Bad Credit Auto Loans at Tom Peck Ford

A woman getting into her 2019 Ford EcoSport

Are you interested in buying a car but aren't sure if your credit score is sufficient? Not to worry! At Tom Peck Ford in Huntley, IL, our expert team members are determined to get every guest off the lot in their dream car, regardless of their credit situation. Continue reading to learn more. If you have any questions, give us a call at (877) 841-2409 or send us a message online.

How to Raise My Credit Score

There are many things you can do to help raise your credit score.

Pay your bills on time. Establishing reliability is one of the most important things you can do to improve your credit score. Lenders want a guarantee that you will pay your bills on time, and the best way to predict your payment performance is to look at your past payment performance.
Pay off debt and keep balances low. Another important factor is to keep your credit card balances and other revolving credit low. This is where your credit utilization ratio comes into play. This ratio adds all of your credit card balances and divides that amount by your total credit limit. Lenders like to loan money to low-risk customers because they are less likely to lose money. So the less money you use, the less risk you pose to lenders.
Apply for and open new credit accounts only as needed. Don't open new credit accounts just to have a better credit mix. Unnecessary credit can damage your credit score, and in return, could lower your credit score.

Do I Qualify for Secondary Financing?

Secondary financing refers to taking a second loan on an asset or property that already has one mortgage. In this case, that would mean taking out two loans on your car. To determine if you qualify for secondary financing, contact a Tom Peck Ford finance expert at (877) 841-2409.

Can I Buy a Car with Bad Credit?

Bad credit typically translates to a FICO score of 600 or below, but don't let that stop you from buying a car! At Tom Peck Ford, our knowledgeable finance team is dedicated to helping with your bad credit car loans, bad credit auto financing, and secondary financing inquiries.

Apply for Financing at Tom Peck Ford

Don't let bad credit hold you back! Check out our credit application to apply for financing at Tom Peck Ford today. Make sure you check out our inventory to find your preferred make and model. If you have any questions, give us a call at (877) 841-2409 or send us a message online.

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