Absolutely! There are a lot of factors when deciding an approval for a car loan. A credit score is one of those factors, but not the only one. The term credit also refers to creditworthiness. This means that there are potential options available for an auto loan even with a bad credit score.
Lending institutions understand that life happens.
There are a few things to understand first. Let’s start from the beginning.
What is a low credit score?
Typically a low credit score is considered anywhere below 600. Scores typically range between 300 and 850.
However, there are a few different credit bureaus, who each have their own ranking/scoring system.
This means you may have a 600 score with one, and a 650 score with a different credit bureau. Some of those bureau’s are; TransUnion, Equifax, and Experian.
Factors that affect credit score
Bill payment history (on time or not on time)
Credit history age (how long since you have had credit/loans)
How much debt you have
Types of credit
Credit Inquiries (each time a credit check /application is submitted)
Where to find credit score
There are many places to find your credit score. Some places charge money to check your credit score while others don’t.
Many credit card companies now also offer this as part of their service.
Creditworthiness isn’t just based on a credit score
Other factors are taken into consideration when banks decide to accept or decline a loan.
Decisions are usually based around risk factors.
If you have some proof that you are less of risk, banks will be more inclined to approve a loan for you.
The more stability you can show, the better.
Factors also considered for creditworthiness
Employment status and history
Income
Financial obligations
Types of accounts
Total debt (used to calculate debt to income ratio)
What can I do to help get approved for a car loan with bad credit?
Have a down payment
A down payment helps with equity in the vehicle meaning less risk for yourself and the lender. It will also help entice the bank into approving a loan.
Do I need a co-signer for a car loan with bad credit?
Not necessarily. Co-signers are better used for instances where is there is NO credit (ie. first-time buyers).
Having co-signer can help in some circumstances, although as the primary buyer, it’s still your own credit that determines loan eligibility.
If I get refused from one bank, will I get declined everywhere else?
Not necessarily.
Each bank or lender has its own criteria for lending. They may also use different credit bureaus.
How many hard pulls can i have before it affects my credit score?
You do have the right to shop around for the best deal, which may mean submitting several applications.
Having all inquiries within a 14 day period allows it to count as one inquiry.
Multiple inquiries over multiple months result in inquiries that can lower your credit score.
What is ‘shotgunning’?
Shotgunning is a term used to describe applying to a whole lot of banks at one time.
The term is usually referred to at car dealerships. They will submit your applications to host of banks or lender to try and find the best rate/deal.
This may also be necessary to find a bank or lender that is willing to approve the loan.
As long these are all done within a 14 day period, it only counts as one inquiry.
Be sure you are ready to buy when you apply. Changing your mind and re-applying the next month will count as another inquiry.
Do I need a job to get a car loan with bad credit?
Usually, yes. Having a job shows that you have a way of being able to make the payments required to pay off the loan.
Having a job for more than 6 months or a previous job for a long time also helps show the bank/lender stability.
Provable income such as social security can also be used for a car loan.
Ready to apply for a car loan?
If you’re ready to apply for a loan, Fremont Motors specialized credit team can help. Click the link below, simply fill out the form, and choose the dealership you want to work with ( drop down box).
This year marks the 19th year of the Memorial Weekend Car Shows in Casper, and this year it landed on May 25th-27th.
This may sound a little cliche, but it was a tad windy! Not surprising for Wyoming, however better than the torrential rain we had a couple of year ago! A little wind won’t stop the locals from turning out though, they are used to it.
With a full weekend of car shows throughout the city on, Fri marks the day of the dealer sponsored shows. Greiner Ford of Casper has the all Ford show, Casper Buick GMC Cadillac has an all GM show, Foss Motors hosts the import show and Fremont Motor Chrysler Dodge Jeep RAM hosts the all Mopar show at 6101 E. 2nd Street, Casper.
All Mopar Show
Vehicles on display included; muscle cars, classic cars, classic trucks, street rods, rat rods, tuners, and trucks.
Show and shine categories
Classes for the show and shine competition are;
1960 & older
1961-1980
1981-present
peoples choice
2019 Fremont Motors All Mopar Car Show Results
1960 & older
1st place-John and Bev English
John and Bev English with their 1941 Plymouth Special Deluxe Coupe.
2nd place- Herman Walter
Herman Walter with his 1938 Dodge Humpback Panel Truck.
1961-1980
1st place- Jesse Henderson
Jesse Henderson with his 1970 Dodge Charger.
2nd place- Chris Barton
Chris Barton with his 1970 Dodge Charger.
1981-present
1st place- Jay and Lori Doyle
Jay and Lori Doyle with their 2010 Dodge Challenger.
2nd place- Jane Enlow
Jane Enlow with her 2007 Dodge Charger.
Peoples choice
Winner- John and Bev English.
Photos
Some quick snaps of just a few of the super fun vehicles on display.
Check out previous year Fremont Motors All Mopar Car Show photos in the links below.
“I’m Jason Miller and I’m the Sales Manager at Fremont Motors in Scottsbluff, Nebraska.”
Where were you born and raised?
“I was born and raised in little farm town named Liberty Center in the state of Ohio”
How long have you worked in the automotive industry?
“I’ve been in the automotive industry approx 5-6 years and I’ve been in management right around 3.”
How would you describe your job to a child?
“I would tell a child that I have a job where I’m able to help people find really nice cars.”
What is your favorite part of the job?
“My favorite part of the job is helping people being a positive impact in peoples lives, and helping people in favorable positions to find reliable transportation for themselves and their family.”
“Growing up as a child, I remember I wanted to be a boxer early, and then I wanted to be a professional wrestler like Hulk Hogan or Randy Macho Man Savage. I still have a little bit of time left, I can achieve that.”
When you’re not working, what are you doing?
“When I’m not working, I’m spending time with my family first and foremost. I have a 7-year-old, a 5-year-old and a 3-year-old. One girl, two boys. I love spending time with them. If I’m not with them, I enjoy exercise and spending time outside.”
Favorite music?
“My favorite music mostly is Christian music. I listen to a lot of praise and worship music. I am very diverse in my listening preferences, depending on if I’m excising or doing something like that, but it’s usually on Christian music.”
What about your favorite food?
“My favorite food is almost always things I shouldn’t eat. I love pizza, I love sweets, I just have to limit myself to those best I can!”
How about a favorite color?
“I don’t really have a favorite color, but my daughters favorite color is purple so I’ll say purple. It’s as good as I’ve got.”
Favorite movie line?
“My favorite line can be anything from the movie, Napoleon Dynamite. I love that movie.”
If you could be anyone else for a day, who would it be?
“If I could be anyone else? I really couldn’t answer that. This probably sounds cliche, but I enjoy being me and I love my life. I wouldn’t want to be any one else other than who I am with my family.”
What is the craziest thing you’ve ever done?
“I did serve in the United States Marine Corps, but I would say probably even more than that, I worked for the New Mexico State Prison. In the supermax facility, I was on the cell extraction and emergency response team. It would get a little crazy.
It’s nice to have that experience because hard days now aren’t near as hard when you keep it in perspective with past experiences.”
What was your first car?
“I had a 1984 Ford Ranger regular cab, stick shift that I bought from my older brother. I only wanted it because my brother had it and I wanted to be just like him.”
If money was no object, what vehicle would you own?
“If money was no object, and I could have any vehicle I want? I’m a pickup guy. I’m probably a little partial working for a Ford dealership, but I really think that they have the nicest pickup truck out there. Give me one those with some equipment and that would be me.”
Stop in at Fremont Motors Scottsbluff to say hi to Jason Miller, or send him an email.
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