Most people realize they have bad credit and also understand the need for a vehicle in Norman OK. The short answer is that yes, it is possible to get auto financing no matter how poor your scores are, but it’s more challenging and will require that you do a little more research.
Crunching Numbers
The fact is that if your score is less than 620, you are automatically considered to be a subprime borrower. This just means that you aren’t going to qualify for the best loans on the market. However, it doesn’t mean that you can find anything that’s satisfactory.
Be Realistic
You aren’t going to get a 1.7 percent APR because your scores aren’t that great. You will be paying a higher interest rate and will likely put more money down on the vehicle of your choice. However, there is still room for negotiations, and nothing is set in stone.
Therefore, you may have to accept a less expensive car, have a higher interest rate and go through subprime lenders to finish the deed.
Your Options
Bad credit auto financing in Norman OK can come from a variety of sources. For example, you can visit your credit union to find out if you’re qualified for a loan through them, as they may be more lenient with scores and requirements. Likewise, you can always try the car dealership to check their financing options.
Your best bet, however, may be to choose a subprime lender. They specialize in loans for those with poor scores and can pre-approve you for a particular amount in a matter of minutes, so you know exactly what you can afford and go from there.
Norman OK bad credit auto financing is a necessity for those with lower scores. Visit Business Name Online now to find out if you’re approved in just a few short minutes. And also like our Facebook page.
