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It can happen to the best of us. Having bad credit or no credit doesn’t make you a bad person, and Bachman CDJR is here to help. You probably need a reliable car yesterday and you’ve been doing what you can to rebuild your credit, but it’s not perfect yet. The struggle of getting back on your feet after a large financial setback can be difficult. Not having a car to get to work, take the kids to school or their extracurricular activities, or even taking your mother to her doctor’s appointment can produce a very real strain on a family. Want to learn how you can improve your credit score? Our finance department is here to help customers with credit problems here in the Louisville, KY metro area, because we care.
We’re a family-owned dealership, and one of our core values is to treat others the way you want to be treated. It’s a guiding principle in our lives, in our families, and in our business model. Many of our customer reviews mention the kindness of our employees, and that’s for a reason. We want our customers to feel good about a purchase with us, and to be able to drive a dependable, high-quality new or pre-owned car, which is why we choose to deal with credit problems that other dealerships turn down. This is our passion!
Don’t let past credit problems, bankruptcies, foreclosures, or other setbacks keep you from owning a vehicle you’ll feel good about. The first step may be hard – reaching out to us – but our goal is to help our community, and that means you, too. We’re proud to call Kentuckiana home, and are proud of the business we’ve built and the community we’re a part of here in Louisville. Please use the form below to reach out to us.
With us, the answer to the question “Can I purchase a vehicle without good credit?” is a hard “yes.” Admittedly, it’s much easier to get approved for a car loan after you’ve established a reliable credit history, but bad credit or no credit doesn’t exclude you from vehicle ownership. At Bachman CDJR, we pride ourselves on helping those with financial challenges to get behind the wheel of the vehicle they want.
Generally speaking, the term “bad credit” refers to a credit score below a certain minimum threshold. Though the two primary models — FICO and VantageScore — both use scales that range from 300 to 850, each specifies a different minimum threshold. FICO, for instance, considers anything under 580 to be poor credit. VantageScore, however, recognizes two tiers of bad credit, with 500 to 600 considered poor and 300 to 499 considered very poor.
As for no credit — that means you’ve yet to establish a credit history. In other words, you’ve never taken out a loan or used a credit card in your name. People with no credit history are usually young adults, who have only recently become eligible to open a credit account. Often, it’s easier to build a solid credit history from scratch than to resolve a bad credit history.
Various factors contribute to your credit score, including but not limited to:
By addressing the above factors, you can build your credit and, improve your chances of getting approved for a car loan. For example, paying off your overdue bills and keeping up with current payments helps to establish you as a more creditworthy individual, thereby raising your credit score.
Before you speak with one of our credit experts, consider taking some preparatory steps to improve your chances of securing a car loan. A good place to start is by checking your credit score. Though you may know you have a low score, knowing your exact status can give you an idea of what you can expect in terms of your financing options. That knowledge is essential for maintaining peace of mind. Moreover, obtaining your official credit report allows you to examine it for errors. Should you notice any, you can address those before discussing your financing options.
Next, determine how much you can afford to spend on your vehicle purchase. Given your credit circumstances, keep in mind that you can expect to put down a larger down payment and pay higher interest rates. By understanding these parameters, you can calculate both your maximum down payment and how much you can afford to pay in regular car loan payments. The more you contribute to the former, the less you’ll pay for the latter.
Next, consider whether you’d like a co-signer — an individual who agrees to take on the obligations of your loan along with you. When choosing a co-signer, go with someone you trust who has good credit. Their score improves your chances of getting approved for a loan with better terms.
In addition to the above measures, consider these tips to maximize your chances of getting approved for vehicle financing:
As a family-owned business, we firmly believe in treating others as we ourselves would want to be treated. That’s why we’ve initiated the Bachman Fresh Start Buying Program. If you’re working on rebuilding your credit after a challenging financial period, our program can help set you on the path toward new vehicle ownership. Just fill out the form with your name, email address, phone number, and comments. Reach out to us and we’ll reach out to you.
If you have no credit history at all, we’ve got you covered. Just let us know about your situation and we can find you a solution that satisfies your needs. In the meantime, you can browse our inventory of new Chryslers, Dodges, Jeeps, and Rams, as well as the options in our pre-owned lot, to get a sense of what vehicles meet your preferences and financial criteria.
Also, consider checking on your pre-approval status with our online application. Follow the online instructions to fill out the forms and determine your eligibility within minutes.
Get in touch with us today to learn more about your car financing options. Use our contact page and we’ll reach out to you as soon as we can. If you’d prefer to speak directly with an associate, give us a call at 812-920-5491.
When you’re ready to discuss your options with one of our finance experts, come down to the dealership. We’re open six days a week, Monday through Saturday. Our hours of operation are available online. We look forward to helping you find the ideal financing option for your next vehicle purchase with us.
We’ve helped many customers in the Sellersburg area and beyond reach their new car dreams, even when dealing with bankruptcy, even if you haven’t finished the bankruptcy term. Whether you’re currently in Chapter 13, Chapter 7 bankruptcy, or your bankruptcy has been discharged, you’ve shown that you can persevere through hardship. We’ll let you know what steps you might need to take, such as if you need to get a letter of permission from your bankruptcy trustee or judge.
If you’re a customer who has experienced bankruptcy, you’re not alone! If you’re still in bankruptcy, you’ll need to prove to your trustee or judge at bankruptcy court that you’re dealing with some extenuating circumstances — for example, if you need to use a car to get to work, and the car you’ve been driving has broke down. We’ll work with you to help you find an affordable car that meets your needs.
Are you wondering what credit score is needed to finance a car loan? Your credit rating will influence the loan terms for your car loan, such as the financing rate (APR%), the loan length, and the payments. Your credit score is influenced by bankruptcy, secured debts like a mortgage, unsecured debts like credit cards, and paying your bills on time. We’re experts at helping people with bad credit get financing, but every little bit helps.
Something a lot of people don’t know is that a car loan can help you improve your score, too! If you make your payments on time every month, that good behavior is also reported to the credit bureaus. Your new good credit history could enable you to refinance your loan for a lower monthly payment and a lower APR, saving you money in the long run.
You need a reliable car so you can keep up with life. Your past might include a delinquent credit card, a repossessed car, separation or divorce, bankruptcy, or maybe you just fell behind on your payments but you’re doing better now. Take the next step and fill out our form to get started. Build credit and buy a car, truck, or SUV that you can trust with Bachman Chrysler Dodge Jeep Ram. We have ongoing new vehicle specials and used vehicle specials that might appeal to you. If you’ve been wondering how can you get car financing with a bad credit score, hopefully you can see that it can be as easy as contacting us today!
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