to help anytime you need help with any kind of auto financing from bad credit to new credit auto loans. For more information, give us a call at 1 (855) 581-9590 today to find out more about how we can get you on the road.