When buying a car, we all wish we could walk into a dealership, pay cash, and drive off in a new vehicle. Unfortunately, that isn’t the reality most of us face when vehicle shopping, so finding the right car finance is important.
The vehicle shopping process, when shopping with no credit or bad credit, can be stressful. You may find yourself in a situation where you spend a lot of time at a dealership picking your dream car, only to be declined when you step inside to work out your financing and car loan terms. If you have ever found yourself in this situation, then you know how disheartening this can be.
This is why we advocate so strongly for getting pre-approved and working on the vehicle financing before you step onto a lot and start choosing makes and models. After all, why shop for a new vehicle with the thought of a pending denial looming over you?
The best reason why you should get pre-approved for a car loan
Getting pre-approved removes all the uncertainty from the vehicle buying process. By working on your pre-approval first, you can work with your dealer on the financing and payment terms upfront, then work on picking a vehicle that fits those terms without any doubt, which makes for a much more pleasant car buying experience.
What usually happens when you have a low credit score
Credit bureaus typically rate your credit score on a scale from 300 to 900, 300 being the worst score you can have and 900 being the best. Lenders will typically look at your credit score to decide your creditworthiness, and it is the predominant factor in determining if you will be approved for not for a vehicle loan.
Having a low credit score makes getting approved for a car loan a mountainous task because you will be looked upon by these lenders as a “no-go”. So, if you’re looking to get your hands on a new vehicle, having a low credit score is going to make that process much more difficult.
How does a pre-approved car loan with Birchwood Credit Solutions work?
Many people come to us wondering if they have a chance of qualifying for a car loan if they’re in a bad credit situation. The quick answer to that question is, yes. We look beyond your credit score and look at your financial situation in its entirety, including your unique situation and your unique set of circumstances.
For example, you might have a less than perfect credit score due to an incident from a long time ago, but as of right now you’re still employed and, all things considered, have a good track record when it comes to making your payments. This is why we believe that working with our team to review your financial situation is valuable as it will help us decide an appropriate budget and payment together.
How to get pre-approved for your car loan
Get started by telling us what type of vehicle you’re looking for, your contact and employment details. Next, we will work with you to assess your current situation and approve your car loan quickly and hassle-free. Once your loan is approved you can then shop our dealership inventory to ensure you drive away in that perfect vehicle.
Apply online here and get your pre-approval in less than 3 minutes!