What is a Bad Credit Score?

You hear people talk about credit scores all the time when it comes to getting loans for items such as a house or a car. Depending on whether you have a good credit, bad Automotive Financingcredit, or even no credit at all, you can either be approved or denied for such loans. At Community Honda of Orland Park, we’re proud to be able to work with car buyers with varying ranges of credit scores, including those who have poor credit.
But what exactly is a bad credit score? Let’s take a closer look at what determines whether you have good or bad credit.

Credit Score Scale and What it Means

The system or scale that is most used with credit scores is the FICO scale, which produces scores from 300 to 850. What this indicates to lenders is the level of risk they are taking by loaning a person money. The higher your number on the scale, the more likely it is that a lender is going to give you money knowing that you’re more likely to pay it back. The lower the score, the worse off you’ll be.

So, where on the scale should you be? What do lenders consider to be a bad credit score? It all depends on who you’re attempting to borrow money from and what type of loan you’re attempting to secure. Many lenders will consider anything under 620 to be a bad credit score. Now this doesn’t mean that you won’t be able to finance your new car, but it will be more difficult securing funds.

Despite possessing a bad credit score, many times you’ll still be able to acquire the loan you need. What you’ll see is the lender will approve you for the loan, but apply a higher interest rate due to the increased risk they are taking by loaning you money.

Just because you have poor credit now doesn’t mean it’ll stay that way forever. One of the easiest ways to improve your credit score is to pay your bills on time. Do that and you’ll start to see your numbers improve drastically, making it easier to secure that loan in the future.

Learn More About Financing at Community Honda

If you have any questions about automotive financing, don’t hesitate to stop by Community Honda of Orland Park or contact us at (855) 207-0308. Our finance team will be glad to answer any questions that you have about your credit score and how to improve it.

How to Avoid Bad Credit

It’s a terrible moment when you realize that bad credit may be standing in the way of securing proper financing on your vehicle. And while bad credit can cause Automotive Financingproblems, it doesn’t have to be a deal breaker. Community Honda of Orland Park knows this, and is happy to help drivers with less than desirable credit scores, or even a history of bankruptcy, to get connected with car loans that help them to get them behind the wheel of a new vehicle.

Good financial management skills should always be a goal, whether you’re a newer consumer or trying to make a fresh start. Here are a few tips for avoiding bad credit, as well as how you can begin the loan process with Community Honda.

Staying on Track with Good Credit

  • Quality over quantity. Getting in over your head with creditors can be pretty easy. When it comes to paying loans back, focus on paying off the bulk of the higher interest ones first, then focus on the lower interest ones. If possible, try to have only one or two credit cards.
  • Set up online bill pay if possible. Oftentimes, it’s not that we don’t have the money to pay for a bill, it’s that we simply forget to do so. Setting up online bill pay will help you to make those payments on time and avoid late fees.
  • Keep track of your credit history. Federal law states that you are legally allowed to access your credit history for free at least once annually. Looking at this can help you to find possible errors that are dampening your credit score. If you see an error, get in contact with the company that reported it and get it corrected.

Applying for a Loan at Community Honda of Orland Park

The first step to getting a loan through our dealership is to apply with our online application. On the application, we’ll need some information delivered through our secure connection and use that to give you an idea of your options. It’s free and takes under 15 minutes to complete. After that, we’ll get in touch with you about how to proceed.

Community Honda is located at 8340 W. 159th Street in Orland Park, just a short drive from many communities in the Chicagoland area. If you have any questions, please don’t hesitate to contact us.

Bad Credit Doesn’t Necessarily Disqualify Your from a Car Loan

It goes without saying that there’s a often a sinking feeling that comes with realizing you need a new car, especially when it’s unexpected. Most drivers can’t pay entirely Financing a Carfor a new vehicle up front, so they rely on financing their vehicle with a loan. Some drivers have good credit, but a lot don’t. And though a good credit score often grants you a better finance rate, it’s not the only way to get connected with a loan.

Everyday at Community Honda of Orland Park, we hook people up from a wide range of financial backgrounds with the financial help they need to pay for their new vehicle. Whether if you have good credit, bad credit, no credit, or even a history of bankruptcy, we work hard to get you connected with the support you need.

Consider a Larger Down Payment

If you’re worried about your credit score getting in the way, and can manage it, putting down a larger down payment on your vehicle may give you a better chance of getting approved. Besides that, it can also help secure you a better credit rating.

Fill Out an Application Online

The first step to getting connected with financing is filling out our online finance application. It’s easy and takes less than 15 minutes. We simply ask you for some contact and other information, such as your name, social security number, and employment information. Don’t worry; the information we gather is stored securely.

We’re Here to Answer Questions

Hey, not everyone’s a finance expert, but it’s okay because we are. If you have any questions about the financing process, we encourage you to give us a call. We’d be happy to go over different options with you specific to your financial situation.

Community Honda is located at 8340 W. 159th St. in Orland Park, just a short drive from many communities in the Chicagoland area. We happily provide financial assistance to all potential car buyers and will work very hard to find a loan plan that will work for you and your family. So, don’t wait! Stop on in today.

Community Honda Offers Financing Regardless of Credit Score

Everyone deserves the chance to drive a new car, and at Community Honda of Orland Park, we won’t let bad credit keep drivers away from the car of their dreams. If Auto Financingyou’re a Chicagoland driver wondering where to buy a car with bad credit, the Community Honda is the place for you. Here’s why!

Bad Credit is No Problem

At Community Honda of Orland Park, we want everyone who walks onto our showroom floor to be able to drive home in the car they want, regardless of past mistakes. That’s why our financing team works around the clock to offer our customers the best financing and leasing offers available and we’d love to help you get started today. Starting the financing process could not be easier; simply fill out and submit our secure on-line credit application, which you can complete from the comfort of your own home or office. Our financing team will contact you as soon as we have reviewed your application. You can also come see us at the dealership to start financing options, or you can give us a call at (855) 207-0308 and one of our staff members will be more than happy to answer any questions you may have about your financing eligibility. No other dealership can offer the wide range of leasing and financing options that you will find at Community Honda. Let us help you avoid driving yet another run-down used car when you could be driving the latest model instead.

See For Yourself at Community Honda

You’ll leave a happy customer when you come to see us at Community Honda, regardless of your credit score. Our dealership is conveniently located at 8340 W. 159th Street, Orlando Park, IL, just a short drive for Orlando Park drivers. Our dealership is open six days a week and we offer extended sales hours, so you don’t have to worry about fitting us into your schedule – we are ready when you are. You’ll find our doors open for all of your car leasing and financing needs Monday through Friday from 9:00 a.m. to 9:00 p.m. and Saturday from 9:00 a.m. to 7:00 p.m. Swing by the dealership and come see us today! You won’t regret choosing Community Honda for all your automotive needs.

Auto Loan Companies for People with Bad Credit

If you have bad credit or no credit, you can’t get an auto loan, right? Wrong. Here at Community Honda, we do our best to get drivers access to an auto loan or lease that Financing a caris within their budget and lets them drive home in the car they want, regardless of credit history. And the best part? You can get started from the convenience of your computer!

Dispelling Rumors About Credit

There are some auto dealerships that refuse to work with drivers with poor or no credit, and while that’s their choice, we simply do not understand it. These days, many different people have need of a car, and we want to make sure that drivers who are able to fit a new or used vehicle into their budget can do so with the help of a loan from Community Honda.

We even encourage some drivers to consider leasing a new car, as it means a lower and more affordable monthly payment—you only pay for the wear and tear you put on the car.

Plenty of Online Resources

There are lots of reasons to start your finance application online. Not only is it convenient and you can fill it out anytime online, but it also makes it easier when you visit our dealership. We will have all of your paperwork ready, so you’ll have an idea of what kind of loan you can qualify for, and we’ll be able to put you in the driver’s seat of your next car all the more quickly.

If you’re like most of our drivers, you’ll have a car to trade in too, but you may not know what it’s worth. Well, now you can estimate the value of your trade online as well. Don’t forget that you can browse our selection of vehicles online too. You can do practically everything you need except take a test drive!

Visit Community Honda Today

While we can do a lot for you online, you should really come into our showroom and take a look at everything we have to offer. Maybe take a test drive of a brand new or Certified Pre-Owned Honda. We’re conveniently located in Orland Park, and our showroom is open six days a week, so drop by today.

The Used Car Dealer for People with Bad Credit

When you’re searching for a used car dealer for people with bad credit, look no further than Community Honda of Orland Park. Our dealership can help with Financing a carfinancing for all types of credit, even if you’re a new driver with next to no credit or have declared bankruptcy in the past. Rest assured, Community Honda is here to help you out.

Applying for Financing at the Dealership

Are you ready to get started with the financing process? You can apply right now for financing from the comfort of your home. We have a credit application listed on our website that’s completely secure and easy to fill out. When we get the results back, we’ll let you know what your options are and work from there.

Of course, you’re also welcome to come by the dealership and speak with our financing staff in person. Monday through Friday, we are here practically all day from 9:00 a.m. to 9:00 p.m. On Saturday we also are open from 9:00 a.m. to 7:00 p.m.

Tips for Quickly Boosting Your Credit

Taking out an auto loan and making payments is a great way to build your credit back up, but you will have to pay higher interest rates due to your history. There are a few ways to help boost your credit before coming to the dealership:

  • Get Your Credit Report: Everyone is entitled to a free credit report once a year. Take a look at yours and make sure everything is listed correctly. By disputing any errors or outstanding debt with the credit bureau, your score could go up.
  • Pay Off Credit Cards: It’s true that credit companies always like to see people with a little debt, but it’s just so they can see if they pay it off. Pay off your cards to at least 30% of your limit and 10% if possible.
  • Add a Credit Card: On the other hand, get a credit card if you don’t have one. It’s a great way to boost credit, but make sure you only use it when you can afford to. Secured credit cars are available through most banks for people whose credit isn’t high enough for a proper credit card just yet.

How To Fix My Credit

Let’s face it, nobody wants to have poor credit. The lower your credit score is the harder it is to get approved for house mortgages, college loans, credit cards, and even Financing a cara car loan. At your Honda dealer in Orland Park, we’ve got a great selection of the new and pre-owned Honda cars, trucks, and SUVs for you to choose from, and we want to make sure that you’ll be able to drive that vehicle home. That’s why our finance experts at Community Honda of Orland Park are here to give you advice about how to improve your credit score.

Pay Your Bills on Time

If there’s one thing you can do to eliminate the question of how to fix my credit, it’s to make sure that your bills are paid on time. Each bill that you pay on time will help to increase your credit score. While it may take a little time to improve, it is the easiest way for you to begin increasing your credit score. Soon enough, you’ll find your score proving that banks and other credit lenders can trust you, making it easier for you to get that credit card, mortgage, or car loan.

Use a Credit Card

While it isn’t necessarily the best option to fix your credit, using a credit card to make purchases and then paying it off immediately is another good way to increase your credit score. However, this is risky, as you have to make sure you don’t use your credit card to make purchases that you won’t be able to pay off. That will just make your score worse and will take longer for you to fix your credit and get approved for the loans you need.

Learn More About Fixing Your Credit Score at Community Honda

At Community Honda, located at 8340 W 159th Street in Orland Park, our team of finance experts is here to work with you on securing an auto loan. Even if you have a poor credit score, we will work to get you the best deal possible that will allow you to begin fixing your credit score. For any questions about financing don’t hesitate to contact us or stop by our dealership.

Community Honda of Orland Park Offers Bad Credit Loans

If you have bad credit, most financial transactions can be quite stressful. Getting a credit card, buying a house, and taking out most loans all are a little more difficult Financing a carwhen you don’t have the greatest fiscal history. For drivers looking for bad credit loans near Merrillville, you can turn to Community Honda of Orland Park. We operate on a different lending structure than most banks, allowing us to lend to people with bad credit, prior bankruptcies, or newer drivers without any credit at all.

Improving Your Chances

Here are a couple of ways to boost your chances of getting approved for a car loan with bad credit:

  1. Higher Down Payment: Your credit score reflects how much a lender is willing to give you. To ease their minds, save up and make a higher down payment. If you’re able to offer enough up front, it won’t be hard to get a loan for the rest of it. You may also be able to get a lower interest rate by offering more.
  2. Buy a Cheaper Car: Along the same lines, if your credit isn’t perfect, a lender might not be willing to give you all the money for an expensive luxury car. Go for a more reasonably priced newer car. Really want all the bells and whistles? Then look for a gently used car.
  3. Shorter Loan Term: Another way to ease a lender’s mind is to not have their money for as long. Instead of taking a loan out for five years, see if you can do it in two or three. You will have to make higher payments, but the added benefit is you’ll pay less in interest.

Applying for Financing

If you’re ready to see how Community Honda of Orland Park can help you get the car you want, it is time to apply for financing. One of the easiest ways is right on our website. You can get pre-approved for an auto loan by filling out the online application. The other way: come on down to the dealership. We’re located at 8340 W. 159th Street in Orland Park, Illinois, only a short drive from Merrillville.

Have questions about the financing process? Contact our dealership, and we’ll be happy to help.

What is a Good Credit Score for Buying a New Car?

When it comes to buying a new car, it’s helpful to have a good credit score – but it’s certainly not a requirement. Here at Community Honda, we’ll work with you to find a Financing a cargreat financing deal that works for you whether you have good credit, bad credit, or no credit at all!

How Your Credit Score Affects Auto Loans

As a general rule, the lower your credit score, the more you’ll be required to pay up front as a down payment and in interest. Interest is calculated as the annual percentage rate (APR) of your loan – so the lower the APR, the better. You can usually tip the scales slightly more in your favor by signing up for a financing deal with a shorter loan term and a larger down payment.

Which Credit Tier Are You In?

If you already know your credit score, you can get a basic idea of what kind of financing deals you’ll be able to get. If your rating is above 700, you’ll most likely fall into one of the top two tiers of creditworthiness – so can expect to qualify for most financing deals that dealerships offer. You might even be able to get a $0 down/0% APR deal! If your credit score is between 650 and 700, you’ll fall into the next tier – not great, but you’ll have some room to tailor the financing deal to your liking. Of course, even if you don’t fall into one of the top tiers, you’ll still be eligible for financing! Choose the new Honda vehicle that’s right for you, and we can help you afford it!

Get Pre-Approved for Auto Financing Today!

Are you ready to get behind the wheel of a brand new car? Fill out our secure online credit application today, and we’ll get back to you as soon as possible to let you know what kind of financing deals you qualify for. You can also get an estimate on your trade-in with our easy-to-use trade-in calculator. Just visit our website or give our friendly finance team a call at (888) 631-5959 for more information. We look forward to serving you!