Car Loans For Bad Credit

At Hoover Summerville Chrysler Dodge Jeep Ram, we don't believe that bad credit should stand in the way of your next vehicle. Our "We Say Yes" attitude has made us the go-to experts in bad credit financing for Chrysler, Dodge, Jeep, and Ram vehicles. Helping drivers secure loans despite financial challenges is our specialty.

We've helped countless Summerville residents with less-than-perfect credit get into a new vehicle, and we're here to help you, too. Whether you've faced bankruptcy, repossession, or other financial challenges, our Finance Department is committed to finding an auto loan that fits your budget.

If a down payment isn't an option, we can craft a sub-prime auto loan with a monthly payment that works for you. Getting started is simple-just complete our secure online credit application right here on our website!

Our goal is to make financing easy so you can confidently drive off in your new or used Chrysler, Dodge, Jeep, or Ram vehicle. Thanks to our strong relationships with several financial institutions, we're able to secure deals that other dealers can't.

Have questions? Reach out to our friendly customer service team today to begin your journey!

Questions To Ask Hoover Summerville About Your Bad Credit Auto Loan

We understand that financing a vehicle raises questions, particularly if your credit isn't ideal. Here are answers to some of the questions we receive most commonly about the financing process:

Is now the time for a new car, or should I wait a little?

This depends on your unique situation. When you purchase a car with bad credit, you will have a higher interest rate than someone with good credit. If you're already finding it difficult to cover your bills each month, buying a new car with bad credit is almost never a good idea. If your credit is suffering because of past events but there is room in your current budget for a vehicle payment, buying a new car can actually help rebuild your credit by making on-time payments. 

What is my current credit score?

Per federal law, you're entitled to one free credit report once per year. Visit AnnualCreditReport.com to learn more and request your free report. Then, bring your credit report with you when you meet with our Hoover Summerville finance experts so we can help you get the car loan you need. 

Should I look for a new or used car?
While used vehicles may cost less, they may also come with higher interest rates. New cars first and newer used cars tend to offer the lowest interest rates, so looking at these is a great place to start. Still, it's possible to find a better deal on an older used car, so be sure to check out all of your options before making your final decision.

Can I have a car loan cosigner if I have bad credit?

Yes. If you have a family member or significant other with good credit who is willing to co-sign on your auto loan, you may be able to secure a better interest rate, even if you have poor credit yourself. It's important to keep in mind that if you are unable to make your monthly loan payments, it could negatively impact both your credit score and your co-signer's score. This comes with risks, so it's important to carefully consider this option before proceeding.

What credit score is required to get approved for an auto loan?

There is no minimum credit score required! We work with customers of all credit backgrounds. Our finance team will evaluate your situation and find lending options that meet your needs.

How high is the interest rate?

Your car loan's interest rate significantly impacts your monthly payment and depends on the vehicle price, down payment, and credit score. Your loan officer will detail the specific interest rate before finalizing the deal. 

What is the minimum down payment?

Contrary to popular belief, having bad or no credit doesn't always require a large down payment. Minimum down payments vary by your vehicle's price and loan type. Some customers qualify for loans with little to no money down, even with poor credit!

Will my monthly payments be high if I have bad credit?

Your monthly payments will depend on several factors, such as the loan amount, interest rate, and loan term. Your vehicle price and interest rate have the biggest impacts on your monthly payment.

Can I Get a Car Loan With a Repossession on my Credit Report?

A car repossession is difficult, but securing an auto loan is still possible. Before applying for a bad credit car loan, we recommend checking your credit score and assessing your overall financial situation.

You can improve your credit and increase your chances of approval by paying bills on time and lowering the outstanding balances on credit cards or loans-especially if you still have an existing auto loan. Saving for a down payment can also make it easier to secure financing with poor credit.

Above all, it's important to set realistic expectations about what you can afford. Getting pre-approved for an auto loan with bad credit will help you establish a clear budget before you visit our dealership.

Documents You'll Need for Financing a Vehicle

If you're applying for a subprime car loan, you might need to submit additional paperwork to help get approved by some of our lending partners. Here are the items you should bring to the dealership with you:

• Driver's License - Must be valid and current, with your correct address.
• Insurance - Current insurance card with agent's contact info (no need to add new vehicle yet).
• Proof of Residency - A recent utility bill in your name with your current address is enough to prove your residency.
• Proof of Income - Pay stub no older than 30 days showing year-to-date earnings (if you're self-employed, you'll need to bring 2 years of tax returns).
• References - List of personal contacts with names, addresses, and phone numbers (must live at different addresses and give permission).
• Phone Number - Active phone number registered in your name.

Bad Credit Won't Hold You Back at Hoover Summerville CDJR!

We hope this guide to financing a car with a low credit score has been helpful! If you have any questions about buying a car with bad credit, just contact our finance specialists or stop by today. 

Our dedicated Jeep finance center staff has helped area car shoppers overcome financial setbacks like:

• Foreclosures
• Bankruptcies
• Repossessions
• Divorces
• Late or missed payments

Fill out the online pre-approval application with accurate information, and we'll start working to secure the best financing rates for you. Keep in mind that submitting a credit application does not mean you have to make a purchase with us.

No matter your credit, we'd love to help you afford the car you need in and around Summerville!