GO2Motors is a used car dealer located close to Detroit in Redford, Michigan that specializes in helping those with less than stellar credit to achieve their goal of purchasing a used car. GO2Motors is willing to work with you on securing financing for your used vehicle even if you have no credit, or even bad credit. We have a relationship with multiple lending institutions and banks and can find the right auto loan that meets your financial needs. Our automotive experts are waiting to help you find the perfect loan package that meets your financial needs. With a great selection of used cars on hand, GO2Motors can be your one stop shop. At GO2MOTORS we understand, we can help, and we are 100% dedicate to our customers’ satisfaction…GUARANTEED!
At GO2MOTORS we know that buying a used car can be frustrating enough, and that buying a used car with bad credit takes that frustration to a whole another level. Some banks and dealers will not even want to talk to you if you have bad credit. But don’t be discouraged, as buying a used car can be one of the first steps to improving your credit. Please take the time to read some of the helpful information we have provided below.
Before approaching a dealer or bank to try to secure a loan to buy a used car in Michigan, the applicant needs to check their credit report (Credit.com) to determine what their score is and to double check to make sure that the information listed on their credit report is accurate. There may be items that can be contested or removed, improving their credit score almost immediately, usually within 30 days. This can help lower your payment, saving you money, and increasing your purchasing power as the credit report help lenders decide how much they are willing offer and the interest rate they will charge.
Depending on your financial situation, there are other options that may help when buying a used car. These include choosing a shorter-term loan, purchasing a newer car, and getting pre-approved by a bank or credit union. Pre-approval will allow you to determine what your finances are, how much you can afford, and how much you can spend.
As mentioned above one of the ways to help fix your credit is to buy a used car and make regular payments. Another good practice is to make additional payments if possible. Even a minimal extra payment will show up on your credit report. The higher interest rates can be painful at first, but once you have established yourself as a responsible party by making regular payments and increasing your score, you can always refinance the loan for a lower rate. Be aware, that the normal time frame for refinancing an auto loan is after you have established at least a 12-month history of repayment, and that your current credit history and scores will also play a big part in determining the new rate.