How to Get a Car Loan with Bad Credit

Bad Credit

Shopping for the perfect new or pre-owned vehicle in Kansas City is exciting, but if you have bad credit, it can feel stressful when you need to secure financing. If you’re worried about how to get a car with bad credit, know that you have more options than you might think! Even with bad credit, car loans with workable rates are obtainable when you work with a dedicated finance team like the one at Hendrick Chevrolet Shawnee Mission. Read our guide below to learn how to get a car loan with bad credit in the Merriam area.

Apply for Pre-Approval to Get Started

Hendrick Chevrolet Shawnee Mission is here to help you find bad credit car loans that still have decent rates and workable payments. You can apply for pre-approval to get started without any risk to your credit score. Our team will help you shop around for the right loan and the best vehicle to suit your driving needs and your finances!

How to Get a Car with Bad Credit: 5 Steps for Success

There’s no way around the fact that bad credit car loans will have higher interest rates than car loans for good credit. However, there are steps that Shawnee Mission car shoppers can take to get a loan with a manageable monthly payment.

  • Set a realistic budget for vehicle ownership. Don’t throw your entire budget at the vehicle’s price tag — you also need to account for ongoing ownership costs like insurance, registration, maintenance, and gas.
  • Strengthen your down payment if possible. If you have any spare funds available, increasing the down payment on your vehicle is always helpful. A larger down payment lowers the risk for lenders, so they’ll be more likely to approve your loan. Plus, your loan balance will be smaller, meaning you’ll pay less interest.
  • Inspect your credit report before starting any applications. Even credit reporting bureaus make mistakes, and they can have a negative impact on your credit score. Thoroughly review your credit report and dispute any errors to help clean up your score. Additionally, making a dent in large debts can help boost your credit.
  • Be frugal about your vehicle purchase. Look for the most affordable vehicle that still offers the features you absolutely need. It may not be the color you love or have luxury features inside, but it will be easier to get approved for a loan.
  • Explore multiple lenders. You aren’t limited to the first lender that approves you! Send out a few applications and compare the rates and terms you’re offered to select the smartest choice. Working with our finance center makes it easier to shop around with lenders in the Overland Park area.

Can a Bad Credit Car Loan Improve Your Credit?

Researching how to get a car with bad credit might not be as fun as shopping for your dream vehicle, but don’t get too discouraged. You can actually leverage your loan to help improve your credit! If you’re dedicated to making full car payments on time every month, you will slowly start to raise your credit. With more lending power in the future, you may even be able to bring home your dream vehicle one day!

Secure Car Financing at Hendrick Chevrolet Shawnee Mission

Do you have some lingering questions about how to get a car loan with bad credit? Drop by our dealership in Merriam or contact us to speak with an expert from our team! We’re here to help you find the right vehicle for the right price, with credit assistance programs to help you work around your credit score.

 

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Hendrick Vehicle Disclaimer:

$699.00 Dealer Administrative Charge not included in advertised price.



All prices exclude all taxes, tag, title, registration fees and government fees. Out of state buyers are responsible for all taxes and government fees and title/registration fees in the state where the vehicle will be registered. All prices include all manufacturer to dealer incentives, which the dealer retains unless otherwise specifically provided. Dealer not responsible for errors and omissions; all offers subject to change without notice; please confirm listings with dealer.

 

All vehicles may not be physically located at this dealership but may be available for delivery through this location. Transportation charges may apply. Please contact the dealership for more specific information. All vehicles are subject to prior sale.

 

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Additional Disclaimers:

*Finance charges accrue from date of financing. Deferred monthly payments for 90 days. 1.9% APR for 36 months. Monthly payment is $28.60 for every $1,000 you finance. Example down payment: 18.8%. Must finance with GM Financial. Down payment required at signing, if applicable. Not available in PA. Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 3/4/24.

*2.9% APR for 72 months. Monthly payment is $15.15 for every $1,000 you finance. Example down payment: 19.2%. Must finance with GM Financial. Some customers may not qualify. Not available with lease and some other offers. Take new retail delivery by 3/4/24. **Must trade in a 2010 model year or newer vehicle. Not available with special financing, lease and some other offers. Take new retail delivery by 3/4/24.

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Hendrick Chevrolet Shawnee Mission 39.0157, -94.6792.