Financing With Bad Credit | Financing Without an SSN | Covert Bee Cave

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Financing a New Car With Bad Credit

Is your credit score not where you’d like it to be? Even if you have a low credit score, you can still finance or lease the car you want, especially when you work with Covert Bee Cave. Below, we explore some of the best ways to finance the car you want, even with bad credit. We invite you to take a peek at our guide to see how you can take a step in the right direction toward getting a brand-new car.

After looking over our bad-credit car finance guide, take the next step by visiting our dealership near Lakeway and perusing our inventory!

Best Ways to Get Financing With Bad Credit

How can you get financing for a new vehicle with a bad credit score? Here are some ways that Austin drivers like yourself can spend their time wisely and secure the best financing for a new vehicle:

  • Set a Budget: Decide how much you can afford to borrow from your lender. You’ll also want to budget out things like registration fees, insurance, service costs, and fuel.
  • Make a Larger Down Payment: If you make a larger down payment, you’ll stick out to lenders since you’ll have a lower loan balance to pay off. Not to mention, you’ll also be paying less interest over time if you do this.
  • Pay Off Any Debts: The more debts you can pay off, the more you’ll raise your credit score, which will help you when you’re applying for a loan.
    • Be Realistic: When you’re choosing the car you want to drive around Marble Falls, be sure it’s something you can afford.
  • Compare Lenders: Don’t just accept the first offer you get. Shop around and compare rates from different lenders.

Easily discover your buying power online with Covert Bee Cave to see what kinds of rates you can get before you visit our dealership!

Financing or Leasing a Car Without an SSN

In some instances where you’re a foreign worker or something more particular, you may not have a Social Security number (SSN). In this case, you’ll need an Individual Taxpayer Identification Number (ITIN), and here’s how you can use an ITIN to finance or lease a car:

  • Apply for an ITIN: Visit the IRS website to apply for your ITIN.
  • Build Your Credit Score: If you don’t have an SSN, you may have a low credit score. Once you have your ITIN, you can start improving and building up your credit score, which will help you get a better loan offer.
  • Find the Right Lender: Try looking for lenders who work with drivers who have minimal credit history.

If you have any other questions about buying or leasing a new vehicle with low credit or without an SSN, reach out to our finance center!

Finance or Lease Your New Car in Austin

Ready to get started? Contact us online or visit our dealership at your earliest convenience to see how you can finance or lease your next new car—even with low credit!