No Matter Your Credit, We've Got You Covered!
Want a new car, but bills from the past getting in your way? Don’t fret, you still have options! Larry H. Miller Toyota Murray has professionals that help our customers find a lender. Stop coming up with reasons why you can’t get into a car that not only will handle your needs, but something you’ll love!
What you need to know!
Research:
It is critical that you spend time doing research before visiting the dealership. Although there are a variety of ways a car dealership can help you get behind the wheel of a vehicle you desire, some of these methods will hurt you in the long run. The more prepared you are, the more confidence you’ll have and the less likely you are to fall into a trap. This blog post is meant to serve as a basic guide to buying a car with damaged credit, but your research shouldn’t necessarily stop here.
Your Credit History:
You should have an idea of your credit situation before going into any dealership, so that you’re not surprised by anything and you can also have the opportunity to dispute or fix any credit issues possible. There are websites that offer free credit checks, like Credit Karma. Once you have your credit score, you can take a look at your credit history, as well as know where you sit with your credit score. This information will be useful for your research, so you have an idea of what your capable of receiving, in terms of financing.
What You Need:
Too often, car shoppers fall in love with something they want, rather than something they need. And sometimes, this is the exact decision that results in damage to their credit. Before you go car shopping, take some time to decide what kind of vehicle you need. Do you just need the car to get from Point A to Point B for work? If this is the case, you probably don’t need to get a big SUV. Do you have a large family that requires a lot of room? Then maybe you should look at that big SUV or a minivan. Leather, sunroofs, big rims, upgraded stereo systems, you know, all the bells and whistles? How important is all of this for you? It might be wisest to pass on these luxuries, and exchange it for a smaller monthly payment.
Things You Need to Bring!
Down Payment: While many people would like to buy a car without having to lay out any money up front, this isn’t always the best way to go about purchasing a car. Furthermore, for those buyers with damaged credit, there is more of a need for a down payment. When you provide a down payment, you are showing the lenders commitment, which will go a long way in helping you get a reasonable financing rate. A good rule of thumb for how much you should put toward your down payment is to put down the total cost of all your taxes and fees for the vehicle.
Proof of Employment:
In order to get financed for a vehicle, you will be required to provide proof of employment. This can come in the form of your most recent pay stub. The financial lender will want to see that you are employed and have a source of income. If you do not have a pay stub, you can reach out to your employer and they will be able to provide this documentation.
Proof of Residence:
Be sure to bring along proof of residence. This can come in the form of utility bills, bank statements or even a pay stub with your home address. Proof of residence is also something that is required to be provided by the lender.
In a Nutshell:
We understand that your past is exactly that, the past. While you may have damaged credit, there are options out there for you. The best thing you can do is prepare yourself with research. Larry H. Miller Toyota Murray has professionals that specialize in finding car loans for buyers with circumstances like yours. Don’t be discouraged. Come in to see us, and you’ll be glad you did.
