If you’re a first-time car buyer in Sarasota and wondering if financing a car with no credit is even possible, our answer is yes. Our financiers have access to national lenders and have the flexibility needed to offer bad credit car finance or no credit car finance. Whether you’re financing a car with bad credit or no credit, read on. Then, apply for financing and contact our finance department in Bradenton.
If you’re pursuing no credit car finance or bad credit car finance around Tampa, you can expect to put down a larger down payment. It’s also possible that you’ll pay higher interest rates. Here’s a few more things to consider:
Don’t Assume You Won’t Be Approved
When financiers look at your financial history, they consider you from many angles. They have many strategies to get you a loan, even if you don’t have much financial history in the first place.
Improve Your Credit Score
If you have bad credit, build it up by paying off outstanding debts. This may seem counterintuitive, but use your credit card more often to make small purchases and immediately pay them off, so you build a more positive credit history.
Apply for loans and performing credit checks and hurt your credit score. If you do shop around and apply for auto loans at various dealers to see what your options are, do so within the same 14-day period to minimize the impact to your credit score.
Don’t Accept Just Any Offer
You may receive several offers from several lenders. Use one quote as leverage to negotiate for a better rate from another lender to see if you can lower that bad or no credit interest rate.
Expect Higher Costs
You may receive higher interest rates, a larger down payment, or both if you have no credit or bad credit. Keep that in mind as you go through the process.
Now that you’re more familiar with steps of financing a car with bad credit or no credit in Palmetto, reach out to Cox Chevrolet for help. If you have any questions, or you’re ready to explore your bad credit car finance options, call us at (941) 251-0310. Have more questions about the car buying process? Don’t forget to explore our car buying tips for information about how car financing works and more!