Bad Credit Car Loans Ohio
McCluskey Automotive has been approving the kind of bad credit car loans that many Ohio buyers have depended on for years. For those who have poor credit, or no credit, McCluskey Automotive is in a unique position to offer guaranteed financing for all drivers.
We understand that bad credit isn’t always a choice, and is not a reflection of who you are as a person. That’s why we take every credit inquiry seriously and treat our customers with the respect they deserve.
Bad Credit is Only a Setback
Bad credit is not an ideal situation for car buyers, but it is important to understand that bad credit is only a minor setback for people needing to get behind the wheel of their own reliable forms of transportation.
Many dealerships only work with lenders that approve buyers with average or above average credit, leaving bad credit buyers out in the cold. Here at McCluskey Automotive, we understand that a credit score does not define the person it belongs to, which is why we are more interested in you as a person, and not your credit score.
McCluskey Automotive offers loans specifically tailored for buyers with bad credit, including loans that come directly from our in-house financing team of experts. Without needing to gain the approval of banks and other financial institutions, McCluskey Automotive is able to offer guaranteed financing that you can be confident of qualifying.
The reason we’re able to offer car loans for bad credit when you’ve been turned down elsewhere is simple: we deal with people, not scores. Average dealerships don’t understand this concept, but rather rely on an automated lender process that determines your future based on a black and white approve or deny system.
Getting turned down for a car loan due to bad credit can be embarrassing, and leave you with feelings of judgement and inadequacy. Rather than allow dealership salesmen to belittle you in public, come down to McCluskey Automotive, where you will never hear the word no.
Facts About Bad Credit Car Loans
Whether you have lived your life up to this point with above-average credit, or you have struggled with poor credit throughout your entire adult life, it is important to understand the basics regarding bad credit car loans. Taking time to understand the process can better equip you to acquire a reasonable loan, and protect you from getting taken advantage of by less-than-ethical dealerships. Take the following information into consideration before you head out to acquire a car loan with bad credit, and be sure to talk to the experts at McCluskey Automotive first.
Small Selection of Dealers and Lenders
While there are plenty of dealers that offer bad credit car loans in Ohio, you won’t be able to walk into a dealership at random and buy a car. It is important that you find a dealership that specializes in these types of loans, and that the one you choose is known for providing reputable services to bad credit car buyers. McCluskey Automotive has served the Cincinnati area for years, and is proud to continue our commitment to helping everyone get behind the wheel of a reliable car, regardless of their past financial history.
Higher Interest Rates
The best financing offers are reserved for those with the highest credit scores, so you’ll need to understand that it’s simply not possible for a lender to give you the same offer with bad credit. Because bad credit is a signal of risk for lenders, higher interest rates are common when applying for a bad credit auto loan.
For instance, according to Experian, one of the three major credit bureaus, interest rates will increase dramatically depending on your credit score. Car buyers with a score of 601-660 can expect to be offered loans with average interest rate of 9.29%. If your score drops between 501 and 600, that rate jumps to an average of 15.72%. And if your score is currently 500 or below, you’re likely to see rates around 19% on average. Be prepared to pay a higher rate than individuals with an unblemished score, but take it as an opportunity to turn your past credit woes around.
Selecting a Car
As most of the bad credit car dealerships in Ohio are on the smaller side, you will likely have to settle on what the dealer has in stock in order to receive financing. Here at McCluskey Automotive, however, we avoid that situation by giving customers access to our nationwide network of used cars. Simply let us know what you’re looking for and we’ll go above and beyond to bring it to Cincinnati for you.
Bad Credit Car Buying Advice
Jumping into car buying head first can be reckless, especially if you’re trying to buy a car with bad credit. Coming in with a plan will not only make the process less painful, but will also ensure you leave McCluskey Automotive happy with your purchase.
Have a Down Payment Ready
A down payment, whether it’s $500 or $5,000, shows lenders that you’re serious about buying a car, and making regular on-time payments. Typically, larger down payment amounts result in lower interest rates, so consider saving up before you buy a car with bad credit. Here at McCluskey Automotive, a down payment is not mandatory to secure a car loan, but it will certainly help lower the rates associated with your loan agreement.
Plan Out an Affordable Monthly Payment
When considering any car purchase, it is important to stay within your financial means. This is especially true of buyers with bad credit. Prior to coming into McCluskey Automotive, consider your current monthly income, outgoing bills, and other expenses you are responsible for each month. Use all of this information to arrive at a monthly payment you are comfortable with paying, and stick to it.
Buy the Car You Need More than Want
Buying a new-to-you car is an exciting time, even when you are burdened with bad credit. It is important not to get carried away with extra amenities and features, however. Rather than choose a high-end model with all the bells and whistles, opt for a car that is both reasonable, and accommodating to your needs. After you successfully pay off your bad credit car loan, you (and your credit score) will be in a better position to purchase a vehicle with more of what you want.
A Bad Credit Loan From McCluskey Can Help
With bad credit car loans, Cincinnati residents are not only able to purchase reliable transportation but also work their way to better credit. With consistent, on-time payments, the credit bureaus will associate you with less risk for lending. With each on-time payment, your credit score will gradually increase until it is back to where it should be.
McCluskey Automotive is a unique dealership in the Cincinnati area that specializes in dealing with people who have bad credit. At McCluskey Automotive, we do not believe that bad credit should prevent someone from getting the auto loan for the vehicle they need. We have a Credit Approval Guarantee, assuring everyone who walks through our doors that help has arrived.
Don’t let your bad credit prevent you from getting the vehicle you deserve. At McCluskey Automotive, we are here to help. If you have any questions or concerns at all, we would be happy to hear from you. Turn your life around today, with help from the experts at McCluskey Automotive.