Credit history affects a lot of aspects of our society, and unfortunately, those with poor credit are often turned away when attempting to purchase a used car. If this has ever happened to you, then you might be able to understand how frustrating this can be. Keep these used car buying tips with poor credit in Mill Creek in mind next time you head to the dealer:
Avoid New Credit That Could Impact Your Score
In order to avoid making your credit any worse than it already is, pay all of your accounts on time. Don’t take on any other credit obligations, including opening new credit cards.
Check Current Interest Rates
The latest average auto loan rates are typically available online. This will allow you to better understand the rate that can be expected. If you had good credit, you might expect to qualify for a rate at or below average. Unfortunately, with bad credit, you will almost always have to pay a higher interest rate. Despite this, avoid any loan rate more than double the average.
Make A Sizable Down Payment
The best tip out of all used car buying tips with poor credit is to make a bigger downpayment. This is because poor credit will limit the size of the car loan that you will qualify for. By offering a bigger downpayment, you can reduce your interest rate, taxes, and fees.
Know What You Can Afford
It might be tempting to reach for a higher car payment to get a nicer car, but it is important to avoid this. This might put you into another situation where you cannot pay for your loan, and you will lower your credit even more.
Consider Carson Cars when you are putting your used car buying tips with poor credit Mill Creek to good use. Our team is here to help the process go smoothly, and assist you whenever needed. Contact us today at (425) 697-6969.