Bad Credit Auto Loans

While it may seem impossible to land a dream car with a below-average credit score, there are actually several options drivers can pursue to get a car loan with bad credit. At Gerry Lane Chrysler Dodge Jeep Ram (CDJR), we’re eager to help drivers with all possible credit scores leave our lot in the vehicle that suits their lifestyle, budget, and needs. Keep reading to learn more about how you can still land the car you want, no matter your credit.

How To Get a Car Loan With Bad Credit

For all things finance, drivers can contact our team of experts to discuss their credit and explore their automotive options so they feel confident in their lease or purchase. Our team of experienced and helpful professionals will help them through the auto leasing or buying process and get them back on the road in a car, truck, or SUV they love.

While we’re more than happy to assist our customers, no matter their credit score, there are some steps drivers can take to gradually build good credit over time, helping them qualify for a wider range of new and used vehicles.

Credit Assistance Programs Available

For drivers interested in receiving a little help from the dealership, we also offer credit assistance programs. These deals can help people with bad or no credit get into the car of their dreams without letting their financial history get in the way. It can be a great option for people who know what make and model they want but need some support when applying for financing, so drivers in this position should definitely contact our team for more information.

Overcoming Your Bad Credit

At Gerry Lane CDJR, we believe that bad credit shouldn’t stop anyone from leaving our lot with the car they want. Everyone deserves a car they’re happy with, which is why we’re eager to work with drivers to consider their lifestyle, budget, and preferences to get them the best deal possible.

With our customers’ best interests at heart, we also offer helpful car-buying tips to make the hunt for their next ride even easier. Whether a driver is looking to upgrade to a new, fully loaded truck or they want the ease and reliability of a previously owned car, bad credit doesn’t have to get in their way with Gerry Lane CDJR.

Ways To Fix Bad Credit

Here are some ways drivers can take matters into their own hands and fix bad credit.

Check Your Credit Score and Stay Informed

The first step someone can take towards improving their credit is to check their score, so they have a better idea of where they stand and can create a realistic plan for improving it. This can help them gain a more in-depth understanding of their financial situation and identify any debts, loans, or other factors that may contribute to their low credit score. This also allows them to predict the car loans they may be eligible for before they visit a dealership, so they feel more comfortable discussing their options.

Pay Bills On Time

One effective way to boost a credit score is to pay bills on time, including car payments. This means that drivers can use their vehicles to help improve their credit by staying on top of auto loan payments. Not only does this get them one step closer to owning their car, truck, or SUV outright, but it can improve their credit and increase their chances of upgrading their ride in the future.

Maintain a Credit Utilization Ratio of 30% or Less

A credit utilization ratio measures how close someone is to reaching their card’s credit limit. This means a ratio of 30% or less shows that someone has only used 30% or less of their card’s available credit. Lenders may check someone’s credit utilization ratio to determine how well they balance their finances. While it’s a good idea to have a ratio higher than 0%, exceeding 30% may show lending organizations that someone relies primarily on credit cards and loans rather than managing their money effectively.

Pay Off Outstanding Debts

Besides a credit card, individuals can pay off other outstanding debts to increase their credit score. This proves to lending organizations that someone is capable of borrowing and repaying money within a timely manner, increasing the likelihood that they’ll continue to do so in the future. When repaying a significant loan debt, individuals may first notice a small dip in their credit, but handling outstanding debts will improve their score in the long run.

Don’t Close Old Credit Cards

While it may seem like a good idea for someone to close an old credit card when they no longer use it, this can actually hurt their credit. Instead, it’s a better idea to keep old credit cards open, even if they’re hardly used. Keeping cards open can help people establish a long credit history, which is a significant contributing factor to someone’s overall credit score. The only time it may be better to close an old card is if the issuer charges an annual fee or if they’ll close the card automatically after a certain period of inactivity.

Identify Credit Report Errors

If someone checks their credit report and notices that the issuer made mistakes, it’s important to resolve these errors as soon as possible. These errors can negatively impact someone’s credit score, making it more difficult to get the loan they want in spite of making routine bill payments and handling their finances appropriately. Fortunately, identifying and disputing credit report errors is a fairly simple process that can help people turn their credit score around.

We Work With Bad Credit at Gerry Lane

If you’re in the St Francisville, Louisiana, area and looking to find a car, truck, or SUV you’ll love, we’re here to help you out, regardless of your credit score. To explore your options, stop by our dealership or give us a call at  225-928-6900. Here, you can browse our inventory, discuss your priorities with one of our expert sales team members, and even take your favorite models for a spin. When you’re ready to upgrade your ride, no matter your credit, visit us at Gerry Lane CDJR.

Image by Darwin Vegher is licensed Unsplash License