LaFontaine Chrysler Dodge Jeep RAM Fenton

Subprime Credit Auto Loans near Brighton MI

Subprime Credit Auto Loans near Brighton MI
Are you in the market for a car but need a subprime credit auto loan near Brighton, MI? At LaFontaine Chrysler Dodge Jeep Ram (CDJR) of Fenton, we’re game to help those looking for a loan that works with their credit history and budget. Every driver should have the opportunity to get a great car—and our goal is to get you there!
Definition of Subprime Credit
If you’re unfamiliar with the term subprime credit, let us explain. Subprime credit refers to a less-than-perfect credit score. On the FICO (Fair Isaac Corporation) spectrum, your score may fall between 580 and 669. Loan officers use this to determine how likely a borrower will be to pay back a loan in full and on time.
For those who possess a number within this range, you may be given a higher interest rate on a loans or face limited eligibility. So, our finance advisors may have to work harder and smarter to find a loan that dovetails with your needs.
Subprime Credit
Subprime Credit  
Why Do I Have Subprime Credit?
Subprime credit happens—and it happens for many reasons. Some reasons may not surprise you, while other reasons may be less apparent.
When you apply for a loan and are told that you have subprime credit, it could be due to missing a few payments on your credit card or submitting them late. If you carry a large amount of credit card debt, that may affect your score as well. Past delinquent accounts could also be a part of this.
If you jump on every credit card you’re offered, the approvals and the denials will deduct points from your score.
Financial hardships can impact your credit score. If you’ve experienced a property foreclosure, car repossession, or bankruptcy, this also affects your score.
However, there is light at the end of the tunnel. With time and effort, you can achieve a high credit score. The next section explains how.
Credit Score  
Can I Improve My Credit Score?
After hearing that your credit score could improve, you may be up for the challenge to repair it. You may not have realized how your bill management affected your score in the first place, so take this opportunity to remedy it.
Before tackling this new project, order a copy of your credit report. When you receive it, read through it and review why your credit score could be less than perfect. Make notes on what happened with which account.
In the future, make sure that you pay all your bills on time, including credit cards, utilities, and more. Even the minimum payment is better than nothing—or sending it in late. The fact that you sent in the minimum saves you from having to pay more in the long run.
While you may be tempted to apply for a store credit card to get the one-time-only discount, consider whether it’s really worth it. Do you need all the cards you have in the first place? Remember that every time that you apply for a card, your credit score loses five points.
Explore Subprime Credit Auto Loans near Brighton MI
When you’re in the market for a car and need a subprime credit auto loan near Brighton, Michigan, you may wonder who offers them. At LaFontaine CDJR of Fenton, we advise all types of borrowers with varying credit when they want to buy a car.
You can talk to our financing center by contacting our dealership online.

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