Subprime Financing
When it’s time to buy a car, one thing that many drivers have to consider is their credit and if they can get the auto loan they want. When you have less than perfect credit, you may think it’s not possible for you to get the vehicle you want or a loan that works for you.
Subprime financing can help. A subprime auto loan caters to your credit, even if your score isn’t up to par. On this page, you can learn more about subprime financing and how we at LaFontaine Subaru can help you get on the road in West Bloomfield, Novi, and Farmington, MI, in the vehicle you want.
When you come to our dealership, our goal is to help you drive off in the vehicle you want. You may be able to find that vehicle easily but not have the financial track record or credit score necessary to get the auto loan you want.
A subprime auto loan can be the best option available to you. Subprime auto loans require a higher interest rate than typical auto loans, based on your credit history. Even then, you have flexibility when it comes to your subprime auto loan and can make adjustments to fit your budget the best.
A subprime auto loan can also come with a predetermined term in which you need to pay off the loan in its entirety, so consider that when making a deal.
Your overall rate and the structure of your subprime auto loan will be based on your credit score. Your credit score tracks your financial history and the reliability with which you will pay off future loans. Your credit score can range from 300 to 850. Subprime loans are often recommended and reserved for buyers with a credit score below 600, but there are certainly exceptions.
In addition to your credit score, other factors come into play when creating your loan. Speak with an advisor at our dealership to learn more about what a subprime auto loan and financing can do for you.
When you come to our finance center, we can help you set goals for you to improve your credit score. By improving your credit score, you can potentially get a better rate the next time you need an auto loan.
Some of the things you can do to get your credit score up are paying off existing debts and keeping up with loan payments. You can also consolidate your debt onto one card. Additionally, you should be calculated with your buying decisions and not take financial risks that may have higher interest if you are looking to improve your credit score.
If you want to learn more about subprime financing and how it can be the right choice for you, we encourage you to read more on this page and come and talk to our finance team at LaFontaine Subaru.
When you work with our team, you get a partner to help you with everything you need to buy a car. Let us help you get on the road and get the right auto loan, so you can get on your way to any stop around West Bloomfield, Novi, and Farmington, Michigan.
