Certified Pre-Owned Pricing Lansdale, PA

How to Get Certified Pre-Owned Pricing in Lansdale, PA, with Poor Credit

Having bad credit or even no credit can make it incredibly challenging to do things like buy a house or car since lenders will be hesitant to approve you for a loan. If you have concerns about certified pre-owned pricing in Lansdale, PA, because of bad credit, read on. 

Be Prepared for High Interest Rates

Lenders view an automotive loan for those with bad credit as a greater risk and will typically counter that risk by offering a high interest rate. Unfortunately, you should prepare yourself to pay a higher interest rate in Lansdale, PA, with bad credit than a friend with a better score would. 

Save Up as Much as You Can

To help make the most of your financial situation in Lansdale, PA, start saving up your money as soon as you can and save as much as possible before buying your used car. This can help you in one of two ways. If you save enough, you may actually be able to buy the certified car in cash and not have to worry about an auto loan. If you do not have enough saved for that, you will be able to maximize your down payment. 

This will help you in several ways, including by limiting the amount that you have to borrow. Since you have a higher down payment, lenders would be out less money if you default on your loan, making them more likely to approve you for financing in Lansdale, PA. They may even lower your interest rate based on your down payment. Additionally, if you have paid for more of the car already via the down payment, you will have a lower balance. Even if you cannot get a better interest rate, the overall interest you pay will be smaller since the principal is lower. 

Be Cautious with Co-Signing

One way to get an automotive loan with a good rate despite your poor credit is finding a co-signer in Lansdale, PA. While this is certainly tempting, it is not always ideal. You must really trust your co-signer and they must trust you, and a missed payment can strain the relationship dramatically. When done correctly, however, co-signing can help you get a good deal and improve your credit score as you pay off the loan. 

No matter your situation, the team at our dealership will work with you to find certified pre-owned pricing in Lansdale, PA, that fits your budget. 

Categories: Pre-Owned Inventory

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