How to Buy a Ford Vehicle With Poor Credit

Your credit report can affect your ability to purchase a new car around La Mesa, especially if you have poor credit. Having poor credit can make getting a car loan with better terms more difficult to obtain, even if you have a great job with a good income. A lender sees a poor credit score as a sign that you are likely to default on your car loan. The last thing they want to do is to repossess your car. The good thing is that it is not impossible to get a car loan with a poor credit score.

The Steps to Improving Your Chances With Poor Credit

At our dealership, we work with La Mesa drivers with poor credit often. Here are a few things you can do to improve your chances of getting a car loan with good terms when you have poor credit:

  1. Improve Your Credit: Check your credit before you buy a new car. A couple of things you can do to improve your credit score is to pay off your delinquent accounts, and you can dispute any errors that you find on your credit report with the credit reporting companies.
  2. Know How Much You Want to Spend: The price and monthly payments of a new car are essential to know, but you also need to consider the cost of insurance, fuel, and maintenance. These extra costs can financially hurt you if you are not careful.
  3. Get Pre-Approved: Knowing the loan amount and terms that you can qualify for can help you determine the type of car you can purchase. You can also work on improving your credit if you are not satisfied with the terms of the loan.
  4. Make a Large Down Payment: The best way to increase your car loan amount while reducing high interest, taxes, and fees are to make a large down payment. This will also help to increase the number of types of vehicles you can afford to purchase.

Visit Penske Ford La Mesa to Learn More

If getting a loan is not an option, then you should consider leasing a car. Visit us at Penske Ford La Mesa and talk to one of our representatives in our finance department. They can help you find the right financing solution to help you get the car you want. You can also fill out our online finance application online. We look forward to working with you soon!

Categories: Finance
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