How Do I Finance a Car with Less than Perfect Credit?

Financing issues can often derail the car-buying process. If you can’t find someone to loan you money, you’re unlikely to close a deal no matter how badly you need a vehicle. At VIP Honda, we are committed to improving every aspect of the experience for every driver; that is why we work harder to help drivers with credit issues access the financing they need. Our easy financing application and professional team will work with drivers regardless of their credit, and there are also steps that anyone with credit issues can do to streamline the process.

If you have any questions about the process or the vehicles you can acquire with our financing expertise, get in touch with us today!

How to Get Better Rates and Save Near Union

Bad credit car finance is something that is far easier when you have an understanding of how it’s done. Looking to buy a Honda with bad credit? Here are some important tips to keep in mind when looking for bad credit finance around South Plainfield:

  • Ask questions and don’t assume you won’t be approved. Always ask questions and see if there are other lenders that would be a better fit.
  • Revive your credit score. You can build your bad credit back up, using a credit card on small bills that you immediately pay off. In fact, taking on a bad credit car loan can be a perfect way to build up your credit; you’ve got to start somewhere!
  • Know your budget and your credit score (if you have one). Keep all of your loan applications within a 14-day period to limit potential damage to your score, and understand your budget ahead of time.
  • Separate price negotiation from financing. The first offer won’t be the only one. Many dealerships consult with multiple lenders.
  • Be prepared for a higher cost. Higher interest rates and larger down payments are both possible if you have no credit.

How To Apply for Financing

Before applying for financing near Union, do the following:

  1. Determine how much you can afford to pay per month based on your budget.
  2. Make a bigger down payment if possible.
  3. Try to clean up your credit report before applying for a loan.
  4. Be honest about what kind of car you should buy, and don’t get more than you need.
  5. Consider lease deals, used car specials, and new car programs and incentives.
  6. Ask questions!

Find Value with VIP Honda

Whether you’re looking for used vehicles or certified pre-owned SUVs, our showroom near Kenilworth is the place to go for financing and advice. Stop by today!

Credit Issues Don’t Have to Hold You Back

Here are a few steps you can take that will make financing a car when you have credit issues an easier process:

 

Credit ReportStart Early – You may know that you have credit issues, but you need to know exactly what they are before you pursue financing. Request a credit report in advance so that you can dive into the details. You should also make sure to pay all bills on time in the months leading up to your purchase.

Bag of money

Save Money – It’s possible to secure financing with credit issues, but you will likely need to pay a larger down payment. Being able to put more more money towards your purchase upfront helps to establish you as a responsible borrower.

People signing for a car

Find a Cosigner – If someone you are close with has a solid credit score, consider having them cosign on your auto loan. They will have to accept some of the risk, but their positive credit history also reflect positively on you.

Pile of papersOrganize Your Paperwork – A completed financing application is just one of the documents you will need to supply. Gather together pay stubs, utility bills, and possibly even character references to help the application process run smoother.

Couple buying a car

Shop Smart – If you already have credit issues, the last thing you want to do is make them worse by buying a car you can’t really afford. Be realistic about your budget so that you don’t stretch your long-term finances too thin.

 

Financing is Available to All Through VIP Honda

Our commitment to drivers in Union and Edison is second to none. When you have financing prepared on your end, visit our dealership in North Plainfield, explore our inventory, and work with our friendly staff in person. If you have questions about anything, please contact us directly.

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