If you've had trouble with your finances, you might be thinking it will be practically impossible to get a car loan. But at K&R Auto Sales in Auburn ME, we specialize in helping people who have struggled with finances. We aren't here to judge you, we're here to help you get the loan you need, whether you live in Portland or Lewiston ME. Here are a few tips on how to get a loan for the car you need.
Tip #1: Check your credit score
It's important to know where you stand when you're applying for a loan. The two most commonly-used scoring models have a range from 300 to 850. If your credit score ranges from 661 to 850, you will get an outstanding APR, or Annual Percentage Rate. If your credit score is from 600 to 660, your APR might be double or triple what the best credit score would yield. But even if you're below 600, we can still help you get a car loan.
Tip #2: Show that you can afford to make your loan payments
Your credit score is only one part of what lenders look at when they consider whether you can be qualified for a car loan. Your source of income is another important factor. If you are a bad-credit borrower, lenders like to see a single source of steady income from regular employment. In general, most lenders want to see an annual gross income of at least $18,000.
Tip #3: Trade-in your existing car
The car you drive every day can be a big help in getting a loan for an even better car. Our generous trade-in offer will reduce the net price you have to pay and make a car loan easier to get for buyers in communities like Augusta and Brunswick ME. Read about other bad credit tips and talk to us any time about how to get a bad credit car loan at K&R Auto Sales in Auburn ME.
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