Person Reviewing Finance Application At A Dealership | Bad Credit Financing in Walled Lake, MICustomer Receiving Keys To A New Car | Bad Credit Financing in Walled Lake, MI

At Shuman Chrysler Dodge Jeep Ram, we want you to know that financing your next new or used car is a simple process when you shop at our dealership. We help good people with good credit and we also help good people with bad credit - Because we know that life happens. We work to ensure a deal with payments that are affordable for you. If you are looking to secure auto loan financing, Shuman can help!

Credit can sometimes seem like a very frustrating paradox. To get a good credit score, you have to make payments on time and showcase strong financial responsibility. But in order to make a sizable purchase that will help improve your credit score (like buying a new car), you have to have good credit. So if you have a bad credit score, it may seem like you can't win.

What is a good credit score?

How can you tell if you have a credit score or if yours needs some attention? While there is no magic score that can guarantee a lender will give you an auto loan, scores above 700 are typically looked upon kindly in a traditional range. FICO and VantageScore both use a traditional range of 300 to 850. Scores in the very poor to fair range (300 to 650, roughly) are not considered ideal for financing a car.

If you are looking at your FICO Auto score, be aware that the range is 250 to 900, so you will want your score to be somewhat higher there.

Do you have a less-than-perfect credit score?

You aren't alone. Many people have struggled to keep their credit score up because of late bill payments, poor payment history, or just general financial hardship. Some others don't even have a credit score at all. Luckily, the finance department at Shuman Chrysler Dodge Jeep Ram in Walled Lake has a team of talented and knowledgeable specialists that are here to help you.

How to improve your credit score

While our dealership will work with you to get you approved for financing, you might want to wait a few months to actively work on your credit score and increase your chances of approval-and at a lower rate. Here are a few things you can do to improve your credit score:

  • Make on-time payments. Regularly making payments on your credit card, student loans, and mortgage show lenders that you can be counted on to pay back debts. They also like to see on-time payments for rent and utilities.
  • Lower your credit utilization. If you have two credit cards with a $5,000 allowance on one and a $5,000 on the other, aim for spending no more than 30%, or $3,000, of that allowance-and pay it off every month. By keeping your credit utilization low or at 0, you show lenders that you are low risk for racking up serious debt.
  • Diversify your credit portfolio. By responsibly managing multiple lines of credit (like a few credit cards, a mortgage, and an auto loan), you demonstrate to lenders that are able to keep up with challenging payments.

Are you still confused about your credit score and financing? Come talk to the finance professionals here at Shuman Chrysler Dodge Jeep Ram.

Contact

Shuman Motor Sales Inc

1111 South Commerce
Directions Walled Lake, MI 48390-3007

  • Sales: (248) 560-7651
  • Fax: (248) 669-2850

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