Many buyers often visit our Chicago-area Volkswagen dealership and are faced with a common problem: their credit is shot. This requires that they find an auto dealership that is willing to issue bad credit car loans, but where are they to turn? Fortunately, Elgin Volkswagen does exactly that, and drivers around Chicagoland are taking notice. So, what should you know before you pay us a visit?
Getting a Bad Credit Car Loan | Elgin, IL
Make Sure Your Priorities and Expectations Line Up
The first goal for securing your bad credit car loan is to find reliable transportation, and to do so at a budget that works for everyone involved. For that reason, we often try to find a vehicle that is dependable, first and foremost, even if this means that it doesn’t have all the bells and whistles that some buyers would like.
Analyze Your Credit for Accuracy and Errors
When a buyer knows that his or her credit isn’t as high as they’d like, they’ll often choose leave it out of sight and out of mind. However, this can lead to willful ignorance of what a credit report shows. There might be errors on your report, and eliminating these errors can immediately boost your credit in ways that might help your interest rates or terms of purchase.
Read More: Comparing Used to Certified Pre-Owned Cars
Fix Any Items that Can Be Remedied in the Short Term
Your credit report is made up of items that affect how much a lender can trust you, both in good and bad ways. There might be small outstanding balances that can be paid and removed from your credit entirely, or larger items that can be brought up to speed relatively pain-free. In any case, helping these items along can improve your credit in almost no time.
Plan to Make a Down Payment if Possible
A down payment helps to show a prospective seller that you’re serious about making a purchase, and also returns the ball to your court from a negotiating standpoint. Even if your down payment is only a few hundred dollars, it might be the difference between making a purchase or not finding a vehicle at all.
Be as Forthcoming as Possible
The purchase of a vehicle is essentially an agreement between two parties, buyer and seller, with other interested parties tossed in for good measure. In this process, it’s important to be able to provide all of the necessary information that is asked of you, and that you are as organized, forthcoming and honest as possible.
You purchase of a vehicle with a bad credit car loan from Elgin Volkswagen might be just what the doctor ordered to get your financial future back on track. Click here to check out our used vehicle inventory, and click on the button below to get the financing process underway!