financing used vehicle subprime credit blog

April 5th, 2022 by

Get Financing on a Used Vehicle with Subprime Credit

Get Financing on a Used Vehicle with Subprime Credit

Used Vehicle Financing at Volkswagen of Panama City

As car prices continue to rise, shoppers with subprime credit have concerns about being able to get a car loan. At Volkswagen of Panama City near Panama City Beach, Florida, we carry a large inventory of used cars at a variety of prices.

As a used vehicle dealer near Panama City dedicated to providing outstanding customer service, our finance department is ready to help all customers get an auto loan, even if they have bad credit. We take pride in offering used vehicle financing for subprime credit. For added convenience, we have an online credit application for pre-approval regardless of your credit report.

Prepare for the Process

Before our finance team can find subprime auto loans, car shoppers can take a few steps to help themselves. Most subprime auto loans come with higher interest rates, so borrowers should take a few steps to bring the interest rates down a bit.

Car shoppers with subprime credit scores can work on their credit scores before they start shopping for a used car. A few months before buying a used car, make payments on time to boost your credit score a few points. Any credit score boost can help reduce interest rates.

Most car loan applications ask borrowers to share their income source. If you know you are buying a used car, do your best to make more money in the weeks or months leading up to your purchase. Showing that you have the financial means to make monthly payments could encourage lenders to offer you a more attractive auto financing package.

One other step that can help you save money on your used vehicle financing with subprime credit is getting a co-signer with good credit. This person will not own the vehicle with you but signs the loan with you promising to make payments if you cannot.

Save Your Money

Another way to help yourself get a better loan offer despite your subprime credit score is to save money for a down payment. If you can put more money down, the banks and credit unions that lend money to you will see your dedication to paying for the car.

You can also reduce your monthly payment by trading in a car you already have. At Volkswagen of Panama City, you can check the value of your vehicle with our online trade valuing app.

Choose Volkswagen of Panama City for Used Vehicle Financing

When you’re shopping for a used car near Springfield, Florida, we hope you choose Volkswagen of Panama City. Our friendly sales team can help you find a high-quality used car within your budget, and our car finance experts can craft a loan with affordable payments, regardless of your credit score.

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