How to Finance & Buy a Car at a Dealership with Bad Credit or No Credit by Jonathan Sewell Sells

Here's the 5 Tips to Finance a car at a dealership that are explained in this video:
1. Find the Perfect Car
2. That You Can Afford.
3. A Co-signer Does Help You
4. Provide Required Income Docs & Provide Accurate ID & Other Requirements
5. Start with the Car! That's What You're Here For.

Please reach out with any questions or comments about the information shared.

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Buying a new car is an exciting time! Sometimes we have anxiety because we are unsure of what’s needed for financing. Maybe we have bad credit, no credit, or we don’t know our credit situation.

The Auto dealership is the best place to go because we have options that some other places don’t have. We have a lot of many lending institutions and finance companies that specialize in every form of credit history.

My priorities for you are to help you find the perfect car that you can afford, and be in a good position in the future.

In this video, I outline 5 tips that will help you when you go to the dealership to finance your next vehicle.

1. Be Open Minded and Up Front

What ever your situation, make sure to share it with your salesperson. The more information they have, the smoother everything will go.

2. Be Prepared For Money Down or Equity
All banks like equity in the form of down payment or a paid for trade. Be prepared for a down payment. It's not the dealership that requires this, some lenders do. It all depends on what financing program you're going through. It's our job at the dealership to present you with the best options for right now. There are some options for zero money down, but it's best to have it and use it.

3. A Co-signer Does Help You
The co-signer option is usually confused. When someone signs with you, both you and the other person get credit for the purchase. I understand the want to buy a car by yourself, but if you have limited buying experience you may need a co-signer.

4a. Provide Required Income Documents
When you are rebuilding credit or buying for the first time, you need to have proof of income and usually a specific length of job time. Most first-time buyer programs require six months or one year of job time. If you are applying for one of these programs you must have the appropriate job time and proof of job/income. We will see what other options are available if you are just beginning your job.

4b. Provide Accurate ID and & Other Requirements
When you are rebuilding your credit or buying for the first time you will have to proof of resident or proof of name. This can usually be handled with an accurate Driver's License. Make sure the spelling of your name is correct and your address is correct. You may also need a current utility bill (power, water, or phone bill). Be prepared with those in hand or be able to print them off.

5. Start With The Car! That's What You're Here For!
You may be tempted to let the salesperson run your credit and see if he can get you pre-approved. That's usually not a bad thing, but you should identify the vehicle you want first. We try to serve you as quick as possible. If we have to go back and choose your car, it may slow the process down.

LEGAL DISCLAIMER:
The preceding information is solely the opinion of the creator and doesn't reflect the policies or opinions of Mitchell Automotive Group. The topics discussed do not pertain to any specific person or customer of Mitchell Automotive Group or Jonathan Sewell. Actual vehicle financing terms are based on guidelines and risk based pricing set by lending institutions. All vehicle financing is available with approved credit. Down payment may or may not be required based on guidelines set by the lending institution.

Please comment below, call or text 334-718-0504 for any questions.

Jonathan Sewell Sells at
Mitchell Mazda
1222 Rucker BLVD
Enterprise, Alabama 36330
334-718-0504

[JSS]

What have you experienced buying from a car dealership? How was the “financing” portion of the process?

[anahiabella]

thank you for being the dad I never had ( credit & car wise)

[anthonystahl]

Great tips, Jonathan!

One more item for folks to keep in mind when buying a vehicle are the taxes and fees. A vehicle's sticker price does not include these in the total cost of the vehicle. Knowing what the local and state taxes are for your area is a good idea to help you estimate what you'll be paying in taxes. Trying to shoot for a down payment/trade-in value that will at least cover the taxes and fees is a good goal...if you can do it. Example for the state of Minnesota: Vehicle Price = $20, 000, State Sales Tax is 6.5%, Estimated Fees (Dealership Fees and License Fees) is $750. Take $20, 000 and multiply by 1.065% (This is the cost of the vehicle with sales tax included), then add $750 to get the overall estimated total cost of the vehicle. The $20, 000 vehicle price will come close to $22, 050 after taxes and fees. This won't be exactly what you pay, but it'll get you within $200-500 of the total cost of the vehicle and allow you to do more planning for down payments/trade-ins when coming up with your total vehicle budget and the payment you're shooting for each month.

[chrisrenee]

All car sales reps should be as pleasant, informed, and honestly helpful as you. I’m in the market for a Cx5. Wish I could buy from you, but I’m GA.

[RunningCrutches]

No way you only have 8K subs you deserve 10x that. this is real world QUALITY CONTENT.

[JustCallMKarma]

I like how much information this video had. Thank you for taking the time to make it. I have less than perfect credit and am going to buy a car next week hopefully through a loan. This gives me hope.

[JadaArmstead]

The most helpful video I’ve seen on YouTube! Thank you so much!

[jojobarrera]

I'M GETTING FIRED UP JUST HEARING YOUR ADVICE! READY TO RUN TOWARDS MY CLOSEST DEALERSHIP!

[kendrickl]

My girl needed a bank statement and stub last week and I was worried about her not getting her new car 😴 but everything good now only because of deelscafe good work 👍.

[dr.mcfragengoof]

this is from 2 years ago but i needed this😭the dealership i work at got my favorite as a customer trade-in and i want it soo bad but my situation isn't great. this has given me knowledge and confidence

[kurtzxr]

Appreciate this. Makes me feel a little better going to a dealership to talk to someone to see what I’d have to do to possibly go home with a newer vehicle.

[hermanwooster]

So moral of the story: If you have no credit and you're starting your first job tomorrow, your local car dealer will LOL at you and kindly send you on your way. Either that or you pay through the nose with a high interest rate.

[mollyn.]

The problem with a co-signer, is the co-signer takes on the debt as well as the person buying the car. My cousin was going to co-sign for me until we found that out.

[andrewespinoza]

I would also add that if you are going to a smaller dealership make sure you bring someone who knows cars to look at the vehicle with you but i would say its good finance a car and pay off the car, im on my second car finacing, yes my payments are a little more but thats because its the max age of the car they will loan out to.

[LEGENDAIRYXO]

I'm from Texas. I'm so tempted to just drive to alabama and get a car from y'all 😂😂 I'm frfr

[boldbeautiful]

Love the detailed information that you present, it’s clear and concise!
Thank you!

[elisaflores]

yes you have a lot of finance options
...but it's always better to go in with your own financing from your credit union

[rangefinder]

What’s a good down payment for a 30k car with no credit? Also first time buyer.?

[Angel_Hearted]

I been to eight dealerships here in the area of Madison WI. You are an exception to the rule. You lost me with be prepared with down payment. Okay, find me a vehicle with rebates, keep your extended warranties, and Gap coverage. Nobody wants to co-sign unless you have a rich relative.

[EmillioMelendez]

I have 0 credit and absolutely spotless record. Im looking to finance a car that’s worth around 29K-37K range. I recently got a job a few months ago. I make around 3K-4K monthly, I have 0 other bills, so all the money I make is practically mine. I also plan to keep the car long term. Is it possible for me to finance and get approved ?