Helpful Resources: How to Get a Car Loan with Bad Credit Near Great Falls, MT
We realize that shopping for a car when you have less than perfect credit can be a chore! We have put together some great outside resources so that you can make the best choice for your situation.
Here are a few things we recommend you gather when you begin your search for a car, most will be required by a bank to get you a car loan if you have damaged credit.
- Gather your most recent pay stubs.
- Proof of residence. Usually a phone bill or utility statement with your name and physical address will do.
- Proof of insurance. Your bank will require you have full coverage insurance on your new vehicle.
- References. You will need the name, phone number and address of up to 4 references for the bank.
- Ensure that all of your documentation is less than 30 days old when you come to the dealership.
WHAT IS COUNTED ON MY CREDIT SCORE?*
According to Dr. Kate Williams of Consumer Affairs*
"Your credit score is based on your credit history, which includes credit cards, student loans, auto loans and mortgages. In addition to the type(s) of credit you have, your FICO score also calculates your payment history including late payments, how long you have had accounts open, how often you use your accounts and how many new credit lines you have open.
Because every individual's credit history is different, certain factors will hold more weight than others. For instance, if you do not have a long credit history and have several late payments, your credit score will be factored differently than someone with a long credit history and the same amount of late payments.
Even though every score is factored based on the individual's personal credit history, FICO maintains a particular breakdown for calculating credit scores:"
DR. KATE WILLIAMS 7 STEPS TO GET AN AUTO LOAN*
Bankrate.com has a great article listing 9 steps to a car loan on damaged credit.*
In that article, they highlight the thought "Don't assume the worst", and point out that "Even 2 candidates with an identical score might not be the same in the eyes of a lender". They also illustrate the importance of doing business with a reputable dealer that will ensure the terms of your loan are final before leaving the dealership.
Click to check out the short video below from Credit.com*
*The following links and articles are property of their respective authors and do not represent Taylor's Family Auto Group.| Monday | 8:00AM - 6:00PM |
| Tuesday | 8:00AM - 6:00PM |
| Wednesday | 8:00AM - 6:00PM |
| Thursday | 8:00AM - 6:00PM |
| Friday | 8:00AM - 6:00PM |
| Saturday | 9:00AM - 5:00PM |
| Sunday | Closed |
| Monday | 7:00AM - 7:00PM |
| Tuesday | 7:00AM - 7:00PM |
| Wednesday | 7:00AM - 7:00PM |
| Thursday | Closed |
| Friday | 7:00AM - 7:00PM |
| Saturday | 7:00AM - 7:00PM |
| Sunday | 7:00AM - 7:00PM |
| Monday | 7:30AM - 6:00PM |
| Tuesday | 7:30AM - 6:00PM |
| Wednesday | 7:30AM - 6:00PM |
| Thursday | Closed |
| Friday | 7:30AM - 6:00PM |
| Saturday | 7:30AM - 6:00PM |
| Sunday | 10:00AM - 6:00PM |