Bad Credit Auto Loans in Lexington, KY

Red Chevy Truck in Mud

There’s no shortage of ways to get bad credit car loans in Lexington, KY. But let’s be honest: you want the best of the best. Despite being in a poor situation with credit, you know what you want and you’re not willing to accept second best. That’s why we’re glad you found Dan Cummins Chevrolet.

We offer everyone the option to qualify for financing through our network of lenders. When you walk through our door and sit down with our finance department, they go to bat for you in order to secure a loan that will allow you to buy a car on the spot. Our goal is to not to only provide bad credit customers with the best service, but also make the process as simple as possible.

If you’re working with poor credit and need a bad credit car loan, you can count on Dan Cummins to listen and understand your situation in order to get you approved.

Buy Here Pay Here vs. Bad Credit Car Loans

Bad Credit Car Loans - Lexington, KY

There’s a big difference between bad credit car loans and Buy Here Pay Here loans. As a Lexington car buyer, you may have seen dealers advertise both services; however, it’s important to understand how each operate in order to make the best decision on financing.

On the surface, bad credit car loans are no different than regular car loans. They’re simply loans from lenders that specialize in providing car loans to bad credit buyers. But given the risk associated with lending to buyers with poor credit, lenders do charge higher interest rates when compared to buyers with average to above average credit. This allows you to receive a quality loan from a great lender; no hassle required.

Buy Here Pay Here is exactly as it sounds; you buy a car from a dealer and make your payments to them. They act as the seller and the lender in order to avoid the extensive credit checks that most major lenders put buyers through before approval. This is great for someone whose credit has been hit really hard by bankruptcy, divorce, or similar financial fallouts. But like bad credit car loans, Buy Here Pay Here loans come with high interest rates, often over 10 percent. Typically these are the highest amongst any lender in the automotive industry.

Dan Cummins Chevrolet does not provide Buy Here Pay Here, but we’re confident we can help customers in the Lexington, KY area who may feel that they can’t qualify for a loan any other way. Choosing this route over Buy Here Pay Here could not only save you money, but will boost your credit overtime with consistent on-time payments to your lender.

The Best Way to Buy a Car with Bad Credit

Buying a Car with Bad Credit

If you’re on the hunt for bad credit car loans in the Lexington, KY area, we know you’re in the market for a car. But buying a car with bad credit is a lot different from buying with good credit. For one, you’ll find it difficult to secure financing directly from a lender, as they will judge you solely based on your credit score.

Luckily, this is where Dan Cummins Chevrolet comes in. We’ve got great relationships with lenders and work with them directly to ensure our customers get approved for great loans. To help you get started, here’s a step-by-step look at the best way to buy a car with bad credit:

Have Cash Ready for a Down Payment

We understand that it’s not possible to put money down when you’re buying a car with bad credit. Could be negative equity from a trade-in or simply a cash flow issue; either way, we’ll work with you to get a great deal. But if can afford to put cash down, it’s highly recommended that you do so.

Not only will a down payment lower your overall monthly payment on a loan or lease, it will also show the lender that you’re serious and less likely to default on the loan. In addition, you may be offered a lower interest rate for offering a down payment, which will save you money over the course of your loan and further reduce your monthly payment.

Shoot for a Low Monthly Payment

Speaking of monthly payment, it’s important to ensure you can absolutely afford this when presented with a number here at Dan Cummins Chevrolet. We want you to be completely comfortable with the process and be able to afford your payment for the long haul. Before visiting our bad credit car dealership, have a solid payment range that will fit your current budget.

Choose Your Vehicle Based on Needs

As a car dealer, we know that cars can be truly tempting. Whether it’s a brand new truck, a powerful sports car, or a capable SUV, we all have vehicles that get under our skin and call out to us. Unfortunately, that’s not always a good thing.

With bad credit, you don’t want to end up choosing a vehicle based on what you want; you want to choose one based on needs. Thinking like this will allow you choose the most practical vehicle, save money, and avoid issues making payments down the road.

Doing Business with Dan Cummins Chevrolet

Dan Cummins Chevrolet has humble beginnings in the Lexington, KY area. But what began as a small town business has grown into one of the largest independent dealerships in the entire country. This allows us to continue doing business like a small town business and offer more to our customers in the process.

This all starts with inventory. Because as a bad credit car buyer, you want to be able to search and search for that perfect vehicle; that’s simply not possible at many of the small dealerships here in Kentucky. At any one time, Dan Cummins Chevrolet has close to 1000 total vehicles available, split between new and used inventory. So as soon as you visit our dealership, you can rest easy knowing you’ll find the perfect vehicle.

If you have no idea where to start, however, our friendly and knowledgeable Product Specialists will help you hunt down the right new or used car. They’re not your traditional car salespeople, so you won’t find the pressure to buy the first car you look at or quickly sign for a deal.

We want you to be happy with your car, your payment, and your experience so that Dan Cummins is the only dealership you think of for cars or service.

Apply Online Now

Chevy Colorado - Lexington, KY

Your time is valuable and the car buying process can eat up a lot of it. There’s a lot of work to be done when you decide you want to buy a car, especially with financing and trade-ins. But that doesn’t mean you have to do everything at once.

At Dan Cummins Chevrolet, we give you the opportunity to apply online for financing before even setting foot on our showroom floor. This allows us to process your application and pre-approve you for a loan on a new or used car to save you precious time when you’re ready to make the next big step.

For bad credit car loans, this is especially important, as you can worry more about finding the best car in our massive inventory in Paris, KY and less about whether or not you’ll be approved. We’re a trusted name in the Lexington area and really look forward to making you a part of the Dan Cummins family.

When applying in-person, our finance department works with top financial institutions to help you buy or lease the right vehicle for you. Many customers with bad credit are still able to obtain financing for a car. There are a few standard documents that you will have to get ready when applying for bad credit car loans in Kentucky, including:

  • Proof of income / check stub
  • Telephone bill
  • Copy of your lease or mortgage statement
  • References

We make the process plain and simple with our online credit application. Simply submit the online application to pre-qualify for your loan, and one of our finance professionals will contact you!