How to Finance a Car With Bad Credit in Shawnee, Oklahoma
Shawnee, Oklahoma offers a handful of dealerships to choose from for car shopping and financing. Consider other dealers outside of Shawnee for more options, as there are many different dealerships throughout Pottawatomie County. If you know you have bad credit, contact dealers beforehand and know your options before heading out to find your vehicle. You may benefit from securing credit from an outside source before shopping locally.
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Instructions
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Local Financing
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Apply to a local lender, such as Arvest, First United, IBC or Midfirst Bank. Or, use the bank that you keep your checking or savings account at. Call or stop into the bank to try and obtain a pre-approval.
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Wait to find out why you are not approved for a loan, if you are told you are declined, otherwise proceed to shop for your vehicle and sign paperwork as discussed in Step Seven. Use the information provided to you in your letter of decline (sent to you if you are not approved) to keep shopping. When you are declined for a loan, you are also able to obtain a free copy of your credit report--obtain it to judge your credit issues.
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Contact local dealers in Shawnee, Oklahoma--large dealerships have access to various lenders and may be able to get you an approval. Local dealers include Joe Cooper Ford, Automax Dodge, Chrysler and Jeep, Harvey's or United Motors. Search outside of Shawnee (see Resources) for more options. Let the dealer know that you have bad credit and were turned down and why--your decline letter will give the reasons to provide.
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Provide your information to the dealer to run your credit report. You'll provide your name, address, date of birth, social security number, employment and address information. Wait for the dealer to let you know if they have a bank that will approve you, and if so, proceed to shop for your car and sign paperwork as discussed in Step Seven after you have picked one out.
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Give all required information, which differs by lender, to the dealer or bank that approved you. Provide a copy of your driver's license, most recent pay-stub and any additional information that is required. You may have to prove years of tax returns, proof of residency, references, a letter from your employer, or documentation that states a matter on your credit report has been cleared (if applicable). Your lender will let you know what you need to provide.
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Pick out the vehicle that you want--you may find that you are limited in your choices because of the amount of credit available to you. You may be subject to vehicle age or mileage restrictions, or monthly payment requirements. Work with the dealer or bank representative until you find a vehicle that meets the lenders requirements.
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Sign your finance contract at the dealership if one is providing your loan. Go to the bank (if using an outside lender) with a copy of your bill of sale (provided by the dealer) or vehicle identifying information and cost if buying from a private seller and sign your bank contract paperwork. Bring your loan check (made out in the sellers name) or cash to the seller to complete the sale.
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Tips & Warnings
If you cannot find an approval alone, consider finding a cosigner. A cosigner must have good to excellent credit.
There are not many dealers in the town of Shawnee, so you may find your choices limited. Look for other dealers in Pottawatomie County (see Resources) to assist you with your approval.
Set out a budget before finding an approval. If you have bad credit but do manage to find a lender, you can expect your interest rate to be high. Do not go over your budget, even if you are desperate. This can lead to a repossession down the road if you are unable to make your payments.
References
Resources
- Photo Credit brand new offroad car image by alma_sacra from Fotolia.com
