Some Major Factors when it Comes To A Used Car
Having bad credit and wanting a car can be difficult in multiple ways but knowing how to navigate the possibilities of a new or used car can always be helpful.
You first want to know what you can afford hands down you don’t want to move from this step until you have a good ballpark of the kind of new or used car you can afford.
Browse used car dealerships locally before you buy
Now car dealerships are all different and they can have good deals by the week. So it doesn’t ever hurt to ask or go into a car dealership when your about to actively look for a car and see what type of rates the car dealership is currently offering.
You don’t have to purchase right away, its okay to narrow down the used car dealerships you want to work with.
But did you know that all dealers want to see your debt to income ratio and it has to be less than 50% sometimes 47% is to high for some auto lenders. So that’s why car dealerships urge you to pay off your debt so you don’t run into the issues of bad credit.
If you don’t meet the requirements for a used car
But it does happen and if you don’t meet the income requirements of a local car dealership to finance a used car there are buy here pay here car dealers that will be more than willing to help you out with finding a car that’s affordable.
Before doing that though you want to try and make your credit score stand out and make sure your debt to income ratio (DTI) is low so you can show the auto lenders that you do pay off what you finance.