Tips for Buying a Truck with Bad Credit To Get You On the Road Soon
When you're buying a truck with bad credit, you're likely to run into some hurdles. So when you need a pair of wheels fast, follow these tips.
The average credit score in Oregon is 682. This falls squarely in the "fair" score range of 650-699. Sherwood ranks as one of the cities with the highest credit scores. While Woodburn, unfortunately, made the list of cities with the lowest credit scores.
Portland ranks 884th nationally for their average credit score of 689. Beaverton performed slightly better at the 861st rank, with an average score of 690.
But all these scores don't matter as much as your own score. If you're buying a truck with bad credit, you need to know the tricks to help you get a fair deal.
Use this guide to help you buy a truck and get on the road.
Buying a Truck with Bad Credit: a How-To
If you want to buy a truck but have bad credit, then you need to take steps to either improve your credit or show the lender why they should work with you. The one thing you shouldn't do is make verbal promises that you know you can't keep.
Work on Your Credit
If you know you need to buy a truck in the future, start working on your credit now. Check your credit score and correct any errors. Sign up for a free Experian account and do their audit that allows you to self-report payments.
Offer a Trade
If you already own a truck, you can offer to trade it in. This will make it easier to buy a truck with bad credit. Lenders will be more likely to let you borrow a smaller amount of money because it is less of a risk for them.
Before you start walking the dealer lot, get pre-qualified. This will make it easier to buy a truck with bad credit because you'll know what you qualify for before you start looking. This will help you stay within the budget of your pre-approval.
Keep in mind that there is no guarantee that you'll be approved. The pre-approval only tells you what you're likely to be approved for when you do apply.
Skip the Features
When you're buying a car with bad credit, you may struggle to get approved for a large loan. If this is the case, you may have to scale back your expectations. Stick to the trucks that come with the basic features.
Another option is to buy a used truck. You may be able to find a truck that is a few years old and has several miles on it, but it has all of the features you want.
Buy a Truck Today
By following these tips, buying a truck with bad credit is now a reality. Start by knowing where you stand financially with what your credit report and score look like and what you can afford for a down payment.
Before you start shopping, get pre-qualified and find out your truck's trade-in value. Once you have all of this information, you're ready to start shopping for your next truck.
Newberg Chevrolet serves car buyers in the regions of Portland, Beaverton, Wilsonville, Salem, Gladstone, Canby, Sherwood, Woodburn, McMinnville, Gresham, Happy Valley, Clackamas, and Hillsboro. So, stop by today!