A low credit score might make it tough to get an auto loan. But don’t despair! In this blog post by McLaren Chicago, we list four tips to get an auto loan with a bad credit score in Chicago, IL. From understanding your credit report to finding the right lender, try these tips and improve your chances of getting financing.
When it comes to getting an auto loan, you’ll need to determine your budget. It might be tempting to go for the maximum amount you’re qualified to borrow, but it’s best to borrow as little as possible.
You should always check your credit score before applying for an auto loan. Knowing how you stand will give you a good idea of the likelihood of approval and your options, which could steer you in the best direction that serves your needs.
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If you don’t have the credit history or income to qualify for an auto loan on your own, one option is to get a co-signer. A co-signer agrees to sign the loan with you and take responsibility for the debt if you can’t make the payments.
A down payment shows lenders that you’re committed to the purchase and reduces the amount of money you need to borrow. In general, you should aim for a down payment of at least 10% of the total cost of the vehicle. If you can swing more than that, it’s even better.
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At McLaren Chicago, we have a team of experienced financial advisors who can help you understand your options and choose the right loan for your situation. Apply online or call us today to get started!
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