Dallas, TX – Having poor or no credit doesn’t mean that you won’t be able to obtain an auto loan. Here are a few tips to help you obtain an auto loan without breaking the bank.
Don’t automatically assume that you’ll be turned down for a car loan just because you have bad or zero credit. Every lender has different criteria for extending credit. Other factors, besides a credit score, may be considered by the lender including your salary and employment history.
It may be easier to obtain a loan from an institution you have an established history with. Try to obtain a loan at your bank or credit union first. Find out if your employer offers car financing. You may also consider other national banks, online lenders and regional banks.
Focus on obtaining a loan with a low APR instead of on the monthly payment; a lower interest rate loan will save you money on the long run. A long term loan may accrue higher interest over time and may be an indication that you can’t afford the vehicle.
Read the contract carefully and watch out for add-ons during the sales process which may include additional insurance or extended warranties. These can drive the vehicle’s total cost up.
Contact us if you are interested in obtaining a bad credit car loan in Dallas, TX.