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Bad Credit Auto Financing Tips

For those individuals with bad or poor credit, or who might not know their credit all, K & R Auto Sales is willing to work with you! Our team is filled with experts in vehicle financing, men and women that know how to work with a variety of financial institutions in order to find you the best deal around! To check and see what sort of financial assistance you can expect from us, please fill out the form listed on this page! If you’re looking to purchase a used vehicle, but know that your credit isn’t the best, we can offer you a few tips to help make the process easier on you. Continue reading to learn more! 

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1. Check the Interest Rates

One big tip that our agents recommend people is that they check the current average auto loan rate before committing to a purchase. This helps you better understand what you can expect when you’re applying for a loan. Bad credit might raise the loan interest rates, but you should always be wary of a loan that has rates nearly double the average.  

2. Figure out the Down Payment

Your credit score and history will affect your rates, but a down payment can offset it by a wide margin if its large enough. Providing a large down payment can also widen the selection of vehicles that you can choose from, allowing you to have a few more options to pick from. We recommend looking at your down payment and or financial situation to see just how much you can put down. 

3. Read all the Paperwork

Make sure you read all the paperwork that you’re offered. Loan documents might be confusing, but money and credit are on the line. It’s important to take the time and read every line of text so you can understand the terms of the loan. Make sure you compare the loan with what the dealer agreed to, and make sure you sign the loan before driving away. Don’t drive away without signing. 

These are just some tips we think you should be aware of when shopping for a used vehicle. Our agents are trained and ready to help you find the best deal and to make sure that you have no problems financing it. To learn more about our financing options or to view our inventory, contact us today!