Bad Credit Car Loans Virgina

Before starting the process of getting to know your next car, you need to know your exact credit score. According to the FICO credit scoring system, any credit score below 580 is considered bad. A good thing to remember is that your credit score is calculated on how much you owe, the length of your credit history, and your payment history. If you don't make payments on time, consistently spend more than your monthly credit, or have a short credit history, these can all negatively impact your credit score. So if you have any outstanding payments, make sure to start paying on them, as that can improve your credit score. It's also essential to avoid any bad habits, such as spending more than you have, as that can also harm your credit score. 

For those with lower credit scores, making a down payment on your vehicle will increase your chances of getting approved for a new car loan. Be sure to set aside some extra cash every month for a down payment, as that will help you avoid higher interest rates caused by your credit score and lower your loan-to-vehicle ratio so you can qualify for better terms. Most experts will recommend a down payment of around twenty percent, but if that is too much, then just put down what you can afford. Our team will certainly work with you here at Pearson Chrysler Jeep Dodge Ram!

Before you get your next vehicle, be sure that you do as much research as possible so that you are not caught off guard when you need to negotiate. Before applying for your auto loan, know the monthly payment amount you can afford and what APRs are common among all the different auto lenders. If you have a bad credit score, you will be offered loans with higher rates. This is why you need to be prepared on several fronts long before you start the process of applying for an auto loan with less-than-perfect credit. Make sure to pay attention to your credit score and make sure that all the terms are finalized before any purchase goes through.

Here at Pearson Chrysler Jeep Dodge Ram, we realize that bad credit can happen to anyone, and with some special financing here at our dealership, you can be sure to find a car loan that suits all your needs. Our team will take a personalized approach to you and provide you with flexible terms that will certainly be workable. We will also use straightforward and direct language, and our conversations will be transparent, which our previous customers will surely tell you. Start the process today by filling out a finance application on our website, and one of our team members will reach out to you as soon as we can. We look forward to approving your loan and getting you behind the wheel of your Jeep, Dodge, or Ram vehicles as quickly as possible!