Tips for Bad Credit Financing in South Burlington VT
Your credit history can play a major role in getting approved for a vehicle loan and in what kind of interest rates you’ll get. And that’s why having bad credit can be so rough for buyers, even those buyers that have a good income and job history. That said, we at Heritage Toyota want to make sure you get the best possible deal and have the best possible experience while at our dealership and others! Continue reading to see what tips we offer!
1. Find what you can Afford to Pay
One of the most important things you can do is keep your budget in mind. Many drivers don’t, they overestimate what they can afford and as such end up affecting their ability to make payments down the line. You need to keep your budget in mind, and your bills, and find what you can afford to pay and then stick to it.
2. Make a Large Down Payment
You can offset many issues that a bad credit report will give you when you make a bigger down payment. A large down payment can impact the interest, taxes, fees, and even widen the selection of vehicles that you can choose from. This means that your payments will be easier to manage, and you’ll have a better chance of finding a vehicle that suits your needs.
3. Try to get Pre-Approved
One way to help you shop realistically is to make sure that you have a pre-approved loan amount ready to work with. Talk to a bank or credit union, or a dealership’s financing department, before shopping to make sure you can get approved. This will help keep your budget managed and make sure you have a loan ready at the time of payment!
These are just three of many great tips for financing your vehicle, new or used. To learn more about what you can do to better your financing experience, or to see our vehicle inventory, contact us at Heritage Toyota today!