You’re tired of relying on public transit, Uber rides and car rentals
to get from Point A to Point B. You want — you need — a more reliable
means of transportation. In simpler terms, you need a car. But before
you can buy one, you first need to get approved for a car loan or
financing. Here are a few steps to help you get started:
Check your credit. Knowing your credit score and history before visiting the
dealership gives you a better idea of what to expect when trying to
get approved for financing or an auto loan. Whether your credit is
pristine or you’re credit-challenged (sometimes referred to as “bad
credit”), it’s important to be aware of the information reflected in
your credit history before applying for financing. You can check
your credit history by retrieving a copy of your full credit report
from annualcreditreport.com or call 877-322-8228.
You’re entitled to one free copy of your credit report every 12
months from each of the three nationwide credit bureaus — Equifax,
Experian and TransUnion. Also, be sure to check for mistakes in your
credit report. If you happen to come across any, you can dispute
them. If the disputed information is wrong or cannot be verified,
the company that provided the information must delete or change it
and provide a correction to the credit bureaus that received it.
Successfully disputing mistakes in your credit report could raise
your credit score.
Improve your credit score. Once you’ve checked your credit, there are active steps you can take that may help raise
your score if needed. These include paying your bills on time, every
time; not getting close to your credit limit; establishing a long
credit history; being careful with closing accounts; and only
applying for loans and credit you need.
Get your credit approval. Obtaining credit approval is key to purchasing a vehicle. If
you’re having difficulty getting approved for financing because you
have bad credit, a dealer enrolled with Credit Acceptance can help
you get approved. If you’d like to get started on your credit
approval, you can fill out the form to receive contact
information for participating car dealers in your area.