At Stateline Nissan, we take pride in being able to offer our customers expert auto financing assistance regardless of their credit standing. Our skilled finance team is dedicated to helping you secure a loan from a trusted institution and crafting a sound finance plan based on your budget and preferences for a two-fold benefit: the vehicle you need at a good rate and the opportunity to reestablish credit clout and improve your future finances. By working with our finance team at Stateline Nissan, you can get approved in no time!Why Bad Credit Holds Car Buyers Back
Credit is a tricky concept but one that we at Stateline Nissan have learned to navigate well. As you may know, your credit score is calculated by evaluating your past payment history and habits. Banks and financial institutions see this number as a projection of your future behaviors, using it to determine whether agreeing to grant you a car loan is a wise investment. They look at your score and ask, will this person pay us back?
Many lenders don’t want to chance starting a relationship with individuals who have a low score or no score and refer to these applicants as high risk. Typically, the lower your score, the more difficult it is to secure a loan at a competitive rate.
Financing with Stateline Nissan is Different
As you can imagine, and may have already experienced, bad credit can take years to reverse. Getting lenders to see beyond your score can seem impossible, especially without the right resources on your side.
The good news is, Stateline Nissan’s finance center has partnered with a specialty finance company that’s dedicated to helping consumers with damaged credit or no credit get out of this vicious cycle of bad credit.
We can help you secure a loan without relying your FICO score, so your previous credit history isn’t the guiding star of your probability for future payments. Once you get approved for a car loan, we provide you with everything you need to make payments on the path of least resistance.
How Paying Off Car Loans Affects Your Credit Score
Auto loans are great for getting borrowers with bad credit back on the road to a positive credit standing.
• Knowing payments ahead of time: One beneficial aspect of car loans is that payment amounts and the duration over which you’ll pay them is determined when you sit down with your finance rep. As loans that come with fixed interest rates over a set number of months (most commonly 36-, 48-, 60-, and 72-month increments), the amount you pay is always the same. Since your payments are pre-planned, it’s easier to design your monthly budget around these upcoming deductions.
• Slow and steady raises your score: In the race to good credit, the act of paying off an auto loan would be characterized as the tortoise instead of the hare, but that’s not a bad thing.
Taking what we know about what affects credit scores and how important the factor of history is to establishing a good score, a slow and steady approach that will have a lasting impact is what you’re after. Over time, paying off a car loan can help you raise your score and serve as a good example for helping you to reform your future spending habits.
Auto loans are an opportunity to start out small and show that you’re responsible with your money. Depending on your financial situation and what you feel comfortable paying each month, your finance associate will help you determine which payment interval will be best for you.
Though choosing a 36-month payment loan vs. a 60- or 72-month loan will cost less over time because interest is paid as long as you’re borrowing from the lender, determining the loan period that’s right for you is key. As long as you make these payments on time, your credit score will elevate over time, making it easier for you to secure a loan in the future.
Get Approved for Auto Financing with Us Today
The Stateline Nissan finance team can deliver credit approvals within 60 minutes of filling out our application. This unique opportunity to establish or re-establish your credit can help you get behind the wheel of the car you’ve been waiting for while also getting your finances headed in the right direction. With the right tools and resources on your side, getting back your good credit rating is easier than it may seem!
To get started, fill out the contact form on this page. Once we’ve received your information, a representative from our finance team will reach out to you within one business day to schedule a time to discuss your financing options and our easy application process. We’re so confident in our program that if you come in and we can’t get you approved on a car, you’ll receive $500 in cash from us on the spot!
Feel free to contact us with any questions or head out to 845 Taunton Avenue in East Providence to speak with one of our finance experts in person today!