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Buying A Car With Bad Credit

We all face setbacks in our life and Car Credit Nation believes everyone deserves a second chance. Here’s some advice to help with buying a car with bad credit in Virginia.

Be Aware Of Your Credit Score

You should research your credit score to see where you stand with each credit-reporting bureau (Transunion, Experian, Equifax).  We recommend using CreditKarma.com to check your Transunion score and CreditSesame.com to check your Experian credit score. Another option is to use Annualcreditreport.com to receive your three credit scores once per year for free.

When shopping around to buy a car with bad credit ask auto dealerships what credit bureaus they report to. If they report to all three credit bureaus then on time payments can positively impact your credit score. It’s in your best interest to ask car dealerships which credit bureaus they use to check your credit score also because you can look for dealers who use your highest credit score to get the best interest rate on financing your car loan. Enjoy the experience of shopping for a car and remember that you should dispute errors on your credit report and then look to settle in exchange for having bills in collections removed all together.

Car Credit Nation makes it even easier to buy a car with bad credit in Virginia. We offer guaranteed car financing. We specialize in helping people with credit issues.  You can get financing regardless of your credit history.

Limited Warranties

Many used car dealerships sell cars “as is” to individuals with bad credit which places the entire burden on the customer. This can lead to a major financial setback if your newly purchased car is in need of repair while making monthly payments. Car Credit Nation offers a limited warranty to help offset the risk and allows you to live your life stress free of car problems.

Check For Safety Inspections & Lemons

In the state of Virginia your car must pass safety inspection, emission test, license plates, and also some counties require an additional county tax stickers as well. These items usually cost around $200-$300 all together.  You should also ask the dealership for a CarFax report or request the VIN number to lookup the vehicle history yourself. Even though you’re buying a car with bad credit in Virginia make sure your car is up to par. This can help you save money in the long run and also ensure your not buying a lemon.

Consider Refinancing VS. Trading Up

When your buying a car with bad credit in Virginia you may be stuck with a high interest loan due to the risk dealerships are taking on. Good dealerships give you the option to refinance or trade up.  Here are the pros and cons of each:

 

Refinancing Pro’sTrading Up Pro’sRefinancing Con’sTrading Up Con’s
Lower interest rate which subtract the amount owed on a new loanReceive a newer car with lower milesStrictly based on credit score; Build credit with secured credit cardHave to find buyer to take over your loan
May experience a decrease in amount of monthly paymentsFaster and more convenient dealing with a dealer vs. a private partyCan’t refinance if it’s a “pre computed” loanYou may get offered less than what your car is worth
Get cash back if you have equity in the car from payments already madeWhen appraising car; you have the leverage to negotiate compared to buying a carNegative equity means you may owe more money than the car is worthYour limited to buying a car from the dealership who appraises your car

 

Best Dealership To Buy A Car With Bad Credit In Virginia

Car Credit Nation is a family owned business that was founded in 1997. Our business is built on Christian values and a solid customer centric approach. We offer limited warranties, guaranteed financing regardless of your credit score, cars that have passed inspection, and most importantly we offer piece of mind because our vehicles are being sold at a fair price to allow you to focus on your family and professional obligations. Shop our inventory and ask us any questions that may help you in your buying process.

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