Car Loans with Bad Credit in Illinois

1. Visit a Dealership that specializes in bad credit auto financing

The most important thing you can do is to find a qualified dealership who understands how to work with customers who have bad credit. It will save you time, you’ll get a better vehicle, and you’ll probably get a lower payment as they understand what it takes to help customers get an auto loan with bad credit. They also stock their lots with all the best vehicles that lenders are sure to approve even in high-risk credit circumstances. Quality, reliable, late model vehicles can make the difference between an approval at an authorized Chicago Car Credit dealer than at a buy-here-pay here or non franchised location.


2. Down payment

Money talks. It’s that simple. Your willingness to invest in reducing the loan balance leads the lender to be more willing to extend you a loan. The best-case scenario is to plan to put 10-20% down or about $1500.00 depending on the cost of the vehicle you're trying to purchase. This down payment will also lower your monthly payment which is important when you are trying to re-establish a good credit rating.


3. Be flexible on the type of vehicle

If you're in the high-risk credit category set realistic goals when it comes to buying a vehicle. Avoid overextending yourself in a fast depreciating, expensive-to-maintain vehicles that may get you behind in payments or even repossessed by the lender. Banks and lenders want to see people with bad credit in low-mile, dependable vehicles that don’t depreciate and have good warranties (see our list of the 10 best vehicles to buy with bad credit). It's about choosing a quality car that you can afford to own. Once your credit is on solid ground then start considering that high-line luxury vehicle you’ve been dreaming about!


4. Have a co-signer

Most people who have an aversion to this don’t realize how much help this can really be to your financial situation. If you have someone who is willing to help you with an auto loan ASK THEM. It could save you thousands of dollars in the long run. Consider this - even with bad credit, you will want to get into a different vehicle every 2 or 3 years. If that is the case, when you trade your vehicle in, if you have made your payments on time, chances are good you won’t need the co-signer for your next car. But think of how much money you will save… And think how much better it will look on your credit report if you were financed at a better bank with a strong reputation and strong name with a co-signer than on your own at a known bad credit finance company. It's just another important step on the road to credit recovery and independence.


5. Come prepared to the dealership to do business

A dealership that specializes in bad credit auto loans in Chicago will ask you to bring certain documents known as stipulations or “stips” - these are required for the lender. In order for your loan to be funded, you must provide these documents. When you work with a Chicago Car Credit Authorized dealer you will know what documents are required before you choose your vehicle. Be sure to bring them with you on your initial visit . Not only will make the deal move more smoothly it will also allow you take delivery the same day in most cases!


6. Sure price is important, but payment is everything

Work with the dealer and the finance department on payment more than price. They often times have high fees they have to pay to the lenders to get your deal financed and they are in the business of making money for their efforts. If they don’t make some sort of profit you won’t have a car. We’re not saying because you have bad credit you should get ripped off, but the reality is a bank won’t let that happen most of the time anyway. After all, it’s in their best interest that you pay for the car…they’re the ones really on the hook for the money. Find the car you like that fits your situation and make those payments on time and you’ll be back on track in no time!

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