Most of us have had tough times in our lives when there just wasn’t enough money to go around. If you couldn’t meet your obligations during times like these, your credit can suffer. If your credit has taken a hit, but you still need a car, we can help. We understand the importance of needing reliable transportation. Here are a few tips to help you have the best picture of your credit before you even start car shopping.
While you might have a feeling your credit is bad, it’s best to know for sure. You are entitled to a free credit history report every year. Check all three reports and look for any errors. If you find any, get those cleared up as soon as possible. You might also find some past-due accounts that you can easily pay off.
Now that you know what you are up against, be a good credit customer. In the months leading up to your potential car loan, do not open any new accounts and make sure to pay all of your bills on time.
Because of your previous credit issues, you might end up with a high interest rate on a loan. To help offset some of that cost, save up as much money as you can for a down payment.
While you might have your heart set on something brand new with all the bells and whistles, you might not be able to afford that. Track all of your spending for a few months to see where all your money goes. Consolidate your expenses and eliminate unnecessary purchases, like a $5 cup of coffee every day, to help you save money for a car and make room for all the necessary expenses that come with it, like gas, insurance and service.
To learn more about your financing options, visit us at High Point Mitsubishi.