Financing a New Car With Bad Credit

If you have a low credit score, you might find it harder to secure a favorable financing rate for a new CDJR near Lakeway. However, there are plenty of ways to improve your credit score and get the car you want even if you have less-than-ideal credit. Learn more about some of the best ways to get bad-credit financing for a new CDJR with Covert CDJR Bee Cave. We’ll show you everything you need to know, including financing or leasing a new vehicle without a Social Security number (SSN).

Take a look at our guide below before visiting our dealership to explore our new inventory and meet with our finance department!

Best Ways to Get Financing With Bad Credit

Don’t let a less-than-perfect credit score stop you from financing a new CDJR vehicle! Here are some of the best ways that you can get financing for your new vehicle with a low credit score:

  • Set a Budget: Determine how much you can realistically afford to borrow from your lender. Be sure to also factor in costs like registration fees, insurance, service costs, and fuel.
  • Make a Larger Down Payment: The larger your down payment, the more favorable a lender will look at you. You’ll also have a lower loan balance and less interest over time if you make a larger down payment.
  • Pay Off Any Debts: If you have any outstanding debts, even little ones, paying them off can help you raise your credit score and improve your chances of getting favorable financing.
  • Be Realistic: You should take time to carefully consider what kind of CDJR you want to drive around Leander. We strongly encourage you to choose a vehicle you like, but one you can afford.
  • Compare Lenders: Compare offers you receive from different lenders to determine who can give you the best rates.

Not sure where to start? Apply for financing online at Covert CDJR Bee Cave!

Financing or Leasing a Car Without an SSN

If you’re a foreign worker or have a unique circumstance that leads to you not having a Social Security number, you can still finance or lease a car with an Individual Taxpayer Identification Number (ITIN). Here’s how to get your ITIN and what to do once you have it:

  • Apply for an ITIN: Visit the IRS website to apply for your ITIN.
  • Build Your Credit Score: If you don’t have an SSN, you may have a low credit score. Once you have your ITIN, you can start improving and building up your credit score, which will help you get a better loan offer.
  • Find the Right Lender: Try looking for lenders who work with drivers with a minimal credit history.

For any other questions about improving your credit score, financing or leasing a vehicle, getting your ITIN, or anything else, reach out to our finance center at Covert CDJR Bee Cave.

Finance or Lease Your New Car in Austin

Contact us online or make the drive to us from Cedar Park for any other questions about financing or leasing your next CDJR. We look forward to working with you!
 

Bad Credit Finance

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