Over 1/3 of people today have bad credit, and even more are unaware of how it will affect purchases, especially something as important as a new or used car loan. The truth is that a lot of good people have less-than-perfect credit scores for very understandable reasons, like medical bills and student loans, but a bad credit score doesn’t stop you from getting the family or commuter vehicle that’s perfect for you. If you’ve believed one of the following common credit myths, it’s time you gave us a call…
1) Bad credit is uncommon. If you have bad credit you may feel as though you are being singled out, when in reality, having bad credit is a fairly common problem. 1 in 3 people have bad credit, and it’s not as big an obstacle as you might think!
2) Bad credit is forever. It all depends on the type of reasons that led to a bad credit score. Diamonds may be forever, but your credit score can literally change overnight. Making auto loan payments on time and paying off existing credit cards can be fast, effective ways to repair damaged credit. Eventually, the reasons for the decrease in credit score become less important, and a person’s history of responsibility holds more weight than their past.
3) Approval for bad credit auto loans takes a long time. Knudtsen Chevrolet understands that good people can have bad credit scores for lots of good reasons and makes it easy for you to start rebuilding with a fresh car loan quickly and easily. Just apply online, or check out our finance and lease deals if you’re still researching and feel free to visit our ‘Should I Buy or Lease” page to help you make the best decision..
4) Bad credit auto loan terms are forever. Initially, the interest rate on a bad credit loan might be higher than its good-credit counterpart. However, if you are attentive about making payments on time and prove that you have good responsibility with the loan, you may eventually be able to negotiate refinancing at a more competitive rate. Again, diamonds may be forever, but not the terms of your loan!
5) Getting a bad credit auto loan will damage your credit score. While there are many reasons that a person’s credit score falters, getting a bad credit loan is not one of them. In fact, if you make regular payments on the loan, over time a bad credit auto loan can actually help improve your credit score.
If you are ready to learn more about getting into a new or used car in the Coeur D’Alene and Spokane areas, visit us online and pre-qualify in minutes. Our sales team is standing by to answer any questions you have, understand your individual needs and work out a way to hand you your new keys.