If you are car shopping near Arlington Heights, Illinois but you have less than perfect credit, you may wonder how you are going to make your dream of driving home in a quality new or pre-owned Honda a reality. At McGrath Honda, we are proud to offer bad credit car loans for local used car buyers from nearby Schaumburg, IL and beyond!
Our in-house finance department in Elgin, IL works with area car buyers of varying credit ratings and financial situations. We strive to make you feel comfortable during the financing process, whether you have great credit or poor credit! Here on our website you can learn how to apply for sub-prime auto loans and what our hassle-free bad credit financing process entails.
Here at McGrath Honda, we often get questions regarding bad credit financing, so let us address some common concerns we hear from drivers with low credit scores. When you are curious about whether you may qualify for sub-prime auto loans at our dealership, do not hesitate to apply or contact our finance team!
When determining your eligibility for sub-prime financing, our finance team takes into account a number of factors, including the following aspects of your credit application:
To initiate the bad credit financing process, we invite you to first apply for auto loans using our secure online finance application. Our auto loan specialists will then run a credit check to understand your unique financial situation and current credit rating, and then seek out viable loan options.
Lenders use credit checks to determine if you have had any foreclosures, bankruptcies, foreclosures or repossessions, as well as to understand your credit history better. We encourage you to obtain the very latest copy of your credit report to check for any errors and help eliminate any surprises when applying for bad credit car loans here at McGrath Honda.
Auto lenders like the finance staff at McGrath Honda will consider the amount of money you want to borrow, also weighing your ability to pay back a bad credit car loan over time. Your debt-to-income ratio can be calculated, which helps determine your current financial standing as well as your ease of staying up-to-date on car loan payments.
If you are shopping for a new Honda here at McGrath Honda, then you may find "friendlier" loan terms, since newer cars typically offer more favorable financing rates. If you are interested in one of our quality used cars for sale, then our finance team will work with you to settle on credit terms that are highly competitive.
The greater the amount of money you can provide as your down payment the better, as it will be more likely to find bad credit financing options with a substantial down payment. So start putting money aside for your next car purchase today, and consider trading in your current car to help provide a larger down payment.
McGrath Honda is your bad credit car dealership near Schaumburg and Arlington Heights, IL, so shop for your next vehicle and contact us about sub-prime auto loans today!