A less-than-perfect credit score can lead to some serious hurdles when you’re ready to make some major purchases, such as a home. Don’t despair if you’re stuck in a bad-credit rut — there are ways to climb out of it. One way to do this is through the purchase of a vehicle, but the conditions have to be right. Luckily, Integrity sets you up to succeed in both your car loan and the rebuilding of your credit.
Review Your Credit Report
You’ll need to start out knowing your current credit score. You can get a free credit report annually from each of the three credit bureaus: Equifax, TransUnion, and Experian. Go to AnnuallCreditReport.com to request your free reports. It’s not uncommon for people to find several errors on their credit reports that have a negative impact on their credit score. All errors should be disputed and hopefully removed by the credit bureau. Keep in mind, the three credit bureaus operate independently so your reports will likely have some different information.
Bad Credit? No Credit? No Problem!
Unfortunately, many car dealers will not sell to someone with poor credit. Integrity Auto Finance, however, can approve you for a car loan regardless of your credit. We look at your monthly income when approving a loan, not your credit score. And we love to do business with self-employed customers.
Reporting to Credit Bureaus
In order for your car loan payments to effect your credit score, you’ll need to choose a dealer that reports to the credit bureaus. Most Buy Here Pay Here car dealers do not report to any of the credit bureaus, or, at best, they may report to one or two. They do this as an effort to minimize cost and liability.
Unlike other Buy Here Pay Here dealers, Integrity Auto Finance reports to all three credit bureaus, ensuring that your on-time car loan payments will help rebuild your credit score.
If you are consistently late or begin to fall behind, this could end up damaging your credit further. There are a few things to keep in mind to help you stay current with your payments.
Schedule Your Payments Around Pay Day
Rather than stress about your loan payments every month, you can schedule them around your paychecks. Additionally, you can choose how often you want to pay — monthly, bi-weekly, etc. — to coincide with your pay days.
Enroll in AutoPay
Eliminate oversights and slip-ups by enabling automatic payments. At Integrity, you can enroll in our AutoPay program, where you can earn AutoPay Rewards every month that can be used for oil changes, repairs, and other perks.
Having bad credit isn’t the end of the world, and it’s certainly not impossible to overcome. Making timely payments on a car loan is one of the best ways to rebuild your credit over time. Contact Integrity today to get started!