Can You Finance a Car with No Credit?

Whether you’re looking for a new or certified pre-owned vehicle, you might be debating about financing a car with bad credit. If your credit isn’t great, bad credit car finance options can get you behind the wheel of your next Myrtle Beach ride.

At Hadwin-White Subaru, our team is here to help you understand what financing a car with no credit involves. In the following piece, we’ll explore the steps you should take when it comes to undertaking one of our bad credit car finance options. For more information, call us at 843-347-4633 or reach out online!

Tips For Financing a Car With No or Bad Credit

When financing a car with no credit, remember that your down payment will be larger than average and you will have higher interest rates. Remember to have a good understanding of your budget and follow these tips:

Don’t Assume You Won’t Be Approved 

If you’re financing a car with bad credit, you might think there’s only one specific financing option available. That’s not always true, so we recommend that Charleston buyers ask many questions to find the best option for your budget.

Improve Your Credit Score if Possible 

For those considering bad credit car finance options, it’s a good idea to try and improve your credit score with any of your current accounts or future accounts. It’s best to work out a payment plan for any outstanding debts. Paying these items off over time will improve your overall score. Consistently making payments for around two years can lead to larger improvements.

Apply For Loans: The Smart Way 

When you apply for any bad credit car finance plans, your credit score will take a hit. Keep your loan applications to 14 days to limit potential credit score damage. Hard auto loan checks generally fall over after two years or so.

Don’t Accept Just Any Offer

Remember, your first offer isn’t the only one to choose. You don’t have to accept the first option you’re given just because your credit needs work. Columbia area dealerships go through multiple lenders, so if you believe there’s a good chance you could get a better offer, try for it.

Be Prepared For Higher Costs 

Remember that financing a car with bad credit can seem complicated. You might have higher interest rates, a larger down payment, or both if you have bad credit or no credit. Keep all of this in mind as you’re going through the process.

Learn About Bad Credit Car Finance Options at %%di_name%

If you’re planning on financing a car with no credit, turn to the finance team at Hadwin-White Subaru. We can help sort through your available options to find what works best.

You can start the process by applying for financing in our secure online portal. Explore all your car financing options near Myrtle Beach with Hadwin-White Subaru today!