You've set your eyes on that dream car, but there's one little hiccup: your FICO score is below 700. Not to worry! At Mike's Car Store in Georgetown, IN, part of the renowned Chevy Dude YouTube family, we believe that everyone deserves the joy of driving their dream car.
While a score under 700 may be termed as 'challenged credit,' with the right guidance, you can drive off the lot with your new car with minimal fuss. Here are the top tips to ensure a fast and hassle-free approval process:
The golden rule of auto financing: the more you can pay upfront, the better your loan terms. Not only does a substantial down payment or trade equity show your commitment, but it also:
To breeze through the approval process, come prepared. Here's what you need:
Most Recent Pay Stub: Ensure it's from 2023 and shows both your income and the taxes deducted.
Year-End Financials: If you're buying a car in the first quarter of the year, bring your previous year's W2 and the last paycheck stub.
Proof of Residence: Two utility bills should suffice.
Emergency Contacts: Details of 6 different household family members or friends, including their names, addresses, and phone numbers.
Insurance Proof: A document showing you have full coverage insurance. Ensure the dates are correct.
Self-Employed or 1099? Arm yourself with the last three months' bank statements and possibly two years of tax returns.
Government Source Income: If your earnings come from sources like social security or court-ordered child support, bring along three months' worth of bank statements showing the direct deposits and an award letter from the income agency.
Arriving at Mike's Car Store in Georgetown with all these documents ensures that your car-buying experience will be smooth, swift, and stress-free.
The perception is that buying a car is a daunting process, especially with challenged credit. However, with the right prep and a supportive team, it doesn't have to be. As we always say, "Buying a Car Doesn't Have to Suck(tm)".
So, if you're in Georgetown, IN, or nearby, come on down to Mike's Car Store. With these tips and our expert team led by the Chevy Dude from YouTube, we guarantee a seamless experience, no matter your FICO score!