Trying to get a car loan with bad credit can feel like an uphill battle. If you have tried to get financing from a traditional car dealership with no luck, you may wonder if it is even possible to get a bad credit car loan. The reality is that you will not be able to get a car loan at a traditional dealership with bad credit. But that does not mean you are out of options when it comes to getting financing for the vehicle you need.
Traditional Car Dealerships Focus on Credit Score and Credit History
When you go to purchase a vehicle at a traditional car dealership, your financing options are limited. The two main factors that they consider to determine if you qualify for a loan are credit history and credit score. They do not offer financing to anyone who does not fit within that narrow set of parameters. If you have a short credit history because you have not used credit for many things at this point in your life, then you will not qualify for a loan.
If you have a low credit score (for any reason), you will not qualify for a loan at a traditional car dealership. The fact of the matter is that financing at a traditional dealership is almost completely dependent upon what you did in the past. Even if you can show that your situation has changed, it will not make a difference unless that change has already been reflected on your credit score. If you have a short credit history and/or a low credit score, do not waste your time trying to get financing at a traditional dealership. You need to go somewhere that will consider your current situation instead of the past.
Buy Here Pay Here Car Dealerships Consider Your Current Situation
You can get a bad credit car loan when you purchase a vehicle from a buy here pay here car lot. The design of the buy here pay here dealership is to make financing available for people regardless of credit history or score. At Owings Auto, the qualifications for auto financing are proof of residence and a net income of at least $1,500 per month. Your ability to get a loan at a buy here pay here dealership like Owings Auto has nothing to do with your credit history or score. This design helps you get the car you need based on the details of how you are doing now instead of looking at your past.
It is possible to get a bad credit car loan when you know where to look. Financing at a traditional dealership will not happen if you have a short credit history and/or a low score. However, you can get a bad credit car loan and finally get the car you need by choosing a buy here pay here dealership. If you meet the basic qualification—proof of residence and $1,500 net monthly income—then you have what you need to qualify for financing with Owings Auto.