Bad Credit Car Loans in Warwick, RI

 

Imperfect credit is more common than you may think – and it doesn’t have to stand in the way of your next new car. Did you know there are special loan programs for people with credit challenges? Quite a few lenders are willing to work with vehicle buyers who have blemishes on their credit records, and our financing team can help connect you with one of these providers of bad-credit car loans.

What’s a Bad Credit Score?

The first step when you’re looking for a bad credit vehicle loan is to know your credit score. For every person who has an established credit history, even those who’ve opened just one such account, FICO (Fair Isaac Corporation) provides a uniform assessment of the individual’s demonstrated responsibility with money they’ve borrowed. This system helps potential lenders assess the risk of lending to a certain applicant. These scores range from a low of 300 to a high of 850, with a range of categories – Excellent, Very Good, Good, Fair, and Poor – in between. If you’ve applied for financing recently but were turned down, you most likely have a fair or poor credit score, below 650 or thereabouts. While some creditors will automatically reject an applicant whose score falls under a set number, there are others, as we mentioned, who are happy to give credit-challenged people a second chance.

Raising Your Credit Score

While the financing team at Balise Nissan of Warwick is likely to connect you with the right lender, if you can put off your vehicle purchase a bit longer and work to improve your credit score in the meantime, you’ll enjoy some advantages. Raising your score will take discipline and hard work: you’ll need to limit unnecessary spending as you pay off your existing debt as aggressively as your budget allows. This will lower your debt ratio and steadily raise your score. It won’t happen overnight, but you should see results in a few months as long as you don’t open any new credit or add more debt to your existing credit. Pay all of your bills on time, and budget extra money toward paying down your balances – even if it means giving up things you enjoy.

Come Talk to Us

We’re always just a phone call, online inquiry, or visit away if you have questions about bad credit lending or you’re ready to apply. Come on in to 1350 Post Road in Warwick, visit our online Finance Center, or call our financing team at 401-352-5908. We’re on your side, and we have excellent working relationships with a variety of lenders who understand that imperfect credit is a common situation that happens to good people. Your next loan – and your next vehicle – may be right around the corner.