Car Loan Rates – Can You Still Qualify with a Low Credit Score?

Car Loan Rates

We live in a very mobile society. Therefore, while getting around without a dependable vehicle is possible, it can be difficult. Yet, for most of us, buying a new vehicle is a big expense requiring financing solutions. Unfortunately, sometimes getting a loan for an automobile purchase isn’t easy.   Lenders take into consideration several factors when giving you a loan. Credit qualifications include your source of income and positive credit history. Occasionally, we may fall on hard times and have a credit score that is low. Is it possible to get competitive car loan rates when experiencing financial difficulties?

At Peters Auto Mall the answer is yes! We are a used car dealership that believes a low credit score shouldn’t keep you from owning a car. Kevin and Angie Peters opened in 1983, and the business has grown into the Piedmont Triad’s #1 used car dealership. With trusted financing sources, we’ll discover the best rates and payment options for you. Plus, we’ve got a huge inventory of vehicles all with our no-haggle pricing. And, since each of our vehicles undergoes a 125-point inspection, you know you’ll be buying a quality automobile.

Factors Affecting Your Credit Score

Many of us have faced unemployment and sometimes it takes a long time to find a new job. During your unemployment, you may get behind in your bills. If this has happened to you, it’s important to get current and stay current with your bills. This includes rent and utilities as well as credit cards and any type of loan including student and car.

When building your credit or re-establishing your credit, some people think using debit cards help. Unfortunately, this is absolutely wrong. Debit card purchases are cash purchases since the money comes out of your bank account. Whereas when you make a purchase with a credit card, you’re borrowing money. Reestablishing your credit may take some time. Don’t become discouraged – look for companies like Peters Auto Mall who’ll work with low credit profiles.

Interest Rates vs. APRs

When shopping for a car loan, be careful not to confuse the interest rate with the Annual Percentage Rate (APR). Typically, lenders establish the interest rate by your term, down payment, new or used vehicle, and of course credit history. While the APR is a broader measure of the cost of the loan. It reflects the total amount you pay to borrow the money, including interest and fees. Both the APR and the interest rate are ways for consumers to comparison shop.

Generally, a low credit score won’t get you a loan at some car dealerships. But, that’s not the case at Peters Auto Mall. We’ll find financing for you with monthly payments you can afford. Our friendly staff can help you obtain pre-approval before you step on the lot. Call us today at 336-434-1600 to get financing to fit your budget.

The Benefits of Buying Used

Admittedly, buying a used vehicle is one of the smartest money choices you can make. A quality used vehicle is roughly half the price of a brand new one. Plus, you’ll save on other fees, like sales tax and vehicle registration expenses.  And with many technological advances, automobiles are now lasting beyond the 200,000-mile mark.

Of course, it’s important to do your research when buying a car. You can read reviews on different makes and models of cars on websites like Kelley Blue Book or Edmunds. These online companies also provide invaluable tools to check your credit history and well as loan calculators. Finally, when you’ve decided on a particular car, make sure you get a Carfax report showing the vehicle’s history.

Affordable Car Loan Rates

Certainly, life can be challenging and occasionally we may fall on hard times. If you’ve struggled with paying your bills on time but need a car, shop Peters Auto Mall. We’ll find financing for you with car loan rates you can afford. With 2 large lots in High Point and Greensboro, you’re sure to find a vehicle to fit your needs. Plus, we accept trade-ins and have an outstanding service department. That means we can handle the future maintenance of your vehicle to keep you on the road safely and reliably.

Moreover, our pre-approval process is fast and easy. Call us today at 336-434-1600 and we’ll help qualify you for a loan you can afford.