What is a Bad Credit Car Loan?
Have you heard about bad credit car loans? If you’ve been looking to purchase a new car, truck, SUV or van, and you’re being turned down for your bad credit, then a bad credit car loan is just what you need. We’re not talking about your traditional auto loan from the bank. If your credit is really bad, or maybe you just haven’t established credit yet, you can visit a buy here pay here dealership to get a different kind of auto loan. That’s who we are at Dynamic Motors!
What is Second Chance Financing?
Second chance financing is just another term, mostly used in advertising from car dealerships, to say a dealership will give someone with poor credit a second chance to get financing to purchase a vehicle. It might be second chance, third chance, fourth chance…regardless, it means even if you have a bankruptcy or repossession on your record, you get a second chance at financing for a newer vehicle.
How Bad Credit Car Loans Work
A bank or credit union likely will not give you a car loan if you have a low credit score. However, a buy here pay here dealership will loan you their money, as an official car loan, to buy the vehicle from their dealership. That’s what we do at Dynamic Motors. We provide the money to give someone with bad credit a loan to purchase a car from our dealerships. Buying a car does require a down payment from you, so you do have to provide some cash to get in a vehicle. That is the collateral you are putting down to ensure you will continue paying your monthly car note you receive on that bad credit vehicle loan. Interest rates will be higher than at a bank, but that’s expected for someone with a low credit score. But – you get into a nicer newer vehicle.
Build Back Your Credit Score
One of our goals at Dynamic Motors is to get you in your auto loan so you can own a vehicle, go to work, pay your monthly car note, and help build back your credit! Your loan is a real loan – so it does help you raise your credit score. With a higher credit score, your next vehicle might have a lower interest rate. Or you might be able to get into a nicer vehicle you want at a lower down payment, all because you’ve improved your credit score.
What Kind of Vehicles Can you Buy With a Low Credit Rating?
This is good news! At Dynamic Motors, we have all types of vehicles to choose from on our two lots. Chevys, Fords, Hyundais, Jeeps, Kias, Toyotas. We carry most brands from time to time – even something like a hot Ford Mustang or Dodge Ram! We have trucks, mini-vans, SUVs, Jeeps and cars available every day on our two Austin used car lots.
Visit Dynamic Motors Today For That Auto Loan You Want!
Dynamic Motors can help you answer all your questions about bad credit car loans, second chance financing, and what a buy here pay here dealership is all about. Visit our downtown Austin car dealership on E Cesar Chavez Street, our south Austin dealership on the motor mile at 8113 S IH-35, or shop online anytime to browse our available vehicles.
