How to Buy an Acura If You Have Bad Credit

How to Buy an Acura If You Have Bad Credit

Having bad credit or no credit doesn’t automatically sentence you to drive a car that’s in rough shape. You need a reliable vehicle and you’d like a nicer and newer car than the one you have now.

The good news is that lots of people get financing for the car they want, even with bad credit. If you’d like to buy an Acura, you may have an easier time getting a loan because this type of vehicle tends to hold its resale value well. Of course, much depends on the year and number of miles on the car, as well.

During the third quarter of 2017, 52% of used car buyers had a FICO credit score below 660. The first and most important step to getting your Acura financed is to understand your own credit score.

FICO credit scores range from 300 to 850. The higher your score, the better your chances of getting an auto loan with a low-interest rate. Statistically, people with lower credit scores present a higher risk of not paying their debt. So, if you have a low FICO score, lenders will probably charge you more money in fees and you’ll end up with a higher interest rate.

You can see copies of all three of your credit reports for free at www.annualcreditreport.com.

Here are the FICO credit scoring tiers:

o   781-850 Super prime

o   681-780 Prime

o   601-680 Non-prime

o   501-600 Sub-prime

o   300-500 Deep Sub-prime

The interest rate on your car loan can make a big difference in your monthly car payment.

For example, a 60-month auto loan of $17,000 will cost someone with a FICO credit score in the non-prime range $360 per month with an interest rate of 10%. Subprime borrowers may have to pay 16% interest, which would bump their monthly payment on the same loan up to $414 per month.

Why an Acura is a smart choice if you have past credit problems

Lenders look carefully at the car you’ve chosen when they consider whether to give you a loan and how much interest to charge. A financial institution that specializes in subprime loans is more likely to say yes to a loan for a nicer, newer car with fewer miles.

Here are the criteria that banks use when deciding whether to approve a loan:

ü Vehicle age

ü Vehicle mileage

ü Buyer’s FICO score

ü Buyer’s employment status

ü Buyer’s income and/or down payment amount

Before you apply for a loan on an Acura, put yourself in the best possible position to get approved.

Ø Check your credit history, and ask the credit bureau to fix any mistakes you find

Ø Choose a newer Acura with fewer miles

Ø Save for a down payment (a bigger down payment means a lower monthly payment and a better chance of loan approval)

Best-selling Acura models

The Acura line of vehicles is a product of the engineering and expertise of the Honda brand. Since 1989, Acura vehicles have been bringing style, speed, and comfort to American roads.

The Acura ZDX is a hatchback with a sporty style and a powerful 3.7-liter V6 engine with 300hp. Choose from the well-equipped base model or get even more amazing features with the Technology Package or the Advance Package.

If you need to haul a boat or trailer but want a comfortable SUV with the best available features, take a close look at the Acura MDX. It’s a powerful option that will take you from zero to 60 in just 6.5 seconds. Haul sports equipment, take a long road trip, or just commute in comfort and style with this versatile option.

For those who need a roomy sedan but don’t want to sacrifice style and comfort, The Acura TLX offers beautiful exterior LED lights, a top-level braking system, and the AcuraLink electronic driving assistance system. Choose from the Base, V6, or Tech configurations.

The Acura RDX is a compact crossover with a friendly price tag and a ton of options. The 2016 model features a whole new look with LED headlamps and tail lamps, a new 3.5-liter V6 engine, and the AcuraWatch system.

Would you like to learn more about how you can get financing for the Acura you want at a price you can afford?

Having a FICO credit score in the lower range shouldn’t keep you from getting a nicer, newer vehicle. In fact, thousands of Americans with low FICO scores and past credit problems get a loan every single day. They understand how important it is to work with a lender that specializes in helping people with low scores get financing.

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