Less-Than-Perfect Credit Financing Ephrata PA

How Less-Than-Perfect Credit Happens

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Sometimes, the unexpected can happen so quickly that you may be left wondering exactly how your credit has been impacted by financial setbacks. Which unpaid bills were reported to the credit bureaus? How much time went by before these reports were made? These may be just a couple of the questions you have.

One of the primary factors that affects your credit score is your payment history. When you consistently pay credit card, loan, mortgage, and vehicle payments on time, this is reflected in an acceptable score that gradually improves over time. Lapsing on these payments, however, will result in a negative impact on your score.

Your general credit history will inform potential creditors of your creditworthiness. Have you had any credit cards or car loans in the past? If not, you may need to begin with a credit card or small loan and repay it on time to build a credit history and show that you can handle borrowing more.

Ways to Improve Your Credit

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As you develop a plan to improve your credit, the first thing you’ll need to do is get a copy of your credit report. To get a full picture of what potential creditors will see, get one copy from each of the three credit bureaus: Experian, Equifax, and TransUnion.

If you come across any items on your report that look unfamiliar or erroneous to you, immediately submit a dispute to the issuing bureau. You may be able to have those items removed and improve your score right away.

Some late payments and delinquent accounts can take up to seven years to be cleared from your credit report. However, you may be able to open a secured credit account with a low limit and use it to build a strong payment history, gradually rebuilding your credit over time.

New Holland CDJR Finance Center

How We Can Help

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At our dealership, our friendly staff members are all about helping find the appropriate solutions so you can get the right car for work, activities, and your family. One way we can help you finance a vehicle with less-than-perfect credit is by setting up a higher down payment or shortening your loan period.

Either of these options will show the lender that you’re making an effort to pay back the loan to the best of your ability. You may even consider leasing a brand-new vehicle. Leasing tends to come with lower monthly payments since you’re only paying on a vehicle’s principal, not the full amount.

Lastly, if you have an old vehicle, consider trading it in with us. When we buy it from you, you can use the proceeds to pay down the principal on your next ride, giving you less to pay back over the long term.