Bad Credit Auto Loans

There is a big difference between bad credit auto loans and Buy Here Pay Here loans. As a Georgetown car buyer, you may have seen dealerships advertise both services under one roof; but it is important to understand how each work in order to make the best decision on financing.

On the surface, bad credit car loans are not any different than traditional car loans. They’re simply loans from banks that specialize in providing car loans to bad credit customers. But given the risk that comes with lending to buyers with bad credit, banks and lenders do charge higher interest rates when compared to customers with average to above average credit. This lets you to get a quality loan from a great bank/lender; with no hassle required.

Buy Here Pay Here is exactly as it sounds and seems like; you buy a car from a dealership and make your payments directly to them. They act as the seller and the banks in order to avoid the extensive credit checks that most major lenders put buyers through before approval. This is great for someone whose credit has been hit really hard by bankruptcy, divorce, or similar financial fallouts. We can help with all that while helping you build or rebuild your credit, while reporting to all 3 credit bureaus to improve your credit. Most buy here pay here dealers do not report to credit agencies.

Georgetown Auto Sales ky does not do Buy Here Pay Here, but we’re very confident we can help customers in the Lexington, Georgetown, KY area who may feel that they wont qualify for a car loan any other way. Selecting this route over Buy Here Pay Here could not only save you tons of money, but will boost your credit overtime with consistent on-time payments to your lender, and also have warranty on your vehicle in case of a major break down, which most buy here pay here stores do not provide.

The Best way to get a car loan with Bad Credit

If you’re looking for bad credit car loans in the Lexington, Georgetown, KY area, we know you’re in the market for a car truck or SUV. But purchasing a car with bad credit is way different from buying with good credit. For one, you’ll find it harder to secure financing directly from a lender, as they will judge you solely based on your credit score.

Luckily, this is where Georgetown Auto Sales Ky comes in. We’ve got great relationships with financial institutions and work with them directly to ensure our customers get approved for great loans. To help you get started, here’s a step-by-step look at the best way to buy a car with bad credit:

Have cash ready for a down payment

We understand if its hard to save up cash for a down payment, and it is near impossible to get a bad credit car loan if you don't have cash down or equity in a trade in.

Not only will a down payment lower your overall monthly payment on a loan, it will also show the lender that you’re serious and less likely to default on the loan. "Skin in the game" as we call it. In addition, you may be offered a lower interest rate for offering a down payment, which will save you money over the course of your loan and further reduce your monthly payment

Aim for a low monthly payment

Speaking of monthly payment, it’s important that you can absolutely afford this when presented with numbers here at Georgetown Auto Sales. We want you to be completely comfortable with the process and be able to afford your payment long term. Before visiting our bad credit car dealership, have a solid payment range that will fit your current budget, and don't forget to put as much down as you are comfortable with.

Choose your vehicle based on your needs

As a car dealer, we know that cars and trucks can be truly tempting. Whether it’s a brand new truck, a powerful sports car, or a capable SUV, we all have vehicles that get under our skin and call out to us. Unfortunately, that’s not always a good thing for your budget.

With bad credit, you don’t want to end up picking a vehicle based on what you want; you want to choose one based on needs. Thinking like this will allow you choose the most practical vehicle, save money, and avoid issues making payments down the road. If you pay this bad credit loan for several years, it may be possible your credit improves enough to get that mack daddy truck or powerful Mustang.

Doing business with Georgetown Auto Sales Ky

Georgetown Auto Sales was founded in 1994, and has helped thousands of customers over the years, both good and bad credit. It all starts with inventory, we have a large selection of trucks, cars, and SUVs that will work for you. If you don't know where to start, give our sales team a call and they can get your credit application started, or fill out our online credit application.