If your credit isn't perfect, you're certainly not alone. Bad times fall on good people all the time, and it's nothing to be ashamed of. While it can feel like a hopeless prospect trying to get approved for an auto loan with not-so-great credit, there's good news. Special bad credit car loans are available for people in this predicament. The financing team at Balise Subaru works with several loan providers who are willing to work with buyers who have credit challenges.
We understand that most people find themselves with a low credit score because of temporary challenges that come from common life situations: job loss, divorce, unexpected expenses, and more. And since most people need a vehicle to get to work to earn the money to improve their financial standing (and ultimately raise their credit score), we'll do all we can to secure a loan for buyers in the fair or poor credit categories. If you're in the market for a new or preowned Subaru but have hesitated to apply for financing because you assume you'll be rejected, call us now. One of our helpful and knowledgeable financing representatives will be happy to talk with you and find a solution that gets you into some new transportation.
Frequently Asked Questions
Is there a minimum credit score that you're willing to work with?We focus on the solution, not so much the three digits of your credit score. While the score is an important part of determining a buyer's credit worthiness, there are other big factors, too, starting with your current income. A conversation with one of our loan reps is the best place to start. Just
reach out to our team by phone or online to get the process started!
Will my credit score go even lower if I open more credit with a car loan?Actually, the opposite will happen as long as you make every payment on time! Your credit score will inch upwards as you make your payments and pay down any other debt that you have. It's important to resist opening other credit, though, because more accounts and more debt will have a negative effect on your score.
How can I make payments on time if I'm approved?We highly recommend that you set up automatic debit for your car payments (the lender might even require this as part of your loan terms). You should also develop a monthly budget and stick to it. Your budget will clearly show you how much money you need for necessities, how much you should save, and so on. If you need help getting started, there are plenty of free websites that deal with simple budget planning.
The Financing Pros at Balise Subaru Are Ready to Help You Get a Car Loan
Are you ready to learn more about
financing at Balise Subaru? We're eager to help you start the process, so fill out our online form or give us a call today. Every day, we help credit-challenged drivers in Warwick, West Warwick, Providence, Cranston, Pawtucket, South Kingstown, and all of Rhode Island get into the car they've been dreaming of.
Causes of Bad Credit
Bad credit can leave people feeling embarrassed and insecure, but it's a topic that shouldn't be brushed under the rug. Due to the economic state of the world today, some Rhode Island residents have found themselves saddled with poor credit. While having financial difficulty might seem like the end of the world, our sympathetic and well-trained finance professionals at Balise Subaru might be able to help you. With their assistance, you may be able to walk away with a reasonable auto loan. Don't let bad credit get you down. Schedule an appointment with our finance department today so we can find you an auto loan that works for your unique situation. With consistent payments, you'll start to see your credit score climb.
A number of situations can leave you with bad credit, and they often pop up when you least expect it. To learn about some of the most frequent causes of bad credit that we see among our customers at Balise Subaru, keep reading.
ForeclosureBad credit can sometimes lead to foreclosure, a devastating event that quite a few people in the Warwick area have experienced recently. In order to help these individuals get back on their feet, Balise Subaru promises to go the extra mile to find them an auto loan they can manage.
Missing PaymentsOne of the most common causes of bad credit boils down to missing payments. While forgetting one or two won't ruin your credit, more than that certainly will. If you want to learn some effective strategies related to making sure you can pay for your auto loan, we are here to help.
DivorceGoing through a divorce can be tough on all aspects of your life, including your finances. If a change in your marital status has left you with bad credit, then an auto loan might help get you back on the right track.
BankruptcyWhile bankruptcy can relieve you of debt, it will absolutely damage your credit. If you've filed for bankruptcy and want to get your life back together, an auto loan may be exactly what you need.
First-Time Buyer With No Credit At Balise Subaru, we know that everyone has to start somewhere. So, if you're a first-time car buyer with no credit and have found it difficult to take out an auto loan, let us see what we can do to help.
