When you have bad credit, buying a car can be a scary experience. Fortunately, there are a few select El Paso car dealerships that will give most anyone a chance to find the right car, as long as the buyer can display a sense of financial responsibility. That said, if you have a low credit score, it is never too late to start repairing your credit. Here are a few tips on how to finance an automobile purchase with bad credit.
Start Ahead, Get Ahead
First and foremost, when buying a car with less-than-stellar credit, it is a very advantageous idea to start the preparation process early. If possible, try to give yourself about six months before making a big purchase. This way, you will have some time to improve your credit score. If you know your score is poor, try to start paying all of your bills (such as rent, utilities, cable/internet, etc.) on time, avoiding late fees wherever possible. Though this plan might not reap immediate rewards for your credit, it is by far the most simple and most secure way to do so. After you’ve done this for about six months, make sure to run your score again – you will want to know exactly what it looks like before you go in to the dealership.
Once you have started rebuilding your credit score, the next step is to start making a realistic financial plan for yourself. Make sure to factor in all of your projected monthly expenses, such as bills, food, leisure and, of course, your new car! Other than aiding you to budget your finances responsibly, this plan can also help show the prospective dealership that you are a sound credit risk.
Finding the Right Car for You
After you have your financial plan set, the next step in the process of buying a car on bad credit is to choose your new vehicle wisely. Remember that a responsible purchase factors in both cost and practicality. Though you might be getting a good deal on one specific offer, it might not be the most practical vehicle choice for the long term. It is also important to consider a vehicle’s total cost – meaning the purchase price and gas-efficiency – as some dealership “bargains” might end up costing you much more “hidden” money in the long-run.
Proof of Financial Stability
Finally, when preparing for your auto purchase, it is very imperative to bring the proper documentation with you to the dealership. Even if you have substantially repaired your credit over the past few months, it is still a good idea to bring physical proof of your financial responsibility in to your dealer. By displaying physical proof to your prospective auto dealer, you will be able to speed along the application process and project a sense of confidence. Along with your current driver’s license, make sure to bring in these key documents: a copy of your most recent bills (rent, utilities, cable, etc.), your most recent pay stub from your work, and a list of a few personal references that will vouch for you financially.
Even with bad credit, it is still possible to find the perfect pick of the numerous cars for sale in Texas. Between setting a financial plan and bringing in the proper paperwork, the most important factor in planning your big purchase is preparedness. By proving to your prospective dealer that you can be a responsible financial risk, you will have a much easier time obtaining the car you want. No matter what your credit history might say, owning the car of your dreams could be closer to you than you might think.
With many locations in southern New Mexico and near El Paso, Texas, Jack Key is proud to offer a great selection of vehicles at great savings in your neighborhood! Our goal is to continuously improve the way we do business so that our customers are completely satisfied each and every time they visit. The philosophies of "Customer is King" and "Service After the Sale" have been the foundation for our success. With this philosophy, Jack Key Motor Company has grown from 1 store to 5 stores in 3 different cities, becoming what is today the Jack Key Auto Group.