Financing with Low to No Credit

FAQs When Financing With Low to No Credit

Credit shouldn’t be an unmovable hurdle drivers must climb to purchase a vehicle. As a Texas Ford dealer, Brinson Ford Lincoln of Athens goes above and beyond to ensure your credit score won’t keep you off the road. Our finance team helps drivers with little to no credit by offering programs to rebuild their scores and getting them a loan they’ll love! As many drivers search the web for “No credit car loans near me,” Brinson Ford Lincoln of Athens has curated this FAQ about securing a loan with less-than-stellar credit so you can understand your options!

Can I Get Approved for a Car Loan with No Credit or Bad Credit?

Yes, absolutely! Our dealership specializes in getting drivers loans if they have no or less-than-stellar credit! While it is the most popular question drivers search for, at Brinson Ford Lincoln of Athens, our dealership works with local banks, lenders, and Ford to offer competitive rates and multiple programs to rebuild your credit. We provide various ways to get you the loan you’ll love and get you back on the road again!

Do Dealerships Specialize in Bad Credit Car Loans?

Yes, many dealerships specialize in working with drivers with little to no credit, and lucky for you, Brinson Ford Lincoln of Athens is one of those dealers! Our finance team believes your credit score shouldn’t keep you off the road, so we work with multiple lenders to get you a loan with terms you’ll love. We can also enroll you in programs to rebuild your score and help you negotiate lower rates. We believe that if you suffer from bankruptcy, debt, or other financial hardships, you still have a right to be on the road!

How Does a Cosigner Help with Financing?

Having people who can lift you when you fall is always good. A cosigner, usually someone with fantastic credit, agrees to take responsibility for your loan if you fail to make payments. What does this mean for no credit car loans? When a driver with a less-than-stellar score applies for a loan, the lender will see them as a high risk, meaning they are afraid they won’t get the loan back, and on top of that, you’ll see sky-high interest rates. A cosigner with good credit will help ease the lender’s fear of lending you money, and it will lower your interest as they know that someone will take up payments if you can’t. A cosigner will add security and reduce the lender's risk, so if you’re considering applying for a car loan, see if someone in your life will cosign your loan!

Will My Interest Rate Be High Because of My Credit?

Sadly, your credit score is a significant factor in the interest rates you pay, and if you have bad or no credit, your interest will be sky-high. Why does this happen? It’s a tale as old as time: Drivers with high credit will notice their rates are drastically lower than those with no or bad credit. When a lender sees that your credit needs work, they consider you a high risk and charge more interest to ensure they get some money back. At Brinson Ford Lincoln of Athens, we believe everyone should have fair rates, whether bad or good credit. With our credit rebuilding programs, we can patch up your credit!

How Much Should I Put Down if I Have Bad Credit?

If you’re looking for bad credit car loans, a down payment can save you from high interest rates and unfavorable terms and shorten the duration of your loan. Whether you have terrific or no credit, it is recommended that you put down 10% to 20% of the car’s purchase price upfront. Still, if your score is less than stellar, you should go for a higher down payment to show the dealer and lender you mean business and reduce the risk of borrowing. The larger your down payment, the less you have to borrow.

What is Buy-Here-Pay-Here Financing, and is it a Good Option?

Buy-Here-Pay-Here dealerships have in-house lending, letting you finance and purchase your car without shopping for lenders. Brinson Ford Lincoln of Athens, take the stress out of applying to multiple banks, credit unions, and other lenders, as our finance team can tailor-make a loan package specifically for you by having you fill out our free credit application. You can skip the hassle of browsing for loans and rates as we work with local banks, the Ford manufacturer, and more to get you a loan you’ll love!

Visit Our Financing Team Today!

With years of experience, Brinson Ford Lincoln of Athens knows that credit can be the sole factor keeping drivers off the road. So, whether you have little to no credit, our dealership will work with you with our buy-here-pay-here format, rebuild your credit, and help you completely understand the financing process to get you the best loan possible! Are you ready to get the financing process started? Visit Brinson Ford Lincoln of Athens in Athens, TX, today!