Can I Get Low Car Payments With Bad Credit?

Do you want to buy a car, but are worried that your credit is too low? Well, the good news is that we are able to get most of our customers approved for vehicle financing. But what about monthly payments? The higher interest rates that come with low credit scores can raise monthly payments and the overall cost of the vehicle. 

At the Evans Dealer Group, we work with 30+ financial institutions to assist in finding financing for low-credit buyers. Below, we will look at some of the best ways to get lower monthly payments, even if you don't have the best credit. Not all of the options below will apply to every buyer. If you have additional questions, you can always contact us or visit the dealership in Dayton, OH.

1. Reduce The Loan Amount

Our Dayton shoppers can increase their likelihood of getting approved for credit by finding a car with a lower overall cost. This will not only lower the monthly payments on the loan, but it can also result in lower interest rates. There are a couple ways you can reduce the amount of the vehicle you finance.

2. Trade-In

Trading in your used car is a great way to reduce the overall amount you will be financing. Dealers are very motivated to add good used cars to their inventory.

That means you can often negotiate an increased trade-in value. Each dollar you get from your trade will reduce the monthly payment.

Making a down payment will reduce the amount of your car loan, lowering monthly payments.

It can also give lenders more confidence, resulting in the added bonus of lower interest rates.

4. Cheaper Vehicle

The most obvious way to lower your monthly payments is to opt for a car with a lower price tag.

If you decide on features that are essential vs added value, you can look for a lower trim level with the right features.

Perhaps you, the car buyer, do not have sufficient credit to get a lower interest rate. Finding a cosigner will often get you more favorable terms from the bank. You will want to make sure that you and the cosigner are on the same page, since your car loan will also be their legal responsibility. If you are in the process of rebuilding your credit, getting a car loan with a cosigner can help you in that process as well.

You are entitled to one free credit report per agency each year from annualcreditreport.com. These reports will not give you a credit score, but you can review your credit history. Some of our customers have found that there was an inaccurate late payment, or that their report had been combined with a relative's. This gives you the chance to make sure your information is accurate. You will also be able to see what you can do to improve your credit in the future.

Visit An Evans Dealer Today

We have years of experience working with buyers who have bad credit, making sure they drive away in a vehicle that meets their needs and that will improve their lives, rather than add stress. You can give us a call, or stop into one of our dealerships. You'll find a friendly, compassionate staff with only one goal: Making you a happy customer, no matter your credit score.