Bad Credit Car Loan FAQs
At Tim Short AutoPlaza, we know all too well the challenges that come with limited credit. Our Lexington used car dealership is committed to helping customers of all financial backgrounds drive away in quality vehicles.
Bad Credit? No Problem.
Having bad credit is more common than you think! At Tim Short AutoPlaza, we don’t believe in letting a low credit score hold you back from purchasing a reliable vehicle. With access to a range of lenders in Kentucky, we can help you get approved for an affordable used car loan with terms that match your budget.
Whether you have bad credit or no credit, our dealership can help. To get started, apply online or pre-qualify with our Capital One application today! (Don’t worry, applying won’t impact your credit score!)
Bad Credit Financing: Frequently Asked Questions
Can I get a car loan with bad credit?
Absolutely! Many lenders specialize in helping individuals with bad credit secure financing. Your credit score is just one part of the equation, and there are options available that consider your entire financial picture.
Will applying for financing hurt my credit score?
While it is common for finance applications to cause a small dip in your credit score due to the inquiry, our prequalification application with Capital One can show if you’re approved in minutes without hurting your credit score.
How does bad credit financing work?
Bad credit financing is designed to help those with lower credit scores get approved for loans. While the interest rates might be higher, these loans provide an opportunity to rebuild your credit over time with consistent, on-time payments.
What types of vehicles can I finance with bad credit?
You can finance a diverse inventory of used cars, trucks, and SUVs from a range of makes and models. Some lenders may have specific requirements, but most will offer financing on vehicles that meet their criteria.
How much can I borrow with bad credit financing?
The amount you can borrow depends on various factors, including your income, the vehicle’s value, and the lender’s policies. Discussing your options with the lender can give you a clearer idea of your borrowing capacity.
Will I require a large down payment?
Not necessarily. While a larger down payment can lower your monthly payments, we offer flexible options, including low or no down payment plans, based on your credit profile.
What if I’ve been turned down for financing before?
Don’t get discouraged! Every lender has different criteria, and getting turned down by one doesn’t mean you won’t be approved elsewhere. Many lenders specialize in giving second chances to individuals with bad credit.
What documents do I need to apply for financing?
Typically, you’ll need proof of income, a valid driver’s license, proof of residency, and insurance information. Our team will guide you through the entire process.
Can financing a car help improve my credit score?
Making consistent, on-time payments on your auto loan can positively impact your credit score over time. We’ll help you choose a payment plan that fits your budget to ensure you make your payments every month.
