You may think that bad credit in Norman OK turns you away from car financing. While you may pay higher premiums and have higher down payments, it is possible to get a decent loan with a poor score. Likewise, studies have shown that it is better to have poor scores than no history at all, so you’re doing better than some.
Risky Business
Many people don’t understand why car financing is tougher with bad credit in Norman OK. For one thing, the lender you choose is taking a higher risk to loan you money. You may have been late on payments in the past or have neglected them altogether, so they’re sent to collections. Bill collectors cost money and not paying costs the company or lender money. Therefore, they may be less inclined to help you when they could help others who always pay their bills.
Your Score, Your Life
People are cottoning onto the idea that their scores can significantly affect their entire life, for a long time. For example, if you have a score of 550, have a lot of unsecured debt and rarely make payments on time, you won’t look as good to creditors and lenders.
What To Do
The first thing is to know your score and work toward cleaning up your act. Work with creditors to create a payment plan you can afford, stop using plastic money, and cut down bills. You may also want to consider subprime lenders for an auto loan and make sure to pay your bills on time. Likewise, you may not want to make large purchases just before or after getting the loan/vehicle. Keep reading more details at also stay tuned with our Twitter page for more updates.
