Credit Assistance Car Loan
People can fall in to hard times for a variety of reasons, not all of which are necessarily due to poor money management. Unexpected issues come up – health problems, loss of income, and other unexpected turns – and those situations can end up leaving a person unable to pay their bills for some time. As payments are missed, their credit score will fall, resulting in lingering credit issues even after the immediate financial problems are corrected and the bills are being paid properly again. But most people with credit challenges still need a vehicle to drive, and they need to secure financing so they can pay for it.
Balise Ford of Cape Cod is prepared to help buyers with credit challenges, including those with serious credit issues. If you’ve applied elsewhere and have been turned down, or you’re simply a first-time buyer with no established credit yet, talk to our loan representatives. We have ongoing relationships with several lenders who have the flexibility to help credit-challenged applicants.
Do I Need a Credit Assistance Auto Loan?
If your credit score falls into the fair or poor category (generally under 660, but it’s up to the individual creditor what score range they’re willing to work with), chances are you’ll need a special loan product. The biggest difference between a credit assistance car loan and a standard loan will be a higher interest rate. The lender may also require direct debit of the monthly payment. Our financing reps have the know-how to guide you to the best solution. We’re here to help you get that second chance.
How can I keep up with monthly payments once I’m approved?
The first step is to buy only what you can afford, keeping your payments as low as possible. The best way to keep track of your expenses is to budget. There are plenty of useful online resources, including budgeting apps, that can help you get started. You should also set up direct withdrawal for your payments even if the creditor doesn’t require you to, so that it can’t slip your mind to make the payment each month.
How can I start improving my credit?
Start by paying bills on time, paying off any debts, and keeping balances low on credit cards and other revolving credit. Doing all of these things over time will boost your credit, as will making your payments on time every month once you’re approved and in your new vehicle.
If I miss a payment, what happens to my credit score?
Missing even a single payment can cause your credit score to drop. If you make them all on time, however, the opposite is true as it will raise your score and show the lender that you’re a responsible and reliable borrower – and that matters more than what’s in the past.
Common Cerdit Issues
Let’s face it: having credit assistance can be an enormous burden, but it’s not something that should prevent you from living the life you deserve. Sure, it can certainly make things harder to attain in life, but we’re here to show you that getting it back up to a respectable level is easier than you might think. Not convinced? Then let our expert financial team at Balise Ford of Cape Cod prove you wrong. How can a car dealership help you attain greater financial security? By assisting you in finding an auto loan that’s manageable. With regular payments towards it every month, you’ll begin to see your credit score soar.
Although you might be saying that an auto loan is the last thing you need to worry about right now, it is, without a doubt, one of the easiest ways to boost your credit. And if you’re worried that you won’t be able to find an auto loan with your current credit rating, let us show you that it is in fact possible.
What Causes Credit Assistance?
There are so many reasons why people can have credit assistance. Oftentimes, it’s the result of missing payments, which indicates to lenders that you aren’t a responsible borrower. In the list below, you’ll learn about some of the most common causes of credit assistance that we see among our customers here at Balise Ford of Cape Cod.
Missing Payments on Your Loans
Consistently missing your loan payments will seriously impact your credit, and not in a good way. If you’re having a difficult time managing your payments and are looking for a better way to organize your finances, we’ll be able to work out some solutions with you.
Declaring Bankruptcy
Filing for bankruptcy may relieve you of your debts, but it will absolutely tank your credit score. To get it back up, you may want to consider an auto loan, which our finance representatives will be able to help you obtain.
Not Having Any Credit
Having no credit will make it difficult to take out loans on the things you need in life. At Balise Ford of Cape Cod, though, our finance professionals will be able to help you acquire an auto loan so you can start building some credit.
Foreclosure
Losing one’s home to foreclosure is devastating in so many ways, and on top of the already harrowing blow it delivers, your credit will likely suffer as well. Don’t let this keep you down. By visiting Balise Ford of Cape Cod and meeting with our finance experts, they can help you get back on solid ground with a manageable auto loan.
Divorce
This life-changing situation impacts all areas of life, especially your finances. If your divorce has impacted your credit score, then an auto loan will help to bring it back up quickly.