Bad credit can affect your financial and personal life to a surprising extent. The majority of lenders out there are very wary of loan applicants with bad credit. Read below to learn more about how bad credit can affect your life, and how you can get the used car loan you need while improving your credit score at the same time.
Difficulty Getting Loan Approval
Having bad credit can affect the amount of effort required to obtain a car loan. Many car dealerships, banks, credit unions, and other lenders will look at a low credit score and reject the loan application without further consideration.
Higher Insurance Premiums
Insurance companies monitor their customers’ credit scores as well. Car insurance companies claim there is a connection between lower credit scores and a higher likelihood of filing an insurance claim. So, even if you have never filed an auto insurance claim previously, your insurance company will still check your credit score periodically (during times that you’re ready to renew your auto insurance plan). And, if your credit score is lower than it was when they last ran your credit, they will often raise your premiums.
Trouble Getting Approved for House or Apartment
Before approving you for a house or an apartment, many landlords will run a credit check before asking you to sign a lease. If you have bad credit, it may be difficult to find a landlord who is willing to give you a chance on a house or an apartment.
If you’ve been trying to find a car loan for a quality used vehicle, but you’re having trouble because you either have bad credit or you need to establish credit, come to Oak Motors. We have five locations throughout Central Indiana for your convenience. And, you’ll be glad to know that we’ve been helping individuals with bad credit for more than 25 years.
We report your payment history to the credit bureaus, and will even help you pay for your vehicle with our family and friends referral program. Call us at 877-OAK-MOTORS or contact us online to learn more about our used car inventory, and in-house financing services.Categories: Credit Repair