Unless you’ve got an excellent savings account full of money, you’re going to need financing to get a vehicle. However, with a bad credit score and report, you may find that you cannot get a loan from a traditional bank or lender, which is why you may turn to a car dealer in Norman OK that specializes in poor score loans. Likewise, it can help to be pre-approved for the loan through a subprime lender, which speeds along the process and lets you know what you can afford. However, you shouldn’t rush into the decision and should consider a few questions to ask the dealership and the lender.
The first step is to determine how high of an interest rate you’ll have. The Norman OK bad credit car dealer and lender will likely give you higher interest rates because you’re considered a high-risk borrower. However, it doesn’t mean that you should be swindled. You can expect to pay upwards of 15 to 20 percent higher than traditional lenders for those with better scores, but greater than that could mean you’re being taken advantage of, which isn’t good.
Next, you’ll need to determine the overall price for what you pay. Interest rates are necessary, but you must also factor in how high the overall payment will be and how long you’ll have to pay it. Shorter loan terms may mean you pay a higher monthly fee, but that you get it paid off in a shorter amount of time.
Will It Show On My Report?
Another thing to consider is whether or not the dealership will report the payments on your report. If so, it can help raise your score over time. If not, it’s no big deal, but you’ll have to find other ways of increasing your score.
A Norman OK bad credit car dealer can help you get a vehicle. Visit The KEY Online now to get pre-approval in minutes, so you’re ready to go. And also like us on Facebook.
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