From old unpaid bills to unexpected job loss, bad credit can happen to just about anyone. And when it comes to buying a vehicle, a low credit score is typically the number one barrier customers face. Thankfully, Mike’s Car Store is here to help! Below we’ve compiled some simple tips to help you buy a reliable car – even if you’ve got bad credit.
It’s common for individuals with bad credit to feel like the odds are against them. But our number one tip for buying a car with a low credit score is to keep an open mind when it comes to the details. At the end of the day, your aim should be to find reliable transportation with affordable monthly payments that can help you rebuild your credit.
Don’t fall for a dealer’s attempts to get you to pay less upfront – this could cost you more dollars in the long run! In fact, the larger your equity, the better chances you have of getting approved by lenders, especially with a low credit score. We suggest putting down at least 10 to 20% to ensure you get the best terms and interest rates, not to mention it puts you in a better position once you choose to trade your vehicle in for something better.
While we tend to have a good time here at Mike’s Car Store, we know you won’t want to spend your entire day at the dealership. To ensure things run smoothly for your vehicle purchase, be sure to have ALL the necessary documents on hand. These include recent pay stubs, utility bills, proof of residence, 5 to 6 references, proof of insurance, updated license, bank statements from the last three months, and tax returns, if possible.
We don’t want to toot our own horn, but as a dealership run and owned by the #1 watched Car Salesman on the Planet, you can trust we know how to get you the best deal on a used vehicle. Whether you have good credit, bad credit, or anything in between, we can help you drive away with a reliable car as quickly and as easily as possible.
Buying a used car doesn’t have to suck. If you’re in the Georgetown, Louisville, and Floyd County areas and looking to buy a vehicle with bad credit, buying pre-owned can be a great option. Here at Mike’s Car Store, we offer quality used cars, trucks, vans, and SUVs for all budgets. Browse our inventory today and contact us anytime for more questions as a first-time buyer!