Financing with Low Credit Scores

Special Financing with Low Credit Scores

Achieving auto financing with low credit scores is not impossible – nor does it have to be an embarrassing or complicated process. As one of the largest and most trusted auto groups in the state of Kentucky, rest assured – we’ve seen virtually every bad credit scenario and financing situation. 

Our professional and caring Special Finance Advisors are prepared to help Louisville area drivers by listening to your specific needs and then matching you with a vehicle that you can both afford and enjoy.

The primary obstacle facing most people with bad credit or low credit scores is lack of information. The goal of this page is to help local Louisville area drivers understand the process of buying a vehicle using special financing.

Obtaining Special Auto Financing – Don’t Give Up!

The key to getting what you want is perseverance. Securing bad credit financing can be a frustrating experience. If you’re like many people, you may have simply stopped doing research before exploring all of your options. If so, you may have visited or contacted one of the many Buy Here Pay Here car dealerships near Louisville.

What if you could purchase a vehicle with low credit scores using traditional financing? Over the years, we’ve built an extensive network of special finance lenders. As a result, the Oxmoor Auto Group Special Finance Center has emerged as the area’s best Buy Here Pay Here Alternative!

Bad credit is often the result of financial difficulties experienced in the recent past. Whether the issues were related to overdue medical bills, credit card debts, an auto repossession, or a bankruptcy, securing auto financing with low credit scores is still possible for most people. Even if your credit scores are in the 500’s, there are lenders who can help.

Common Special Financing Requirements for Financing with Low Credit Scores

Special financing often varies depending on the lender. However, there are several common factors:

• Employment: You must be employed to obtain financing. If you are employed but have specific
  questions, please complete our brief Special Finance Employment Evaluation form.

• Income: Most lenders specifically analyze your income vs. your current (and proposed) debt load. To determine your income qualifications, please complete our Special Finance Income Evaluation form.

• Down Payment: Financing with no down payment is possible, however many lenders require some type of financial investment when offering financing with low credit scores.

• Trade Equity: Having a trade-in vehicle with equity is not required. If you are not sure how much equity you have, please complete this Special Finance Trade Evaluation form.

• Open Repossessions: Very few lenders can approve a loan for drivers currently in the process of having a vehicle repossessed. If there are special circumstances that you feel apply, please complete this Special Finance – Ask an Expert form.

• Bankruptcy: Limited numbers of special finance companies allow open bankruptcies. If you are currently in a bankruptcy or have questions, please complete our Special Finance Bankruptcy Evaluation form.

The Special Finance Approval Checklist

If you have not already done so, there are several things you can do to increase your chances of obtaining special financing with low credit scores:

• Settle your debts – Outstanding debts, judgments, and liens can drag down credit scores. Paying off old debts will repair low credit scores and help you achieve stronger loan terms.

• Correct any errors on your credit report – A recent FTC study shows that 5% of consumers had errors on at least one credit report. Make sure that’s not you.

• Save money for a down payment – Down payments lower your monthly payment, improve loan terms, and can reduce special finance interest rates. While auto financing with no down payment is certainly possible, it is not common.

• Obtain a co-signer  – If a borrower cannot obtain auto financing with low credit scores on their own, a co-signer (co-borrower) may be necessary. This is typically a friend or family member.

• Be realistic – If your budget is limited, focus on what you need and not want you want. While a sunroof, leather interior, or premium sound system may be attractive, they can significantly add to the price of the vehicle. When deciding on a potential vehicle, think about your budget.

• Get your paperwork in order – If you have bad credit, the most helpful thing you can do to secure an approval is gather the proper documentation. Lenders like to review documents when making their decisions. Make their job easier by providing everything they need: recent check stubs, bank statements, proof of alimony or child support, bankruptcy papers, repossession letters, etc.

Questions? Click the phone to speak with a Special Finance Advisor now!