Know your credit score and what interest rates are fair: Before signing off on a loan, know your credit score and what a reasonable interest rate is for your credit status.
If you have time, spend about six months trying to build your credit: If you’re not in a big rush to buy a new vehicle, spend at least six months building up your credit and demonstrating your credit-worthiness. Try making payments on time and maintaining low balances on open credit lines.
Consider monthly payments with interest in mind: If you have a bad credit score, you will want to factor in a higher interest rate when determining what monthly payment you can afford.
Shop around for loan options: To get the best possible finance option, take the time to look at auto loan rates and estimates from the bank, credit union, the dealership, or other local lenders before choosing which loan you’d like to take.
Tom Hodges Mitsubishi can help answer any car loan questions you might have. We would be glad to work with your credit situation to get you a new car in your budget.