How to Shop for Bad Credit Auto Loans in Lynnwood

March 26, 2018

Bad Credit Auto Loans in Lynnwood

Just because your credit rating is less than perfect does not mean that you cannot secure a great pre-owned vehicle with accompanying affordable financing. Numerous dealerships are happy to offer bad credit auto loans in Lynnwood. The trick is to know how to go about shopping not for the car, but for the loan itself. Here are a few valuable tips:

  1. How do you know your credit is poor? Get a copy of your credit report to know exactly what your rating is.
  2. There are some dealers who will view your less than favorable credit rating better than others. Shop around.
  3. When looking for the best used one owner cars for sale, start with local dealerships.
  4. It can be quite helpful to have a friend or relative come with you to various car lots. They have less invested in this purchase than you and can be more objective.
  5. While the amount of your monthly payment is important, it is not as critical as the loan terms. Finding the lowest APR for the least amount of time is better in the long run.
  6. There are often lending contracts offered to subprime buyers that contain add-ons that are not necessary. Carefully examine the contract before you sign and look for extras like extended warranties and after-market services.
  7. Be cautious of “yo-yo” scams. When financing at the dealer, the terms should be final before you sign the contract and drive away. Sometimes a buyer is notified long after the purchase that the financing is not “complete” and must pay a higher down payment or assume a higher interest rate.

Fresh Start Approval is eager to help buyers with bad credit auto loans in Lynnwood. Contact us at (888) 348-3290 with questions about our interest rates and to inquire about our current inventory.