How To Get A Bad Credit Car Loan

Having bad credit may close many doors for you. At Jake Sweeney Automotive, the best Buy Here Pay Here car lot in Cincinnati, OH, our door is always open. We are here to help you overcome the burden of bad credit. We want to work with you so you get the best lease or loan for your lifestyle. Below are several great ways you can boost your low credit score and get rid of that financial burden so you can get a used car loan.

1. Check Your Credit Report

You need to know where you are financially. Checking your Credit Report lets you see where you need to improve. Do you have a few missed payments? Is your debt utilization too high?
Knowing these things can help you decide what to tackle first. You are entitled to a free credit report each year from each credit bureau, Equifax, Experian, and Transunion.
You'll also want to check your credit report for any errors or fraudulent accounts. If something is inaccurate, make sure to dispute it.

2. Make a Plan to Catch up on Payments & Pay Your Bills on Time Moving Forward

Making on-time payments is the largest factor that affects your credit score. If you are behind on payments, you won't be able to improve your credit situation. If you can't afford tobring everything up to date at once, you can contact your creditors and they will work with you to come up with a payment plan that's good for you. Explain your situation and let them know that you want to pay your obligation. Let them know how much you can pay and how long youexpect to pay for it. In most cases, it's possible to work out an arrangement all parties can live with. Moving Forward, make sure to pay your bills on time. This includes non-credit bills.
  Any missed utility payments or late rent payments can be reported to the credit bureaus. Because payment history is so important, establishing a reliable pattern is vital in rebuilding your credit. You may want to consider setting up automatic withdrawals in order to avoid missing paymentsin the future

3. Try to Avoid Closing Credit Card Accounts

The longer your credit history, the better your score. However, If you are pretty far behind on your payments, you may have no other choice than to close the account.
 A payment plan may even require you to cancel your credit card. If possible, keep your older accounts so that you have a substantial credit history on your side.

Frequently Asked Question About Bad Credit Car Loans

Q: Can I obtain a car loan even though I have bad credit?
A: Absolutely! We partner with a plethora of lending agencies that specialize in helping peoplewith unfavorable credit ratings a loan for a car. Even if you have been denied in the past, weurge you to try again with us.

Q: Am I able to obtain a car loan is I have a bankruptcy?
A: Regardless of where you're at in the bankruptcy process, Jake Sweeney automotive can work with you to get you authorized for a loan.

Q: I've had a repossession in the past, am I still able to get a car loan?
A: We want to assist you in re-establishing your credit and help you get past the issues you.
have experienced in the past. We've had our share of customers who have had previous repossessions and were able to help them find a car that meets their needs.

Q: I am disabled or on social security. Am I still able to obtain an auto loan?
A: Whether you are disabled or on social security, that is no problem for us. Being on disability does not hurt your ability to get financing at all. Social Security is also recognized by loan providers as a source of income and can be used to figure out the size of loan you are able to qualify for.

Q: I am self-employed, will it be harder for me to get a car loan?
A: Not at all. As long as you have a verifiable income, there should be no issue. We can use anything from tax-returns, bank statements, or canceled checks to verify your income.

Q: I just started a new job, am I able to get a car loan?
A: We fully understand that people switch jobs every so often. The banks we work with look at many factors beyond how long you've had a job. We have many ways we can get you financed even without a long work history.

Jake Sweeney Buy Here Pay Here Dealership Can Help Shoppers Looking for Bad Credit Car Loans

If you take into consideration and follow these helpful credit repair recommendations from Jake Sweeney, you will be well on your way to turning that 600 credit score into a 700 credit score. With a little patience, you will start seeing
improvement within 60 to 90 days depending on how bad your credit is. Improving your credit won't happen overnight. Sometimes it can take years to achieve excellent credit, but if you keep at it, you will be rewarded in the long run with a higher credit score and lower car loan monthly payments!


The second most important factor in your credit score is how much credit you are using. For example, if you have a total credit availability of $10,000 and you are using $7,500 of it, your credit utilization is 75%. Using too much of your available credit can count against you. A good rule of thumb is to keep your credit utilization below 30%. Evaluate your expenses and cut back. Use that saved money to reduce your debt so that it falls below that 30%


A secured credit card can help you build a payment history if your poor credit stops you from qualifying for a "regular" credit card. A secured credit card requires you to keep money in a linked savings account as collateral. Because the money is already there, it is easier to get approval as well as pay your bill on time. These payments will be reported to the bureaus every month, so it will make a big difference in showing that you pay regularly and on time.Keep in mind that a credit card is not an excuse to spend more money. Keep a tight rein on your spending and don't spend money that you don't have. If you are unable to keep your spending habits under control, a credit card may not be a good choice.


Once you are on your way to improving your payment history, you can try to obtain other loans. An installment loan has a set term and a set payment. Auto loans and mortgages are installment loans.It is important to be careful with this step. Too many loans can damage your score. Plan your credit applications carefully. Best practice is to start with a small installment loan, like a car loan. Jake Sweeney Smart Credit specializes in customers with poor credit. We will work with you to find a car that is in your price range. This type of loan will show diversity in your account types and help boost your credit score.

Frequently Asked Question About Bad Credit Car Loans

Q: My used car trade-In has a larger balance than what my car is valued at. Can I still get a car loan?
A: Most dealers price their vehicles way over retail value, making an "upside-down" used car trade-in and enormous obstacle. We here at Jake Sweeney do things differently. We make sure to buy used cars at an excellent value with those customers with negative equity in mind. What this means, is we most likely will be able to trade you out of your upside-down trade in while rolling over little if any negative equity.

Q: Do you offer military financing?
A: Yes, we partner with many financial companies that specialize in military member financing.

Q: How do I get a copy of my credit report from you?
A: Unfortunately you can't get a credit report from us, but we are happy to show you the report and look at it together with you. Due to privacy laws, we cannot provide you a physical copy of the report. You can, however, request a free copy of your credit report once a year by going

Q: How long does the used car credit application process take?
A: A credit application can be filled out in person or online within a few minutes. After the application has been submitted, the bank may request additional information such as pay stubs, phone bills, bank statements, or they might not request anything. Each bank is different, but we will assist in getting everything completed a quickly as possible.

Q: What do I need to bring with me when trying to get a used car loan?
A: You will need:
● ID or Driver's License
● Title, if you have a trade in
● Pay Stub or proof of incomeYou may also be asked to supply a utility or phone bill, bank statements, or other similar documents.


If you are looking for a reliable pre-owned vehicle for a great price come to Jake Sweeney Used Cars. We are proud to offer a large inventory of pre-owned and certified pre-owned vehicles to help you find the car you have been looking for. With our friendly and eager staff they will help you find the best offers on the market. Our exceptional staff is ready to help you with all your questions. Our primary goal is customer satisfaction that includes a quick and painless car purchasing process.