12-27-20

How to Get an Auto Car Loan with Bad Credit | Charlie Clark Nissan Brownsville Blog

Let’s face it—bad credit happens. Due to often unforeseen circumstances in life, our credit can take a big hit even at no fault of our own. When someone who has access to your credit makes a mistake, you should not be the one who suffers.

Whether it comes from a bad breakup, unexpected loss of a job, or naïve consumer habits when you were younger, bad credit does not have to control you. When it comes to purchasing a new vehicle, there are ways to secure a loan to put you in the ride of your choice even when your credit is less than stellar.

Timing Is Everything

When it comes to getting an auto loan with bad credit, the timing of the loan can make all the difference. Through some easy and simple steps, any consumer can increase his or her credit score. Raising it to a level that avoids high interest rates, however, does take time.

There are ways to secure a car loan in less time, but this often means paying a much higher rate in order to offset the liability a lender takes on in securing the loan. Therefore, counting the costs before signing on the bottom line is critical to setting yourself up for financial success.

Know Your Score Before You Shop

Knowing the number of your credit score before you begin shopping will help you understand what to expect so that you are not caught off guard when the numbers come back. If you have a subprime credit score—typically between 500 and 600–then the rate on your loan can wind up being as high as 11% or more for a brand-new car and nearly 18% on a used vehicle.

These interest rates are dramatically higher than those on a loan involving lower credit scores. The average rate is closer to 5% for a new vehicle currently. Knowing how to shop for your loan and for your next vehicle, however, can make a big difference in the rate you receive.

Review Your Records

Looking over your credit history may reveal some mistakes that have led to a lower score than what is warranted. Disputing errors on your record is a fairly easy process and well worth the effort if it proves effective in raising your score. Fixing mistakes on your credit history is generally the quickest way to raise your number.

There are multiple websites where you can request a copy of your credit report, but make sure they are credible before submitting your personal information. Credit Karma is one such reputable checker and it will ping both Equifax and TransUnion consumer credit reporting agencies. Experian is the other of the big three. You can also go to each credit reporting agency’s website directly to report a free copy of your credit report periodically.

Along with taking time to build your credit score, saving up some cash for a down payment will also go a long way in lowering your monthly payment and make owning a new vehicle affordable for you. Not only does a larger down payment help you qualify for a loan, but it means paying less interest overall due to the smaller amount of money you are borrowing.

Convincing a family member or close friend to co-sign your loan can also make owning a new car possible even with bad credit. Depending on the credit score of your co-signer, your rate could be much lower over the life of the loan and allow you to put more of your money toward the principal cost.

Whatever your credit score, a large dealership like Charlie Clark Nissan Brownsville has the tools, knowledge, and connections to help you secure a car loan. Thanks to partnerships with a large variety of lenders, Charlie Clark Nissan Brownsville has options for putting you in a new or used vehicle today. Call our financing team at (956) 214-2500 or come by Charlie Clark Nissan Brownsville to learn more about affordable financing options even with a low credit score.

 

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What Are the Differences Between Buying and Leasing a New Nissan Vehicle?

Are you thinking about getting a new Nissan vehicle? If so, then you might be interested in either buying a new Nissan by financing the purchase or just leasing a new Nissan for a few years and moving on to another vehicle.
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07-16-20

Charlie Clark Nissan makes it easy to apply for a new car loan in Brownsville, TX

Shopping for a new car can be a daunting and time-consuming task, even for the savvy and knowledgeable shopper. Once you’ve made the decision to buy a new car, there are many steps that follow. You’ll want to perform all the necessary steps so you can make sure that you get the vehicle you want and one that also fits your budget. The first step to buying a new car in Brownsville, TX is to apply for a car loan. Once you’ve been approved for a new car loan, you’ll know how much you can afford to spend on your new car, crossover, truck or SUV. The next couple of steps you want to take after applying for a new car loan is to start shopping and doing the research that is necessary to choose the right vehicle for your driving needs. 
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06-17-19

Get a used car loan in Brownsville, TX at Charlie Clark Nissan

If you want to get a used car that can give you the reliability you need on the road and one that also fits your budget, you’ve come to the right place.
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04-22-19

Drivers find a low-interest car loan in Brownsville, TX at Charlie Clark Nissan

Shopping for a new or used car can have many challenges. Besides trying to figure out which automotive segment would best fit your driving needs, knowing how much you can afford to spend can be a difficult decision. It can also be tough to find a place that will give you a low-interest car loan. If you want a new or used car and need help finding one, including a low-interest car loan in Brownsville, TX to help buy it, Charlie Clark Nissan is the dealership you’ll want to visit. At Charlie Clarke Nissan, we have a large inventory of new and used cars that can provide you with all the qualities you’re looking for in a vehicle. From sedans, coupes and pickup trucks to crossovers and SUVs, we have it all and at a price you can afford. To help you get behind the wheel of the vehicle you’ve always wanted, we also offer low-interest car loans in Brownsville, TX that help you purchase your vehicle and save money on monthly payments. 
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