Bad Credit Car Loans near Springfield, MA
What’s Considered Bad Credit?
In general, a “bad” credit score is one that falls under 670 on FICO’s scale of 300 to 850. Even then, that range between 300 and 669 is split into “very poor” and “poor,” and some lenders who aren’t willing to work with applicants in the “very poor” range will accept those whose scores are in the somewhat higher “poor” category. A kinder way of putting the term “bad credit” is “subprime”: you’ll often hear about subprime loans, which means the same as a bad credit loan. While these loans usually carry higher interest rates (because a person with a poor credit history is riskier for a creditor to work with), remember that after a few years of paying your loan on time and bringing up your score, you’ll be eligible for better loan terms and you’ll pay less interest.
How do I know what I can afford?
What can I do to rebuild my credit?
Our Western, MA community means a lot to us, and we feel like it’s our duty to serve those in need by helping provide people with auto loans that are manageable. That way, when consistent payments are made, you’ll quickly begin to see your credit score soar. So, what are you waiting for? If you want more financial confidence, then head on over to Balise Chevy Buick GMC today so we can help you out!
Common Bad Credit Causes
Bad credit can spring out of nowhere when you least expect it. At Balise Chevy Buick GMC, there are a handful of situations we see the most among our customers that can result in bad credit, which you can learn more about below.
There are several people in the Springfield, MA area who have lost their homes due to foreclosure. If this has happened to you, then don’t wait any longer to get back on your feet. Come and visit our financial department today so we can help you break free from this dreadful situation.
Divorce can leave us devastated in many ways, and oftentimes, our credit can take a hit as a result of this big change. While you likely have a lot more on your mind than taking out an auto loan, this is a great way to build yourself back up and get back on solid ground so you can continue to move forward.
Filing for bankruptcy can give people a fresh start financially; however, it will tank their credit score. If you’ve recently declared bankruptcy and are looking for a way to improve your situation, an auto loan may be just what you need to get started.
Missing a payment can happen to the most diligent of us, but it’s something you certainly don’t want to make a habit of. When you miss your payments on a regular basis, you’ll find that your credit score will plummet. Some of us have a hard time managing our bills, so if you’re interested in finding a more effective way of ensuring they’re made on time and in full, come and chat with our finance professionals today.
Everyone has to start somewhere, right? If you’re a first-time car buyer, then chances are you don’t have any credit. If this sounds like you, then schedule an appointment with our finance professionals today so we can help you secure your first auto loan.