It may be challenging, but not impossible, to obtain financing to buy a new car if you have no credit or bad credit. However, you will have more favorable auto financing options with a good credit score and credit history. Finding a loan that suits your budget can also be challenging. At Gray-Daniels Nissan North, we work with buyers with bad credit to help them with the financing they need to buy the Nissan they want. Here are some tips to help you qualify for auto financing with bad credit.

Pay Down Debt

Paying down debt has many benefits. First, it will improve your credit score to make it easier for you to get auto financing. Second, it will improve your debt-to-income ratio. A low debt-to-income ratio increases your ability to qualify for a loan and make monthly payments. Third, paying down debt enables you to save money for a down payment. This strategy may take a few months, but it will help you get the financing you need to purchase a new Nissan.

Save Money for a Down Payment

Saving money for a down payment can be difficult, especially if you have a lot of debt. Yet, it is not impossible. Using your tax return, getting a second job, and lowering your living expenses are ways you can save for a down payment. For example, making a down payment will help you get financing for a car because the lender will have a lower amount to finance. It will also help to lower your monthly payments so that it fits within your budget.

At our Nissan dealership, we can help you with your financing needs, even if you have bad credit. You can contact our finance department to see how we can help you secure an affordable auto loan or a lease deal for a new Nissan.

Categories: Finance