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How to Get a Car Loan with Bad Credit

Car key & credit card on a signed contract
At Basil Resale Sheridan, we make it easy to get behind the wheel of a reliable vehicle even if your credit score is less than ideal. If you are wondering how to get a car loan with bad credit, our finance department has provided this helpful guide.

Financing a Car with Bad Credit

Securing a bad credit car loan at Basil Resale Sheridan is a stress-free experience. To begin the pre-approval process, simply complete our online application. We will work with you to find a payment plan that fits within your budget.

Automotive Financing Tips

  • Determine your budget before you shop. When determining what you can afford to borrow, you will also want to consider other associated expenses such as annual registration fees, car insurance, maintenance costs, and gas costs.
  • Make a bigger down payment if you can. If you have a low credit score but are able to make a larger down payment, it can help lenders to see you more favorably as a borrower. What’s more? A larger down payment helps to cut down your loan balance, leading to less interest paid over time.
  • Boost your credit score and check your credit history. If you notice any errors on your credit report, you can dispute them. These errors could unnecessarily be bringing down your credit score. If you have any outstanding debts, slowly working to pay them down can start to increase your credit score.
  • Be honest about the type of car you need. The car of your dreams may not be a smart investment. Select a dependable and affordable car, and keep future expenses in mind.

How to Improve Your Credit Score

Did you know that securing a car loan with bad credit and consistently making your payments on time every month can improve your credit score? When you do this, you will have more lending power in the future, whether that is for lower interest loans or credit cards.

Enjoy Hassle-Free Financing at Basil Resale Sheridan

Now that you know how to get a car loan with bad credit, the team at Basil Resale Sheridan would be more than happy to help you find a budget-friendly vehicle you can depend on for many years to come. Contact us today for more information, and be sure to take a look at our pre-owned vehicle specials for additional savings on a reliable, new-to-you vehicle. We would also be happy to discuss gap insurance options for additional peace of mind.

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