Have you been turned down for an auto loan due to bad credit? It’s disappointing, and it makes life more difficult than it has to be. At our used car dealerships in Arlington, Dallas and Kansas City, we don’t penalize buyers with bad credit. To us, a low credit score only means you have had financial trouble in the past — it doesn’t mean you shouldn’t qualify for a used car loan now.
Bad Credit Car Lots
Buy here pay here car lots are sometimes also called bad credit car lots. Regardless of what you call them, a buy here pay here caters to customers who expect to have trouble getting a used car loan from a bank, credit union, or other financial institution.
Lenders typically check your credit when you apply for a loan. Your credit history is part of your credit report. Your credit history shows if you have missed payments or made late payments for previous auto loans or other obligations or debts.
All this information is compiled to calculate your credit score. An excellent credit score is between 720 and 850. A good credit score is 690-719. Fair is 630-689 and bad is 629 and under. The longer you consistently make on-time payments in full, the faster your credit score will rise.
But it can take up to seven years for blemishes to be removed from your credit report. That’s a long time to be punished for something that may have not even been your fault, such as a divorce or medical emergency.
Bad Credit Dealerships
At our dealership, we don’t base our decision about whether to grant you financing solely on your credit report. Every situation is unique, and we are only interested in helping get our customers in a vehicle that suits theirs needs and they are comfortably able to make their car payments. For that reason, we place most of the weight of our decision on whether you have a steady job with adequate income.
Once you get a used car loan with our buy here pay here dealership, we’ll report your on-time payments to the credit bureau every month. That will help improve your credit score. It will also help you establish credit if you have not done so previously.
Some potential buyers have low credit scores simply because they have never taken out a loan of any kind and paid it back. These borrowers are penalized by banks for not demonstrating their financial creditworthiness, even though they may have never paid a bill late.
Bad Credit Car Dealerships
Whether you have bad credit or no credit, our used car dealerships can help you. We’ll show you how much your monthly payments will be, what your interest rate is and how long it will take you to fully pay off the vehicle.
We’re not like a credit card company, making money off of keeping you in debt forever. We limit our loans to a maximum of five years. Plus, we only sell the best-quality used cars that are proven to last and are not expensive to repair.
We’re the used car dealer that drivers in Arlington, East Dallas and Kansas City love — Adonis Auto. Call or visit us today to get started buying your “new” used car!