Having bad credit doesn’t have to prevent you from buying a car. Many used car dealers offer financing to people with bad credit who have stable jobs. Even with financing, buying a car is a major decision. You need to be prepared as you can to get a good car with a good deal. Here are some tips for preparing to buy a used car with bad credit.
Have a Stable Income
If you have bad credit and no stable income, you’re not getting a car. Bad credit from your past tells creditors you don’t pay back loans. Bad credit dealers give you credit if you have a stable income that proves you do currently have what it takes to repay the loan, despite your past.
Set a Budget
Take a look at your current income. How much of it is available to make a monthly car payment? Remember that you need to pay for registration and insurance, as well. Once you figure out what monthly payment you can afford, you have your budget. Research average interest rates on financing for people with bad credit and use that to figure out what price you can afford on a car.
Check Your Credit
Get a credit report to see how bad your credit is, and if there is anything you can do to improve it before buying a car. Even a slight improvement in your credit can help you get a lower interest rate on your loan. Interest rates get higher the worse your credit is.
Find the Right Dealer
Finding the right dealer is vital when buying a car with bad credit. For Oklahoma City used cars with bad credit, you should look up reputable dealers in that area who can work with you and your credit. Do some research to ensure you’re getting a reputable dealer with this option.
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