• Dodge
  • Jeep
  • FIAT
  • Chrysler
  • Ram

6551 Pratt Rd
Directions Sodus, NY 14551

  • Sales: (888) 466-2593
  • FARMER'S INSURANCE: (315) 553-2565

Buying a Car with Bad Credit

Maybe you've made a late bill payment here and there, maxed out a credit card or two, or accumulated excess debt over the years. It happens, but unfortunately, your credit score pays the price, casting doubt as to whether you'll be approved for an auto loan. Luckily, buying a new car isn't out of the question with a low credit score, as long as you plan properly and follow these steps below.

Here's how drivers in Sodus, Ontario and Wayne County, NY can buy a car with bad credit:

1. Make a Plan

Request a copy of your credit report and see how it would look to a lender. We advise getting a report at least three months before you buy a car so that you can address any incorrect information, outstanding items or late payments.

You are entitled to one complementary credit report per year from each of the three major credit reporting agencies - TransUnion, Equifax, and Experian. You can access these reports here, and we recommend getting a copy of each.

When you get your report, search for any negative items that could affect your score. These are called risk factors, and could include anything from an old debt that went to collections, maxed out credit cards, etc. Work on correcting those items before you apply for an auto loan.

2. Find a Dealership and Get Pre-Approved

Chances are, you'll be paying a higher interest rate when your credit score is low, but some rates could be better than others. Shop around for approval with multiple lenders to see who can get you the best deal before deciding on a car, and apply for pre-approval with a dealership you trust.

As long as you apply for loan approval during a 14-day window, you shouldn't be concerned about lowering your credit rating with the number of applications you put out. Lenders know you are looking for the best interest rates, and will count these applications as one "hard" inquiry of your report.

That's where Lessord Chrysler Products comes in. We work with 25 highly trusted lending institutions to get you the lowest possible interest rates, and have a Bad Credit Program to help you secure a loan no matter what your financial situation entails.

You can also get pre-approved online, which means it's easier than ever to apply for an auto loan for your next car purchase. If you have any questions about buying a new car with your credit score, contact us online, and we will assist you shortly.

3. Bring Paperwork to the Dealership to Show You're a Good Risk for Credit

When you visit a dealership to discuss financing options, you must bring the following documents with you:

  • Your most recent pay stub from work
  •           
  • Three personal references
  •           
  • Your driver's license
  •           
  • A utility bill for gas, water or electricity

These items will confirm who you are, that you are employed, that you have a history of paying your bills on time, and that you have family members or colleagues the dealership can contact if you discontinue your payments.

Learn More about Our Bad Credit Program

Life happens. It's easy to fall behind on monthly bill payments or reach your credit limit, but we're here to help you finance a new car and buy a car with bad credit. 

At Peake Chrysler Dodge Jeep RAM Fiat, we take all kinds of credit - the good, the bad and the ugly.  If you're interested in learning more, check out our Bad Credit Program or contact us online.



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Contact

Peake Chrysler Dodge Jeep Ram Fiat

6551 Pratt Rd
Directions Sodus, NY 14551

  • Sales: (888) 466-2593

Hours

  • Monday 9:00am-7:30pm
  • Tuesday 9:00am-7:30pm
  • Wednesday 9:00am-7:30pm
  • Thursday 9:00am-7:30pm
  • Friday 9:00am-7:30pm
  • Saturday 9:00am-4:30pm
  • Sunday 10:00am-3:30pm