Bad Credit Auto Financing Explained: What Chesterfield Buyers Need to Know

When you’re building or rebuilding your credit, it’s easy to end up working with the type of bad credit car dealers Chesterfield MI drivers want to avoid. When done right, though, a pre-owned car loan won’t just help you get behind the wheel, it’ll help you build your credit, too. Explore these opportunities with our team at Moran Certified Pre-Owned and find your road towards a healthier financial future.

What Counts as “Bad” Credit?

Generally, a bad credit score means a subprime score, between 500 and 600. In this range, it can be difficult to find financing with traditional companies, which usually look for a score above 600. However, a low score isn’t the only obstacle: you may also not have a long enough credit history for financing at other dealerships or may not be able to pass the income requirements.

Do You Work with Bad Credit Applicants?

At Moran Certified Pre-Owned, we’re experts in finding financing plans that work, no matter your credit score. We work both with manufacturer financiers, especially with our certified pre-owned lineup, and our local Michigan banks to find plans that work for every driver. If the cost of service is a concern, we also offer extended warranty plans and other value-added services to make budgeting for your next drive easier.

Can Boosting My Down Payment Help My Application?

Yes, the larger you can make your down payment, the more attractive your financing application will be. Growing your down payment reduces the size of the loan you’re applying for, as well as reducing your payments every month. If you’re struggling with finding a financing plan that works, trading in an older vehicle can be the key to maximizing your down payment.

Is Car Financing Easier than Other Loans with Bad Credit?

You may have been turned down for credit cards and other types of loan applications recently. Unlike personal credit applications, though, pre-owned car loans are secured, with the car itself serving as collateral. In addition, financiers understand that most drivers rely on their cars to get around and will prioritize keeping up with their monthly payments. That means there’s more room for flexibility for bad credit car loans.

Apply for Pre-Owned Financing in Chesterfield, MI

Your next exciting drive is waiting for you at our Chesterfield, MI used car dealership. Visit our showroom and talk to our team about financing with less-than-stellar credit. Explore our lineup, submit your application, and take a test drive today!