Most people find that they need access to reliable transportation on a daily basis, so owning a car isn't so much a luxury as it is a necessity. If your credit has been compromised in any way, it can seem virtually impossible to acquire financing through traditional sources. Luckily, there is a solution to be found through specialized lenders who are willing to work with damaged credit.

How Does a Credit Score Become Subprime?

Obviously, if you never pay your bills, your credit rating will eventually plummet. Filing for bankruptcy is another event that dramatically affects your credit. However, there are other reasons for why your score may be low.

credit score, subprime

  • Have you been perpetually late with payments? Even if you always pay your bills eventually, timeliness does count. Late payments show up as negative items on your credit report, and those black marks remain for 7 years.
  • Are you overusing your credit cards? Ideally, you should be using less than 30% of your available credit. And if you are using over 50% of your credit limits, or have cards that are maxed out, you will notice a drop in your credit score.
  • Have you recently closed credit accounts? By decreasing your available credit, you can actually harm your overall credit rating.
  • Do you have unpaid parking tickets or other fines? Even minor fines that are left unpaid may be reported to the credit bureaus, and this is especially true if the amounts that are owed have gone to collections.

Available Financing When You Need it the Most

When banks and credit unions say "no," remember that there are lenders out there who specialize in saying "yes" to bad credit car buyers. Regardless of the situation that resulted in your credit being damaged, these lenders will look past your credit score and give you a chance to purchase the vehicle that fits both your budget and your lifestyle. And you may even be able to buy your car with little or no money down.

When You're Ready to Be Approved

You don't have to deal with being repeatedly turned down for an auto loan. Drivers Lane can connect you with a dealer who is qualified to work with your unique credit situation.

Just fill out our fast and secure online application to get started today.