Bad Credit Car Financing


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Spitzer CDJR Cleveland financé department works with bad credit car financing.

Bad Credit Car Financing

So, You Want A Bad Credit Car Loan?

We understand that life can catch you off-guard and knock your credit score off-kilter. It happens. Our finance center has plenty of experience helping people with bad to poor credit scores find an auto loan that works well for them. It what makes us the preferred Cleveland car dealership.

Our finance center knows your credit score may not reflect your current ability to pay monthly payments, so our financing options are numerous for a wide selection of our products and services. Read below to learn more about how our finance center can assist you with a bad credit car finance.

Poor Credit Basics

Why is your credit score important for a car loan? It gives our finance center a good idea of what car loans you’ll be able to pay. We rely on credit reporting agencies to review your credit history and provide an accurate measurement of your credit score.

Like anything, credit scores can be bad or good. The most commonly used credit scoring model is the FICO® Score. Scores range from 300 to 850. Generally, a score below 580 is considered “bad credit”, but it’s a little more complex than that.

Here’s a table to break down the credit tiers for you:

Think of this like grades in school: Super prime is an A, Prime is a B, Nonprime is a C, Subprime is a D and Deep Subprime is an F. So if your score is Super Prime or Prime, then congratulations — you have a good credit score. If your score is Nonprime or below, then many would say you have a bad or poor credit score.

I Have A Poor Credit Score. How Will It Affect My Car Loan?

A good credit score can get you very low interest rates and low down payments. That typically means the opposite is true if you have a poor credit score. Because lenders have less confidence that you’ll be able to pay them back, they require more money upfront for your down payment and larger monthly payments because they fear that you’ll stop paying prematurely.

Another thing that increases with poor credit is the interest rate on your loan. The interest rate is the annual percentage rate your loan amount increases by for each year of your loan term. Interest rates for bad credit auto financing look something like this:

These are just estimates, not hard values. Rates vary from person to person depending on their credit history. You’ll notice that new cars typically have lower interest rates, but that’s because they cost more and typically require larger down payments. If you’re not a fan of these rates, continue reading below.

How Can I Improve My Car Financing Options?

There are a couple of things you can do to help your car financing options.

When you get a credit report, pay attention to the section called “Risk Factors”. This is the section where your credit needs improving. If you work on these areas, your overall score will get better and so will your auto financing options.

Determine what you can afford by using our online auto loan calculator. This handy tool can smooth out the car buying experience by helping you discern which car loans you can pay comfortably and which ones will stress your bank account before you step on the lot.

While new cars are fantastic, used cars are typically more affordable for those with poor credit despite their higher interest rates. We have many Certified Pre-owned Vehicles at our Cleveland car dealership that are excellent choices for those rehabilitating their credit score.

Don’t Worry, We’ll Work With Anyone!

Ask local car buyers how incredibly accommodating our finance center is, and you’ll hear nothing but rave reviews. As part of our commitment to being the best Cleveland car dealership, we’re fully dedicated to helping anyone who walks into our finance center find an auto financing plan that works for them. A poor credit score won’t stop us from helping you. See it for yourself — come to Spitzer Chrysler Dodge Jeep RAM Cleveland today.

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