When financing a car, a lot of the numbers ride on the customer's credit score. Things that are out of your control sometimes happen that negatively affect your credit score, and that's why we believe that everyone deserves a second chance. A subprime car loan is designed for people who have lower credit scores or limited credit history. This makes it the best way for anyone to simultaneously get behind the wheel of the car they want and help establish their credit. That leads us to our next point. Subprime car loans are a great way for people with little to no credit history or a low credit score to establish credit or improve their credit score by making on-time monthly payments. Here at Glenbrook Dodge Chrysler Jeep Ram, we believe that everyone should be able to get the car that they want, regardless of their credit score, and that is precisely what we aim to do!

There are many steps that you can take to ensure that you can take home the vehicle you want, even with a low credit score. The best option is to make a large down payment. This has two benefits. First, it lowers the total cost of the vehicle, meaning a lower loan amount which translates to a lower monthly payment. It also shows potential lenders that you have the money needed to pay back the money that they lend you. Another thing you can do that we recommend to all customers with a lower credit score is to get a co-signer. This provides even more confidence to the lender that the payments will be made, as there is another person agreeing to pay back the loan if the primary buyer can't. Instilling confidence in potential lenders is key to getting a subprime car loan! Another great way to get a car with subprime credit is to buy used, as pre-owned vehicles are generally more affordable than new ones, lowering the lender's loan amount. 

The short answer to this question is simple: anybody! There is no set limit to the credit score or loan rate for a subprime car loan, as different lenders have different requirements. A credit score between 500 and 620 is often considered to be subprime. However, as we mentioned above, this depends on the lender that you go through. The knowledgeable financing team here at Glenbrook Dodge Chrysler Jeep Ram will help answer your questions regarding a subprime car loan and walk you through the process. We work with several lenders, including local and national banks and credit unions. This large network of lenders allows us to help you find the auto loan that fits your budget.