Securing Fair, Competitive Bad Credit Auto Loans in Fort Washington
January 11, 2022
Bad financial decisions can sneak up on you and destroy your financial standings before realizing what’s happened. However, it would help if you still had things to make your life move forward, like a reliable, fair, affordable car, preferably purchased with the help of dependable, economical bad credit auto loans in Fort Washington.
Before you apply for a bad credit auto loan, here are a few ways you can increase your chances of approval.
- Trade in your current car as a significant down payment and collateral on a new car alongside the application for an auto loan. This is a move that shows you’re ready to devote financial responsibility to a new finance-focused decision, like getting a new (used) car.
- Ask someone you share trust with to be your cosigner. It should be someone with better credit than yours and a good, reliable financial history. This will help you gain credibility on an auto loan application.
- Pay off small debts to incrementally nudge your credit score before applying for a bad credit loan. While it won’t give your credit score a significant boost in time for application approval, every incremental bolster will help.
You can make a huge positive impact on your credit score with a bad credit auto loan. The bulk of your credit score is measured by payment history. Being reliable in paying back your auto loan is a great way to improve your credit score over time drastically.
How Long Does a Bad Credit Auto Loan Last?
After approval, the lender will settle on a monthly rate that fits your lifestyle and budget. From there, you have, on average, 72 months (6 years) to pay back an auto loan. Of course, you can pay it off in less time than that, but six years is the longest an auto loan is good for before it needs to be reevaluated.
Thinking of applying for bad credit auto loans in Fort Washington? Give us at CarSmart a call – (888) 292-8115. We would be happy to set you on the path to a reliable, affordable lender.
Car smart is the best, I was in an out in less then two hour an my salesman ( Daunte) made me feel like a family member who gave me a car