Is Bad Credit a Deal-Breaker for Car Financing?

Do you need a new vehicle but are concerned about your credit? Have you been searching for car dealerships that accept bad credit? Don’t worry, there are still options for you when you shop at Woodhouse Nissan Bellevue.

What Is the Best Credit Score to Buy a Car?

While it ranges, a good credit score is typically considered anything above a 670, with a score over 800 deemed exceptional. It’s usually recommended that you have a score of at least 600 for an auto loan. While that doesn’t mean that you are ruled out if your score is lower, it may affect your loan options.

How Does Credit Affect a Loan?

The biggest difference you’ll see in an auto loan with bad (or no) credit is the interest rate. While it isn’t a guarantee, you could see an interest rate under four percent with a good credit score and it rise over 15 percent with a poor score. This could end up adding thousands of dollars to your loan.

Keep in mind, bad credit can also affect your ability to even get a loan. Not all lenders are willing to work with a lessee with bad credit.

What Can I Do to Improve My Odds?

While you can shop with bad credit, there are ways that you can improve your odds of getting a loan and even one with competitive terms. The best way to improve your rates is to add a cosigner to your loan. If they have better credit, that can help you.

To help increase your odds of getting a loan, consider making a larger down payment, which gives you less to finance and helps illustrate your buying power.

Visit Our Financial Department for Credit Advice

We have a plethora of cars for sale in Bellevue, NE for buyers of all kinds, and a financial department ready to help you get behind the wheel. Come see us today!