Buying a used car with bad credit in a time of rising interest rates

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Buying a used car with bad credit in a time of rising interest rates

The cost of everything is going up, interest rates are going up, and many people still haven't recovered from the pandemic. Let's be honest and say that times are a little tough, but that doesn't mean you're out of options if you have bad credit, no credit, or a car loan with a high interest rate. If you're looking to buy your next vehicle, have poor credit and are worried about rising interest rates, here are some things to consider.


Even in this environment, you can get a used vehicle with bad credit


Interest rates have risen over the past few months, but what we're finding with many of our clients is that it's still possible to find a loan to buy a used vehicle even if you have bad credit or no credit. Also, the rise in interest rates is not black and white, like everything in second chance credit financing, there is a gray area and some banks offer much lower interest rates than you might think. The rise in interest rates is not one-sided and depending on your specific situation, your specific credit and your specific budget, our team of experts can always find the right financing solution. In other words, if you're preventing yourself from even considering buying a used car because of your bad credit, you may still want to give us a call so we can explore all the options for you.


We can still get you a better deal by refinancing


If you're stuck in a car loan with a very high interest rate and you think you should get a better deal because your credit has improved, it's definitely worth give our financing experts a call. We may be able to take your better credit and turn it into a better car with a better payment to take advantage of your improved credit. Just as you would refinance your home, refinancing your auto loan is something you may want to look into. Over the years, your credit improves if you make your payments, and refinancing your loan can get you better terms or even a better vehicle for less money. This is still possible even in a rising interest rate environment, so give us a call and let us know more about your specific situation so we can determine if there are better financing options available to you.


Finally, if you have bad credit and need a vehicle, we recommend that you come see us as soon as possible. As we've mentioned several times in this article, interest rates are on the rise and they're not going to come down anytime soon. So, if you're stuck with a vehicle that no longer meets your needs or is too expensive to maintain or own or is no longer reliable, now is the time to buy your next vehicle before interest rates rise even more. Call us today to learn more about financing a vehicle with bad credit and how we can help you refinance your auto loan.


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