Auto Liquidators Plus Works with All Levels of Credit
Bad credit doesn't mean you can never buy a car. If you have no credit, low credit, or bad credit, we're here to help. Any credit score below 600 raises the eyebrows of most financing companies. Auto Liquidators Plus helps drivers with all types of credit get behind the wheel of their own vehicle. We have pre-owned vehicles at our Buy Here Pay Here dealerships in Arlington, Dallas, Garland, and Tyler. Our experienced team specializes in helping customers with bad credit auto finance. As a Buy Here Pay Here dealership, we also act as the lender. We handle both sides of the process to ensure we can work with customers with all types of credit.
How Bad Credit Affects Your Car Loan
A lower credit score gets you a higher interest rate on an auto loan. If you were a driver with a perfect credit score, you might drive off the lot with a car loan of 0%. Lenders want the confidence that drivers will pay back the loan on time, leading to the reasoning that people with the best credit get the best interest rates. Lenders' red flags include missed payments, high debt-to-income ratios, and defaulted loans. The good news is that our in-house financing team has a larger area of flexibility than traditional lenders. We specialize in finding the most unique credit solutions to ensure you drive a car you love.
Know Your Credit
It's essential to check your credit before you start looking for an auto loan. The Fair Isaac Corporation determines your credit score by gathering information from Experian, TransUnion, and Equifax. Your credit score constitutes of payment history and your amount of debt. Excellent credit is above 750, while a low credit score is below 600. Higher credit ratings help you get lower interest rates and more significant deals on insurance.
Put Down a Larger Down Payment
A large down payment often helps drivers qualify for an auto loan more easily. The lender takes on a higher risk since they may lose more money without a down payment. If you don't repay their loan and the lender must repossess the car, they lose business. A larger down payment means you pay less interest over time. We understand not every driver can make a sizeable down payment. We work with customers with all types of credit, but we recommend a larger down payment for lower interest rates.
Down Payments at Auto Liquidators Plus
We do not have a pre-set down payment for our vehicles. Our finance specialists evaluate your information to work with you to determine the best down payment for your needs. Our process is fast and easy, including:
- Fill out the online finance application or stop by one of our locations.
- Our financing team verifies your application information for accuracy.
- After approval, our finance department provides an approval form to you with a loan amount.
- Choose your vehicle and drive off the lot!
Purchase a Car You Can Afford
Unrealistic expectations often lead to challenging credit situations. It's critical to be realistic and only purchase vehicles you can afford. Consider the car's maintenance, insurance, fuel, and cleaning costs. It's essential to plan to spend 10-20% of your monthly budget on vehicle expenses. The little expenses add up over time and may leave you in debt. You should also consider the title and registration fees and sales tax of the vehicle.
Do Your Vehicle Research
The first step in purchasing a vehicle is determining your used car budget. The next step is to find your dream car in that price range. Don't fall for vehicles out of your budget or for special add-ons. Remember to consider all the additional expenses for maintenance, registration fees, and repairs. If you love a luxury vehicle, it's important to remember the extras may be out of your budget.
Shop the Inventory
Auto Liquidators Plus recommends shopping our vehicle inventory before making the trip to see us. We make it easy to view our vehicles online, so you can find the exact vehicle you want and do your research about its expenses. We'll help you through every step of the buying process, so all your questions about how the vehicle may impact your budget will be answered. Our in-house financing team will work with you to ensure you get a car you can afford.
Improve Your Credit Before Buying a Vehicle
You can show up on our car lot and drive off the lot with any type of credit, but we recommend improving your credit before you buy a vehicle. After checking your credit score, you can work to dispute any errors and pay off past-due accounts. Remember to always make payments on time and stay away from additional loans. You cannot increase your credit overnight, but you can work towards improving it.
Be Careful of Multiple Credit Checks
Most drivers don't buy a car with thousands of dollars of cash. Dealership in-house financing teams help people with all types of credit backgrounds get the funds they need to spread out affordable car payments. Too many credit checks in a short amount of time may negatively impact your credit score, raising a red flag.
Does Financing a Car Build Credit?
Financing a vehicle may lower your credit at first since you've taken on new debt. It can also increase your credit score over time. It's critical to make your payments on time to ensure missing payments don't hurt your credit. Auto Liquidators Plus reports all credit transactions to Equifax and Trans Union to help our customers establish or build a positive credit payment history.
Working with Our Finance Specialists
We understand everyone has a unique credit situation. Our finance specialists have over 65 years of combined experience in finding the best solution to fit your current budget and lifestyle. We work hard to finance your future by offering help. We help our customers overcome previous foreclosures, repossessions, charged-off accounts, bankruptcies, tax liens, and delinquent credit cards. We recommend starting with our easy online credit application.
Why Choose Auto Liquidators Plus?
Auto Liquidators Plus is the best place to buy a used car with bad credit. We are known for providing "One Place, One Price, One Speedy Delivery." We take care of each customer, no matter their level of credit. We make the car shopping experience as quick, efficient, and positive as possible. Our financing team works hard to ensure you can afford your vehicle and get the financing you need for your car. We've been in business for 30 years and have an A+ Better Business Bureau rating for a reason. Our team is honest and stands behind the quality of our vehicles. We want to help you find the car of your dreams!
Visit Us in DFW or Tyler Today!
Auto Liquidators Plus is home to one of the largest inventories of pre-owned vehicles in the DFW and Tyler, TX area. Our flexible and custom financing options and our fantastic customer service make us the place to shop for used cars. We invite you to shop our wide selection of used SUVs, cars, trucks, and vans today. Contact us today or visit one of our multiple convenient locations to shop for your perfect vehicle.