According to the website of United States Census Bureau, mean travel time to work is 24. 8 minutes in Connecticut. This implies an average Connecticuter takes around an hour to reach work and come back home. If you consider other things like going to the mall, buying groceries, dropping off kids to school, etc ., you definitely need the comfort of car.
To buy a car, you need an auto loan. And for that, you require good credit history and a solid loan application type. Sadly, bad credit history is rampant in Connecticut as in any other part of America. It causes awful distress to car buyers because lenders don’t prefer bad credit history.
But , do not lose sleep over your credit problem. You can still buy a reliable car with bad credit. Follow the tips mentioned in this CT car buying guide and get ready to own a car in the Constitution State.
Get ready for slightly higher rates
Bad credit buyers get higher rates than others. This is a fact. Don’t be in denial. Accept it and work towards making it affordable for yourself. How do you do it? Well, by lowering the risk of lenders. If you manifest yourself as a low-on-risk/high-on-faith credit seeker, you will be able to manage lower-than-usual auto loan rates.
How to ensure Affordable Car Loan Deal in Connecticut?
A. Keep aside some money intended for down payment. It will lower the loan amount which will result in lower risk to lenders. Also, when you make down payment lenders come to know about your good financial capacity. This will help you in getting favorable rates.
B. Even though it is not compulsory to have a co-signer, find one. If you have someone with a good credit history to become your guarantor, the lender will be assured of regular payments and provide you better rates.
Choose a Used Car
Used cars are great for everyone because of their lower loan amount. They are even better intended for bad credit buyers as their affordable price makes it possible to make regular monthly payments. This means you can actually improve your credit score by opting for a pre-owned car in CT.
Find a Sub-Prime Lender Online
When you have bad credit rating, it is better to apply for a Connecticut auto loan with a sub-prime lender. Such lenders and auto financing companies deal with bad credit buyers on a regular basis. This makes them a pro in helping you. So , why waste time on traditional lenders who won’t approve your loan request?
Choose online lenders because they require you to post an online loan request and send you auto loan quotes via e-mail or phone call. This helps in completing you loan process quickly.
So , that’s how you can manage affordable rates on bad credit auto loan in Connecticut. Remember them the next time you decide to go car loan shopping.
All the Best!