Buying a Good Used Car When You Have Bad Credit Copy
You don’t want to be stuck with a jalopy just because you’ve made a few mistakes with your credit. But what options do you have? We’re about to help you find the best option for buying a car when your credit score is less than perfect.
Bad Options if You Have Suboptimal Credit
You could still try to go to a dealer. The main problem is, with poor credit, you could be stuck with interest rates in the double digits. That means paying way more than you should for a vehicle, even if they can stretch out the loan to make the monthly payments manageable. When buying a used car this way, you may end up needing another car before you have this loan paid off.
You can try a private seller, but this raises a few issues. One, you don’t have a financing option. You have to save up money to buy a used car “as is” which, let’s face it, usually means it’s got one foot in the scrap pile. So you get stuck giving up all of your cash for a vehicle that may not make it from the seller’s driveway to your own. Plus, you may be opening yourself up to getting scammed in other ways.
A Better Option for Consumers with Poor Credit
Then you have buy here pay here dealerships. While this is your best option for getting loan approval at a reasonable rate, you still have to be careful. Here are a few things to look for:
- Good reputation – Read company reviews and make sure the dealership has been in business for at least 5 years.
- Warranty – The dealership should provide good customer service and ongoing support options. The offer of a warranty shows that a dealership knows they have high-quality vehicles.
- Reasonable financing – You shouldn’t have to put a lot of money down up front, and monthly payments/interest rates should be competitive.
The Best Used Cars and Financing in San Diego
Century Auto Group has the best used cars and financing options in San Diego. We have many customer testimonials, we’ve been in business for over a decade, and we offer two types of warranties. Call 619-281-2300 today or come and see us in person to buy a used car today regardless of your credit score.