Myths About Bad Credit

One of the myths about LI bad credit is that you cannot obtain a car loan. This is absolutely not true. Here’s some tips to help you on your journey to a new car.

Though it may be a challenge, it is not impossible to obtain a car loan with NY bad credit. Over 25 percent of Americans have bad credit, but thousands still obtain loans. In general, a score lower than 620 will not afford you the most attractive offers. But, with realistic expectations, you will find a lender willing to grant you a car loan. With a low credit score, be prepared for a lower-priced vehicle, higher interest rates, and a larger down payment.

Another way to help set expectations is to consider buying a used car and getting a pre-approved loan before you for shopping. Some of the best places to look for car loans with bad credit are sub-prime lenders which specialize in bad credit loans, dealerships that specialize in selling used vehicles to those with bad credit, credit unions which take into account more than just your credit history when deciding if and how much to give, and cosigners who have better scores. Though you may not be offered the best rates and deals on loans, once you do get your score up, you can refinance your car loan for lower interest rates.

The Credit Center of Suffolk will not let your credit history hold you back from obtaining a loan for a new car. Like credit unions, we look at more than just numbers. If you have no time to come in, you can visit us online and fill out a quick and simple application. We’ll call you within an hour with our decision. There are no fees and no obligations. So, what are you waiting for? Get another step closer to driving away in the car of your dreams. Feel free to contact us for more information about Shirley bad credit loans.