Car Loans For Bad Credit At Mike Reichenbach Volkswagen in Florence, SC
If your credit isn’t great, securing a car loan can be tricky. The dealership you choose to work with can make all the difference in your experience.
At Mike Reichenbach Volkswagen, we believe everyone deserves access to a reliable vehicle, regardless of credit history. Whether you’re building or rebuilding your credit, or if this is your first major purchase, we understand the challenges of getting approved.
Our team is committed to helping you secure an auto loan, even if you have bad credit or no credit at all. If you have a job, we believe your credit score shouldn’t stand in your way.
With our team, driving off in a new Volkswagen or used car with confidence is easier than you thought possible. We have established partnerships with several financial institutions allowing us to create financing plans to meet each customer’s unique credit needs. Ready to get started? Contact our friendly customer service team with your questions today!
Questions To Ask Mike Reichenbach Volkswagen About Your Bad Credit Auto Loan
We know that you may have a lot of questions when it comes to financing a vehicle, especially if your credit is less than perfect. Here are some of the most frequently asked questions about the process:
What credit score is required to get approved for an auto loan?
There is no minimum credit score required! We work with customers of all credit backgrounds. Our finance team will evaluate your situation and find lending options that meet your needs.
How high is the interest rate?
Your interest rate is determined by several factors, including the vehicle price, your down payment, and your credit score. Before finalizing your contract, your loan officer will provide all the details about the interest rate for your new or used car loan. The interest rate on a subprime auto loan plays a significant role in the amount of your monthly payment and the overall cost of the loan over time.
What is the minimum down payment?
Most people believe that having bad or no credit means you need a large down payment. However, this isn’t always true! Minimum down payments depend on the dealership and the type of bad credit car loan you’re trying to secure. Some customers even qualify for a loan with little to no down payment.
Will my monthly payments be high if I have bad credit?
Your monthly payments will depend on several factors, such as the loan amount, interest rate, and loan term. We’ll work with you to structure a loan that fits your budget.
What kind of car will I qualify for?
Buyers with bad or no credit history may still qualify for a loan on a used vehicle, as these typically cost less than new models. Our finance experts are here to help you assess your budget and identify the types of vehicles that fit your financing options.
Can I have a car loan cosigner if I have bad credit?
If you have a family member or significant other with good credit who is willing to co-sign on your auto loan, you may be able to secure a better interest rate, even if you have poor credit yourself. However, keep in mind that if you are unable to make your monthly loan payments, it could negatively impact both your credit score and the credit score of the co-signer. So it's important to carefully consider the risks and responsibilities before going this route.
Does applying for a bad credit loan impact my credit score?
A single application might result in a small, usually temporary, impact on your credit score. Once you’re approved, making on-time payments will help improve your credit over time.
Can I Still Get a Car Loan After a Repossession?
A car repossession can be challenging, but it’s still possible to secure an auto loan with a repossession on your credit report. Before applying for a bad credit car loan, it’s a good idea to check your credit score and get familiar with your overall credit situation.
You can improve your credit and increase your chances of approval by consistently paying bills on time and reducing outstanding credit card or loan balances, especially if you still owe on a previous auto loan. Saving as much as possible for a down payment will also make it easier to secure financing with poor credit.
Above all, be realistic about what you can afford. Getting pre-approved for an auto loan with bad credit can help you understand your options and set a budget before visiting our dealership.
Preparing for Financing: Documents You’ll Need
We’re here to help you get approved, and part of that includes giving you the information you need to ensure a smooth financing process. For a subprime car loan, some of our lending partners may require additional paperwork.
Here’s a checklist of the documents you’ll likely need to bring when you visit our auto finance center:
- Valid driver’s license – Make sure that your license is current, not expired, suspended, or revoked and the address matches your current residence.
- Proof of insurance – Bring your insurance card, along with your agent’s name and contact number. You don’t need to add a new car to your policy until after you’re approved.
- Proof of residency – A recent utility bill with your name and address is all you need to verify your residence.
- Proof of employment – Bring a recent pay stub–no more than 30 days–showing your year-to-date earnings. If you’re self-employed, bring two years of professionally prepared tax returns.
- List of personal references – Include the full names, addresses, and phone numbers of personal references, such as family, friends, or colleagues. References should not share the same address, and we recommend informing them that a lender may contact them.
- Phone number verification – All phone numbers must be active and listed under your name as the applicant.
Bringing these documents will help streamline the approval process for your bad credit car loan.
Drive Away with Confidence at MRVW, No Matter Your Credit Score!
Drivers in Florence, SC and nearby areas can apply for auto loans right from home with our secure website. Ready to start? Complete the pre-approval application with accurate details, and we’ll get to work finding the best financing rates for you. Remember, there’s no obligation to purchase if you submit a credit application.
If you have questions, don’t hesitate to contact us! Our loan experts are here to help you explore your options and provide the information you need to make a decision you feel confident about. Our dedicated Volkswagen finance team has helped local car shoppers overcome financial hurdles, including:
- Foreclosures
- Bankruptcies
- Repossessions
- Divorces
- Late or missed payments
As your local Volkswagen dealership, we’re here to help you get approved. Fill out a credit application online, or visit us at Mike Reichenbach Volkswagen for personalized, one-on-one assistance. We look forward to working with you!