If you have less-than-perfect credit or a low credit score, you may find a few unwanted obstacles in your way with financing. And some Reno, NV buyers give up way too soon. The fact is that lenders want your business. They must do their due diligence to ensure creditworthiness, but there are still ways to obtain financing even with less-than-perfect credit.

Know the Facts

The first thing to do if you have less-than-perfect credit is to obtain a copy of your credit file. There may be corrections that need to be made or disputes initiated with the credit agencies. And the precise details of your credit file not only empowers you with the facts, but you're better prepared if a potential lender asks questions or requests additional information about your credit issues. Many lenders are willing to work with buyers with less-than-perfect credit or low credit scores.

Also, consider these creative ways:

  • Consider a Co-signer
  • Choose Shorter Finance Terms
  • Get Pre-approved
  • Use a Credit Union

Choose Wisely

When choosing a vehicle to purchase, keep in mind that lenders are more likely to approve a loan if there is substantial equity in the vehicle. While it may be your desire to choose a Volvo with all the bells and whistles, it's more important to choose one where you can show as much equity as possible.

For instance, choosing a vehicle and not having a down payment, or only a small amount, doesn't show the lender that you're a good risk when you have less-than-perfect credit. In other words, make it easier for them to approve you by being reasonable about your choice and be willing to go the extra mile to show that you're investing in the financing too. One of the things that lenders like to see the most, even from those who don't have less-than-perfect credit, is a sizeable down payment.

Visit Bill Pearce Volvo Today!

Bill Pearce Volvo has a team of credit experts waiting to help you. We also use lenders throughout Reno, NV. So, visit us today. We may be able to put you in a Volvo, even with less-than-perfect credit! Check out our new and used inventories, and our finance offers today.

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