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Finding the right loan for your next auto purchase can feel impossible. You might be torn between high-interest loans because of low credit or difficulty securing funding due to a lack of credit history. The team here at Granite Hyundai in Somersworth, NH, is always happy to explore your options during the car shopping process. Plus, with credit rebuilding car loans available to those who qualify, you could be in the car of your dreams much sooner than you planned. Stick around as we dive into this topic and share some credit rebuilding tips below!
What Is a Credit Rebuilding Car Loan?
A credit rebuilding car loan is a loan aimed at those with low credit scores or little credit history looking to buy a vehicle. These loans can help improve your credit score and repayment history while you pay them off, laying the groundwork for a better score in the future. You will see these for used car purchases most frequently, although they can apply towards a new car, truck, or SUV.
How Do They Work?
A credit rebuilding car loan works by helping to establish a positive repayment history for those with currently low credit scores. You apply for one, get approved if you meet the basic requirements, and then begin paying off this loan and building credit. You can imagine this like borrowing money to prove to creditors you are good for an on-time and complete repayment.
Benefits of Credit Rebuilding Car Loans in Somersworth, NH
The benefits of a credit rebuilding car loan here in Somersworth, NH, are that you can one day have a good enough score for a regular auto loan with better terms. Our team at Granite Hyundai has the experience to help get you started with your application, and we work with all people and budgets to find a car that you love and can confidently afford.
Improving Your Credit Score
Improving your credit score with credit rebuilding car loans is an easy way to see your credit history start to look positive. The more on-time payments, the better, and getting a loan with little or poor credit history can be easier if you aim for a credit rebuilding option.
Affordable and Flexible Payment Options
The affordable and flexible payments with a credit rebuilding loan make it a perfect choice for people who do not want to need a cosigner, sky-high APR, or zero chance at a decent auto loan when buying a vehicle. These loans also come with longer repayment periods, giving you more flexibility while paying down your balance.
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Who's Eligible for Credit Rebuilding Car Loans?
Those who have low credit scores (subprime) are often eligible for credit rebuilding loans. You might have a credit score of around 501-600 to apply for these types of loans, or in some cases, a credit score as low as 300-500. Many people who have previously filed for bankruptcy use credit rebuilding loans when car shopping, so this can be for various situations.
How Do I Apply for a Credit Rebuilding Car Loan?
You will apply for a credit rebuilding car loan by going through your dealership first to see what their in-house and partner options are. Here at Granite Hyundai, we always strive to work alongside our clients to find a simple, convenient loan opportunity for them, even with lower credit. You can always reach out to our team regarding a credit rebuilding car loan, and we will be glad to walk you through the process of applying and starting payments.
Finding the Right Lender in Somersworth, NH
You always want to do your due diligence when shopping for a car, truck, or SUV. Finding the right lender for a credit rebuilding loan is crucial, especially considering this might be for 60+ months of repayment. Luckily, the team under our roof are experts in the lending process, and we are top-rated for Hyundai sales right here in the community.
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Tips for Successful Credit Rebuilding
To build a healthy credit history and increase your score, there are steps you can take. This includes everything from paying bills on time to correcting wrong information on your credit report, as well as keeping spending low each month. The less debt, the better, and a credit rebuilding car loan can be the perfect first step to a healthy score.
Making Timely Payments
On-time payments are the best way to increase a credit score. Every 30-ish days, your lenders and creditors will report your current balance and whether a minimum payment has been met. If you are successful in this, your score will continue to rise the more money you pay off a given account. Car payments are a massive factor with credit because a vehicle is so expensive and valuable. You always want to make on-time payments, and even enrolling in auto-pay can help keep this possible.
Monitoring Your Credit Progress
Keeping tabs on yourself is a good way to keep debts low and payments consistent. Even with a credit rebuilding loan, you can keep an eye on your credit score and current balances throughout the month. When you stay informed about your spending and general credit, you become a better, smarter shopper. Whether that means updating your information with credit bureaus or making better financial decisions, you can and will increase your credit score with good habits.
Use Granite Hyundai's Credit Repair Program
Granite Hyundai in Somersworth, NH, is happy to offer a credit repair program, which can set you up for success the next time you go car shopping. Whether your credit is low because you're new to it, or if you've had difficulty in the past with high balances and late payments, our team of industry experts is here to lend a hand. Credit rebuilding car loans can be a significant step in the right direction for you as a car owner and buyer, and we would be glad to go over this in greater detail in person throughout the week. Contact us today to get started.
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