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As your trusted source for all of your financing or leasing needs between Johnston and Des Moines, we want to make sure you have all the facts and information before stopping by for your next new or used purchase. We’re often asked, “what is considered a bad interest rate for a car loan?” We have your answers to that and more below! Learn more about who is worse off when interest rates rise and “can you recover from a bad credit score?” If you’re interested in buying a car, apply for financing to see what rates you qualify for right at home.
If you’re searching the Waukee area for a new or pre-owned vehicle with little to no credit or bad credit history, we have your answers below. At Volkswagen of Des Moines, we’ll work hard to ensure that you’re getting the best deal possible on your next purchase.
Several factors could cause you to get a higher interest rate on your car loan. Generally, what’s considered a bad interest rate is anything higher than 10%. Ideally, you want to get an interest rate that’s below 5% — but with little or bad credit, that can be harder to achieve. When applying for an auto loan, take some time to shop around to see who will give you the best rates.
Yes, you can! However, the time frame varies depending on your score, your debt-to-income ratio, and how long it’ll take for you to pay your charges down. Having negative information on your credit report can cause some damage, but you can definitely fix it. Keep your accounts current and make sure you’re paying your bills on time. It could take a few years to fully repair your credit. That may seem like a long time, but all of your hard work will pay off!
When interest rates are rising, those with bad credit looking to borrow money are worse off. It’s best to work hard to improve your credit score to prevent paying more when interest rates spike.
Want to know more about financing with bad credit and ways to improve your credit score? Give us a call! We’ll work with you to help you find your next new or used vehicle without breaking the bank. We want you to be able to purchase the vehicle that’s right for you in West Des Moines — even if you have bad credit. Contact us today to schedule an appointment.
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