You need a car, and you have poor credit. Now you want to know your options before you head out for a full day to dealerships. First, check your credit, create a budget, and make a list of necessary features you need in your new car.
After you research all of this, here are your options:
Facebook Marketplace, Craigslist, and apps like OfferUp will sell cars, on average, starting at $1,000 and up. But it would help if you were careful of scams. Private sellers will hide what is wrong with the car, so make sure you get a mechanic to look it over first. Not our first choice on how to buy a car!
If you don’t have the money to buy a car out-right, Buy-Here Pay-Here dealerships are an excellent place to start. Their in-house loans are available to those who don’t have good credit. When buying from one of these locations, reading your paperwork is very important.
Also, making sure the car you choose runs well. Buy-Here Pay-Here dealerships have a reputation for selling poor quality vehicles. Still not an option we recommend at all- you could get a lemon and put you more into debt.
Large Car Dealership- Yes, they can help!
To buy a car and keep average payments, you will need a significant down payment. Which if you have poor credit, this is just something you will have to do to get your loan back up in the 600’s.
Otherwise, with zero down and poor credit, you’re looking at $500+ payments on a new base model car. It is possible to buy a car from a dealership with lousy credit, but you will have to come up with a lot of money to make up for your lack of credit. Just the way it is.
Buying a car with poor credit is possible, but will take research and effort on your part.
Be careful in your choices, and take the time to check out your options. Don’t buy to buy a car- you need to know if it works and will continue to work.
We suggest going to Reedman-Toll Chrysler Dodge Jeep Ram of Jenkintown and talk with their car loan/lease specialists who can help you achieve your goal. They will take the time to help you understand your options and find the right plan for you.