Subprime Credit Financing
Have you missed a few credit card payments? There are still options available to you if you wish to finance a new or used car. At Germain Hyundai of Columbus, we want to help customers of various credit backgrounds around Columbus, OH, and we created this informative guide to subprime credit financing to help.
In this article, we’ll explain what’s considered a subprime credit score, the ins and outs of subprime credit financing, and how you can get approved for your auto loan. Let’s get going!
What’s Considered Subprime Credit?
First, we should discuss what’s considered “subprime credit” and how to know if you have it. Your credit score is a number that ranges from around 300 to 850, and you can use online tools to discover your score. We recommend looking up your score before you apply for any loans so you’ll know what to expect.
When someone is deciding whether to give you a loan, they want you to have a higher credit score. That way, they can have more confidence in getting their money back. Here’s a breakdown of the different ranges:
- Excellent: 800 or more
- Very good: 740 to 800
- Good: 670 to 739
- Fair: 580 to 669
- Subprime: 580 or less
If your credit score could be better, you could delay your car purchase and make your payments on time for the foreseeable future, boosting your ability to get approved. If you do need to buy now, there are still options available to you.
How to Get Subprime Credit Financing
Let’s say you’re interested in pursuing a subprime credit loan. We have some tips about how to proceed and get the most out of this process.
First, we recommend saving for a down payment. The more you pay upfront, the less you need to borrow, and you’ll be able to repay your loan sooner. Keeping your loan term shorter can ease your mind and make it easier if you decide to sell or trade the car.
Make sure to also consider your options. You can compare different lenders or local dealerships to see what they’re offering before making a final decision. Ultimately, you need to feel comfortable with your loan, so feel free to contact us with any questions.
Talk to Us About Subprime Credit Financing
If you’re ready to discuss your financing options with an expert’s help, you can visit our Hyundai finance center to begin the process. Our friendly finance experts have years of experience helping local drivers of varying credit backgrounds, so don’t hesitate to stop by.
We can sit down with you to listen to your needs and identify a local lender that’s right for you. You can ask us any questions you have about the financing process—we want to make you feel 100% confident about your financing experience! You can also get started now by completing our secure online application.
Get Subprime Credit Financing with Our Dealership
Are you looking for subprime credit financing near Columbus, Ohio? We can help you at Germain Hyundai of Columbus, and we offer flexible credit approval to get you behind the wheel.
If you’re ready to begin, you can apply for financing online today.