When it comes to getting the best interest rates and deals on an auto loan, we all know that it all comes down to your credit rating. When your credit is awesome, you can easily qualify for great offers like 0% financing, no money down loans, and great lease deals. But when your credit is damaged, these options are generally out of reach.

With that being said, there are opportunities for bad credit buyers in need of a car loan. Working with the right dealer that knows how to deal with unique credit situations may be the starting point you need in order to restore your credit back to its former glory. But, after you've done that, what else can help you get back on track?

Rebuilding for the Future

While a damaged credit rating will limit your auto financing options, as long as you take steps towards rebuilding your credit, you can improve your chances for those great offers in the future.

  • Make your payments on time, every time.
    Your payment history makes up about 35% of your credit score. Start mending your credit history by making your auto loan payments on time, as well as on other credit accounts you may already have.
  • car loan, credit history, rebuilding credit

  • Take care of past due debts and bills.
    The total amount of your credit balances counts for 30% of your credit history. Do everything possible to pay off any unpaid debts, and keep your current balances low. Settling any delinquencies can greatly help your credit standing.
  • Check for inaccuracies on your credit report.
    You can get one complimentary copy of each of your credit reports annually from each of the major reporting agencies, Equifax, TransUnion, and Experian. Review these reports for any errors or fraudulent accounts. If you find anything that seems out of place, contact the appropriate reporting agency and dispute the dubious information.
  • Open a secured line of credit.
    Check with your bank or financial institution about opening a secured credit card. When you open the account, you deposit your own money into it, and you can use it like a credit card. As long as you stay within the available cash limit and make on-time payments, a secured line of credit can help you improve your credit history.

Get the Odds in Your Favor

If you are in need of auto financing and don’t have time to wait until you have repaired the damage to your credit history, Drivers Lane can help. We have a network of dealers that specialize in working with car buyers with less than perfect credit.

Get started today by completing our fast and simple online application, and we will connect you with the dealership nearest your local area that can best work with your unique situation.