You Can Easily Navigate Bad Credit Auto Loans In Apollo Beach

November 27, 2017

bad credit auto loans in Apollo Beach

Have you been looking for auto financing, yet you are unsure of your options due to your shaky credit history? You should know that you do have options available in the form of bad credit auto loans in Apollo Beach. All you need to do is find the right vehicle to suit your needs and then educate yourself on all of your options when it comes to financing with poor credit.

Just about everyone has a credit score and many people are completely unaware of what that score is, let alone what it means. What you should know is that a good portion of the top lending institutions will use your FICO scores when it comes time to evaluate you for a vehicle loan. If you happen to have a lower credit score, it could be hard for you to secure an auto loan that has a low-interest rate.

There are three main credit bureaus, which include Experian, TransUnion, and Equifax. Each of then calculates a credit score in a different manner. However, they use just about the same criteria to get to their calculation. The following is a break down of credit scoring:

Excellent Credit 740 to 850 points

Good Credit 680 to 740 points

Acceptable Credit 620 to 680 points

Subprime credit 550 to 620 points

Poor Credit – 300 to 550 points

You also need to know that there are several credit rating factors that come into play. Certain activities can have a negative impact on your credit score, such as:

  • Missed or late payments
  • Little or no credit history
  • Foreclosure, bankruptcy or any defaults on a loan
  • Too much current debt
  • No assets to use as collateral, such as a car or home

Know Your Options When You Have Bad Credit

Having poor credit can make it hard for you to get the car loan that you need, but you should know that it is not impossible. When you work with the right dealership and financing team, you will be able to lock in a great rate on a vehicle that is priced just right.

Anyone with a lower credit score can also work on different ways to improve their chances to get a better loan rate. For example, if you plan ahead of time, you should be able to work on boosting your credit rating for a better outcome. During this time, you can also start setting aside money so that you can have a substantial down payment when you make your way to the dealership.

When you work with Drive Away Enterprises, you will have a world of financial expertise right at your fingertips. Our loan specialists will be happy to talk with you about your buying needs and all of the options that you have. In many instances, just having as little as $500 down will get you the approval that you are looking for so that you can enjoy stress-free vehicle ownership.

Call Drive Away Enterprises today at (813)252-5533 to learn about all of your options for bad credit auto loans in Apollo Beach and drive away happy.