At Rolls Auto Sales, we do our best to help you obtain the necessary financing, make you able to buy that used car of your dreams, and take it home. Bad credit or no credit at all - no problem. Don’t worry and be confident - we’ll work out the solution.
Let's get clear what exactly the “bad credit” situation means. There could be different reasons why a particular credit situation may be considered “poor” or “bad.”
First component is your credit history. There might have been problems making loan payments in the past no matter what caused them. Also there could be no payment history at all if this is your first attempt to obtain loan financing. As a result your credit score will be low. Credit history is important but not the most influential to a lender’s decision. There’s always a question how exactly a poor credit rating was developed:
- due to objective reasons such as temporary economic hardship, losing employment
- or because of a silly and frivolous attitude towards repaying obligations.
The second is your income. It must be high and stable enough to ensure your ability to meet loan payments. If sustainable cash flow isn’t there, even a good credit history won’t help.
The third is supplemental equity you’re ready to bring to the table. It could be some cash amount for a down payment, trade-in car, or co-signer ready to step in and become a second borrower for your loan. Sometimes when, let’s say, your credit history isn’t perfect (or none) and you’re just got hired for a new job, the equity issue will be decisive for a lender in approving or rejecting a car loan application.
How can I get financed for a used car with bad credit? (Step 1, Step 2. Step N)
- Gather up your proof of income
- Paystubs for at least 6 months
- Social security or pension stubs
- War letter
- Bank statement showing cash inflows and outflows (f. ex. if you’re self-employed or running a small business).
- In-state up-to-date Driver’s license
- Utility bills with your actual residential address
- Lease agreement if you rent.
How Rolls Auto Sales can help
We’ve got different finance options from several lender sources. Sure, we’ll find one that fits best into your particular credit situation.
If your credit application is turned down by outside lenders there’s the option to get financed right here at Rolls Auto.
- A down payment of at least 10% or $1,000 will be obligatory in order to obtain a loan. Keep in mind that upsizing down payment improves your bottom line by cutting down monthly installments and fixing your credit history.
- If you’re short on cash to meet down payment requirements, there’s always the possibility of trading in your old vehicle for a down payment. Use the online tool to value your trade-in vehicle, bring it to the dealership, and we’ll make you an offer. You may then apply the trade-in amount towards a down payment on the used car of your choice.
Be attentive to car options a dealer may offer you in case your choice vehicle loan application is turned down by a bank. A dealer may still provide you workable solutions based on your credit situation, even if it's not the car you initially wanted.
Send A Credit Application Online
You may apply for financing at RollsAutoSales by filling out the credit application online. Make sure to provide all necessary details required. All the information provided must be verifiable with your proof of income and residence. Should you have any questions, feel free to contact us directly.
Frequently Asked Questions about used car bad credit financing
Can I get a car with a 500 credit score?
Yes, you can buy a used vehicle of your choice and take it home today with a credit score of 500. The credit score range of 500-550 is considered subprime. That means you haven’t met financial obligations particularly well in the past. Prove to the lender that you have a stable job or another source of income making you able to pay back the loan installments. Your monthly income should overlap the monthly payment by at least 3 times. Also, you will need to make a down payment of at least 10-15% of loan value.
Which car dealership is best for bad credit?
Rolls Auto Sales is the best used car dealerships with bad credit financing in Philadelphia, PA.
We have very flexible financing options and helpful staff with 18 years of experience in bad credit used car financing. We’ll find a financing solution that fits exactly into your individual situation and set you driving the car of your dreams home today.
How can I get a car with horrible credit?
Put more money down. That always helps to ease the situation. Offer us a 40-45% down payment, and we’ll surely strike out the deal.
Can I get a car with a 450 credit score?
Yes, you can buy a used vehicle of your choice and take it home today with a credit score of 450. The credit score range of 450-500 is very low. That means you haven’t met financial obligations particularly well in the past. Prove to the lender that you have a stable job or another source of income making you able to pay back the loan installments. Your monthly income should overlap the monthly payment by at least 4 times. Also, you will need to make a down payment of at least 25-30% of the loan value.
What is the lowest credit score to buy a car?
There is virtually no limit on how low a credit score can get. Let say the credit score of 350-400 still leaves a financing door open. If you have a sufficient, stable, and reliable source of income and a hefty 45-50% down payment - that will do the job.
How can I get a car with bad credit fast?
Gather up proof of income and residence. Come over to Rolls Auto Sales, choose and test-drive the car you want to buy. Fill out the credit application online. If you start doing that in the morning, we’ll try to make you a financing offer on the spot the same day.
Can I finance a car if I have a bankruptcy?
Yes, Rolls Auto Sales finances used car sales for clients going through bankruptcy. There is an approval process that usually could take anywhere from a few weeks to 2-3 months depending on how busy courts are and how promptly a legal pipeline will process your motion.
- Get the term sheet from your lawyer
- Rolls Auto Sales will offer you loan terms in writing
- Terms must be approved by a trustee
- Your lawyer will file a motion to the court
- Court finally makes a decision and approves the car loan.