Bad Credit Car Loans in Warwick, RI
How do I know if my credit score is bad?
Credit scores are arranged on a numerical scale ranging from 300 to 850. A score in the 300 – 579 range is considered poor, with the other categories being fair, good, very good, and excellent.
Where can I get a copy of my credit report?
You can (and should) get a copy of your credit report from the three nationwide credit reporting companies: Equifax, Experian, and TransUnion. Through any of these institutions, you’re entitled to a free credit report every 12 months. It’s your responsibility to check your credit reports for accuracy and correct any errors that you find.
There’s an inaccuracy in my credit report. What should I do?
Gather your proof that you’ve settled the debt and then call the creditor to state your case. Situations like this that aren’t resolved will negatively affect your credit score, so be diligent.
If my credit is poor, can I still be approved for a car loan?
You can, but you’ll have an easier time if you improve your credit first. Start by paying off as much of your existing debt (credit cards and outstanding bills) as possible. If you don’t have time to work on improving your credit because you need a car right away, you can ask a trusted relative or friend with good credit to cosign for you.
How does cosigning work?
Cosigning simply means that another person (with a better credit history than yours) is going into the financing contract with you. Involving a person who’s proven to be more responsible with debt increases your odds of being approved at a lower interest rate. There is a catch, though: not everyone likes to be a cosigner because it puts them at risk and makes them responsible for any payments you default on. That means you should be prepared to take no for an answer.
What will happen to my credit if I miss a payment?
Experian states that your payments account for 35% of your credit score, meaning that even a single missed payment will cause your score to dip. That said, if you make payments consistently and on time, you’ll see your credit score steadily rise.
Having bad credit might seem like the end of the world, but at Balise Toyota of Warwick, we’re here to show you that it doesn’t have to leave you feeling so defeated. Sometimes we need that hard reality check, and when we finally come to terms with our financial situation, that’s the perfect time to step up and take action. So, if you’ve been looking for a way to rebuild your credit but don’t know where to begin, then we suggest that you meet with one of our expert financial advisors.
With their assistance, they can help secure you an auto loan with an interest rate you can manage. That way, with consistent payments on your loan, you’ll begin to see your credit rise to an appropriate level. Are you ready to have great credit? Then schedule an appointment with our financial advisors today!
Frequent Causes of Bad Credit
Bad credit can result from a number of situations, but here at Balise Toyota of Warwick, we see some more often than others. Check out the list below to learn about a few of the most frequent causes of bad credit we see from our Rhode Island shoppers.
Sure, missing a loan payment once or twice isn’t the end of the world; however, when payments are neglected repeatedly, this is when the problem can bubble up and ruin your credit. If you’re worried about your credit score and are looking for a way to get it back up, we’re here to help.
There are many people in the Warwick area of have lost their homes to foreclosure. In order to help those who are looking to improve their credit after such a massive blow, we promise to go the extra mile to find them an auto loan that’s feasible.
Going through a divorce can be devastating in so many ways, and unfortunately, even your credit score can take a hit. Since divorce can burden you financially, it’s best to take immediate action to remedy your situation so you can get back on your feet more swiftly. A great first step in doing this is locking down on an auto loan, and our financial advisors are here to help you do this.
At Balise Toyota of Warwick, we understand that everyone needs to start somewhere. With that said, if you’re a first-time car buyer with no credit, then let our well-trained financial advisors help you secure your first auto loan.
Filing for bankruptcy can provide you with a financial fresh start, but it can also leave you with terrible credit. If you’re ready to build it back, then there’s no better (or faster) way than with an auto loan.