Low Credit Auto Loans
If you have a low credit score, you may be curious about what your auto loan options are. You may also be wondering if you are even eligible for an auto loan.
At Ohio University Credit Union, we want to help you get where you need to go. Low credit and/or no credit history at all doesn’t automatically take you out of our auto loan options.
Low Credit Auto Loan Options
We understand that life can get tough and financial challenges occur. Just a few economical mishaps, such as making late payments or applying for several credit cards, can cause your credit score to tank.
In other cases, you may not have any credit whatsoever. If you have yet to establish any finances, you will have no credit history.
That’s why our experienced loan managers are here to help you better establish yourself. No matter your background or prior experiences, our team will work to do all that we can to get you the financing you need at rates you can handle and deserve.
Low Credit? What You Can Do
Buying a car can be stressful for anyone. Buying a car for someone with a low credit score can be even more trying. That’s why we’ve compiled a few things you can do to help make the low credit car buying experience easier.
Check your credit
Knowing exactly what your financial situation is by checking your credit score and credit history is vital to the car buying process. This will help you know what your options are when you start the budgeting process.
Check your credit report for errorsIf you spot any errors in your credit report, be sure to fix them ASAP. This could potentially help bring your credit score up substantially.
Improve your credit score
If you have the time, we recommend trying to improve your credit score before entering the car buying process. A few simple ways to improve your credit score include:
- Make small, frequent payments to help keep your credit card balances down.
- Dispute any credit report errors, such as a payment marked as late that you know for a fact you paid on time.
- Keep credit cards open to improve your overall credit utilization.
- Pay every bill on time. This is the biggest and most effective way to raise your credit because it has the highest impact on your score.
Do your research
Create a budget you will stick to and know what you can afford.
Use our Auto Loan Calculator to see what you can pay.
Low Credit Auto Loan FAQ
Yes! At Ohio University Credit Union, we will do everything we can to try to get you the financing you need at the interest rates you deserve.
Having a cosigner is a good idea if you have low or no credit because that provides another individual who can make a payment if you are unable to.
While numerous factors go into your interest rate, one of those includes your credit score and credit history. Ordinarily, a higher credit score will reward you with lower interest rates.
Don’t Let Low Credit Set You Back
At Ohio University Credit Union, we want to help you fulfill your goals and reach your financial potential. A low credit score won’t stop us from doing whatever we can to provide you with financing opportunities to help you drive away in your own car.
Get started today!
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