Should You Wait for Your Credit Score to Improve Before Buying a Used Car?

It is difficult to get an auto loan from American banks with a bad credit score and the natural option that lays ahead is to wait for your credit score to improve before buying used cars in Anderson, SC. But you have surely heard about buy here pay here dealerships that offer easy auto loans to bad credit score holders. You can finance your next used car now, without waiting for your credit score to improve, and gift yourself a mode of transport that you really need. However, BHPH loans carry a higher rate of interest when compared with banks and that creates skepticism. This is where the question comes in – should you wait or should you finance now?

Let’s clear your doubts here.

You may wait but at what cost?

If you have a bad credit score now, there must be a reason. You might have just started your career from the scratch or recently faced a big expenditure. Or, you may already owe a good number of debts that are reducing your net debt to income ratio. Irrespective of the reason, the only way to increase your credit score is to either significantly increase your income and/or keep paying for your liabilities. Both are time-consuming endeavors and might often take years.

So, if you are waiting for your credit score to improve before visiting one of the top used car dealers in Anderson, SC, you are actually living a life without a car for that many years. And we do not have to tell you how personal transport can help to increase your standard of living, your job productivity, and ultimately your net income. By waiting, you are paying a higher cost than the current buy here pay here interest rates. Your professional and personal growth might suffer by delaying financing a used car now.

And used car prices are not decreasing

The demand for vehicles in used car lots in Anderson, SC has risen exponentially since 2020. For the first time in history, used car prices have started rising. Now, if you wait 5 years for your credit score to improve from 450 to 700, used car prices will surely move ahead by leaps and bounds, given the current demand. Here again, you are paying an additional cost for waiting. 5 years later, the average prices of used vehicles might be higher than the net interest you pay if you decide to finance today.

Don’t wait

Visit the top buy here pay here car dealers in Anderson today and explore your used car financing options. At Family Auto of Anderson, your bad credit score does not matter and you get easy auto loans. And the interest rate payable is just as per the buy here pay here market norms. Plus, you can flex your used car credit as per your total budget by paying a high down payment, trading in your old car, and limiting the credit span to 3 years. You are sure to receive better financial returns at Family Auto if you choose to finance now and not wait.

Take the smarter route. Buy used cars in Anderson, SC today. If not anything, you deserve to live a better life and that is reason enough.