Preowned vehicles are an excellent alternative to new ones because they are cheaper, have lower monthly payments and can be purchased by those with bad credit in Norman OK. While everyone dreams of buying a brand-new car, they usually come with higher fees and require a loan, which means you need higher scores and an excellent report. If you’re like many others, you don’t have the best score and may want to focus on used cars as a way to get around town until you can bring your score up.
Costs
The first thing you have to consider is the cost. A new car can cost upwards of $30,000, which ultimately requires financing. If you’ve got a lower score, you may not be able to obtain financing, which leaves you with begging family and friends. While subprime lenders exist and can help you get a loan, they are more willing to lend you the money for a preowned vehicle rather than a new one. Likewise, preowned vehicles can cost a third of that or less, depending on where you shop.
Payments
Almost everyone in the market for a used car in Norman OK will have a payment plan unless they’ve saved up thousands of dollars. However, these cars will have lower monthly payments than new ones, which can fit into your budget more easily, especially if you have a lot of debt you’re trying to pay down.
Loans
Subprime lenders are available online and in person to give those with lower scores an opportunity to get a loan. While you can use a dealership and get financing, even with low scores, it may be best to go to a subprime lender and get preapproved for a loan before shopping for vehicles.
Norman OK used cars can be found, even with bad credit. Visit The KEY Online now to get preapproval for a loan now. Please follow our Twitter page.
