Bad Credit Car Loans in NH

AutoFair Hyundai's mission is to help every customer leave our lot with the new or used car they desire - even those who are saddled with a low credit score. Our experienced and dedicated financing team is on call to guide you through the options you're eligible for according to your credit score and overall financial situation. A good portion of Americans with less than ideal credit ratings are still able to take home the car they've been eyeing, and many of them have found their solution with subprime auto loans. If you feel discouraged by your credit rating and feel like it's keeping you from moving forward, don't worry: come in and talk with our team.

 

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Bad Credit Auto Loans: What Are They?

Bad credit auto loans are a great option for those with a low or credit score (or who have yet to establish credit) who need help financing a vehicle. Credit scores range from a dismal 300 to a superb 850, with anything above 700 considered good. But a borrower whose FICO credit score falls below 620 is in subprime territory and will likely need this special type of loan.

Subprime loans carry higher interest rates than traditional loans because of the greater risk to the lender. After all, the person's credit score is most likely low because he or she has a history of not paying bills on time (or not paying bills at all), and no lender wants to take on a borrower who'll repeat that pattern. That said, more and more lenders understand that people go through tough times and temporarily can't make ends meet: good people fall on bad times and just can't pay everything until their finances improve. Once a credit score falls, it takes a lot of months with perfect, on-time payments on every account to bring that score slowly and steadily back up. It's during those times that subprime auto loans can be a savior.

The financing specialists at AutoFair will show you clearly what options you have and they'll guide you toward the wisest choice for your situation. Although you may have to take on a higher interest rate than you'd like, keep in mind that you can always work hard to pay that loan off early, reducing the number of months you'd have to pay that amount of interest. Of course, the sooner you pay off the loan, the sooner your credit score will improve.

Remember too that the more money you put down on the vehicle, the less you'll have to finance, limiting the total interest you'll pay over the life of the loan. So, save up, stay within your budget, work closely with your financing representative, and once you have your loan, try your best to pay a little extra on it whenever you can. By following this straightforward plan, you'll not only drive away with a reliable vehicle, but also a more desirable credit score.


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