Having bad credit doesn’t mean you can never buy a car, especially when you absolutely need one. Fortunately, there are some steps you can take to allow you to purchase a first car despite having bad credit.
Step 1: Get pre-approved – Pre-financing is one of the most powerful tools you can ever have. Nowadays, getting pre-approved is much easier as it is done online through numerous websites; it’s as easy as filling out a simple online application. In many cases, the results can come as soon as the day after the online application is filled out and sent.
Step 2: Do your research – It’s fairly easy to be tempted to choose a car with fancy trims on it, or opt for a high-performing model, however, with bad credit, you may have to wait awhile for your dream car until your credit has stabilized. Neither should you settle for something crappy where you’ll spend more on repairs. It’s still possible to get a decent used car.
Once pre-approved, you’ll have a definite ceiling on how much you can spend and how long till you pay out the loan. Your pre-approval figure will determine your budget for the car. You can browse through a collection of both brand new and used cars in various dealer sites. After taking note of your budget, you can then factor in your personal preferences and needs. For instance, you can buy a fuel-efficient and reliable car like an eight-year old Ford Focus, or spend a little bit more for a Kia Optima or any similar vehicle if you’re looking for a roomy interior.
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