Alternative Financing

No Matter Your Credit Score, We’re Here To Help

If you have bad credit or no credit at all, a subprime auto loan may be just what you need to be able to purchase the vehicle you want.

Why A Subprime Car Loan Might Be For You

There are many circumstances, sometimes out of our control, that can affect your credit score such as job loss which may have resulted in unpaid bills, an accident, unexpected expenses, divorce, and so on. Or maybe you’re a recent graduate or just have a lack of credit history which is making lenders reluctant to give you financing. In this case, it’s not that you have bad credit, you just don’t have a credit history. These situations put you in the subprime category.

In general, lenders prefer to work with “prime” borrowers which are people with excellent credit scores that are likely to pay off their auto loans completely and on time. Everyone who does not fit in that “prime” category falls into “subprime” category. In most cases, a subprime car loan carries a higher interest rate than one that is given to the prime borrower. This is done to protect the lender by giving them more interest income on a loan because it carries additional risk.

If you have ever been turned down for financing at a dealership, it was likely due to your credit score. Automotive dealerships generally qualify auto loans for private lenders who are interested only in “prime” borrowers.

Think of a subprime car loan as an opportunity. With this loan, you will be able to purchase the vehicle you want without having to wait for your credit score to improve. At Lexus of Lakeridge, we understand that there are circumstances that are outside of your control and regardless of your credit score, we will treat you with the respect and dignity that you deserve and we are committed to helping you get into the vehicle you want no matter what your situation is.

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