Are you struggling with a low credit score? Bad credit happens to good people all the time, and you’re not always to blame. Life happens, and it can seem very unfair when your credit score, financial credibility, and ability to borrow money are all impacted by unfortunate life events.
That’s why Bob Ruth Ford offers guaranteed car finance
to all of our customers in central PA. We believe that everyone should have the ability to secure the vehicle they need for work or their family, and if you find yourself struggling to land a loan, get in touch.
Our free online tools, like the “Get Pre-Approved”
tool and the “value your trade”
simulator, all help you make smart online decisions, and you can use them from the privacy of your own house. Don’t pass them by if you’re in the market for a used car, and let us know if you have any questions about how our online tools function. They’re secure, too--no one can steal your personal information.
Benefits of Getting Pre-Approved
If you’ve shopped for a vehicle before, you’re already familiar with the various mental hurdles and games you have to play. You need to stay within a certain budget, but what if a car just outside your price range looks great? Maybe you started shopping for a car, found one that you had your heart set on, and then you weren’t able to secure a good enough loan to afford it. Both scenarios could have been avoided by getting pre-approved.
Getting pre-qualified for a guaranteed-approval auto loan is a great way to kick off the car search. You already have the loan lined up, so you can focus all of your mental energy in choosing the right car. And because your cost parameters have already been agreed upon, you won’t have to struggle with your budget range.
To make things as easy as possible, we’ve provided a simple Get Pre-Approved tool online for you to use. You don’t have to leave your home to get approved for an auto loan, and the form is secure and safe.
You’ll need some basic information on-hand, like employment and salary information and your social security number, but you should be able to get a judgement in just a few seconds!
Bad Credit Car Loans: Guaranteed Approval, Everytime
So what exactly to guaranteed car finance dealerships do to get you the money you need? First of all, here’s a little bit of background behind auto loans.
You’ll generally want to make at least a 20 percent down payment; for instance, if you buy a $30,000 car, you should have $6,000 in cash that you can pay up front. One way for individuals to be able to afford a large down payment is by trading in their previous car. If you’ve taken care of it, you can get an excellent trade in value (don’t forget to use our Value Your Trade online tool to see how much your car is worth!).
Whatever amount of money is left on the car’s ticket after your down payment will be covered by your loan. You’ll get approved by a creditor and agree on a term of repayment--often 60 months. The price you pay the creditor for loaning you the money is called Annual Percentage Rate (APR), and the better your credit score and loaning history is, the lower your APR will be.
Companies that offer guaranteed approval loans have to mitigate risk somehow, so if your credit score is low, you may have to pay a higher APR than most people. But if you make your monthly payments, you’ll see your credit score climb over time.
Consider Refinancing Your Loan When Your Score Improves
If you’ve made significant progress on your credit score since you agreed to a loan, you could be eligible for refinancing. This happens when a borrower’s credit score has improved, he asks his creditor to sell the account to another lender, and the new lender lowers the APR (or interest rate) because the borrower is no longer high-risk.
Generally speaking, it’s only worth going through this process if you can lower your APR by 1% or more.
If your poor credit is a result of bankruptcy, you may or may not ever be eligible for refinancing. But if your low credit was because of a missed payment or bill, you’ll be able to repair your credit.
Keep you credit card balance low, pay your bills on time or early, and if possible, hold off on applying for a loan until after your credit score improves.
When Can You Apply for a Bad Credit Car Loan?
If you’ve recently filed Chapter 7 bankruptcy, you probably won’t be eligible for a guaranteed loan until at least 4 months after you’ve started the process. Your debts and bills all have to clear.
If you’ve gone through Chapter 13 bankruptcy, your trustee will have to vouch for your trustworthiness. Often, the way car buyers obtain loans despite bad credit is through a co-signer; this is when a close friend or relative signs on to share the responsibility of paying back the loan.
Searching for “Guaranteed Car Financing Near Me?”
If you’re looking for car dealerships for bad credit and you live in Harrisburg, Dillsburg, York, Carlisle, or the surrounding area, this is your ideal destination. All you have to do is take a quick drive west on Old York Road if you live in the York area--we’re located on Highway 15.
If you live in Harrisburg, catch highway 15 and head south. It’s almost a straight shot! Just a few minutes in the car will bring you to the best car dealership for bad credit in central PA. Carlisle is even more accessible; take highway 74 a few miles southwest and you’ll be at our convenient location.
If you have any questions about how to reach us, or if you’d rather get in touch online or over the phone, please reach out! We’d love to hear from you.