Here at Mike Reichenbach Ford in Florence, SC, we are dedicated to helping all customers purchase a dependable new or used Ford vehicle–regardless of their credit history. 

We have helped countless Florence drivers with less-than-perfect credit and we’re ready to help you too! Even if you have experienced multiple bankruptcies, property repossessions, or even repossession within the last year, our Finance Department staff will work hard to find an auto loan that fits your budget.

If you don’t have extra cash on hand for a down payment, we’ll work to structure a sub-prime auto loan based on the monthly payment that you can currently afford. To start our hassle-free financing process, fill out our secure online credit application here on our site.

Questions To Ask Mike Reichenbach Ford About Your Bad Credit Auto Loan

---

We understand that financing a vehicle comes with a lot of questions, especially when your credit isn’t great. Here are some of the most frequently asked questions we receive about this process:

What is the minimum down payment?

The common belief is that bad credit or no credit automatically means you need a large down payment. This isn’t always the case! Minimum down payments vary depending on the dealer, the price of the vehicle you choose, and the bad credit car loan type you need. Some customers qualify for a bad credit loan without a large down payment.

How high is the interest rate?

Your interest rate depends on several factors, including the vehicle’s price, your down payment, and your credit score. Before you sign your loan contract, your loan officer will share all the details about your interest rate. The rate on a subprime auto loan is a key factor in determining how much you’ll pay each month and the total amount you’ll pay over the life of your loan.

What are the terms?

If your credit isn't great, the terms for auto loans will be different compared to those for people with better credit. The repayment terms of your loan will depend on things like who the lender is, how long the loan is for, how much you put down initially, your monthly payments, and the interest rate.

What kind of car will I qualify for?

If you have bad credit or no credit history, you may still qualify for a used vehicle loan since they usually cost less than new ones. Our finance experts can assist you in figuring out your budget and the type of vehicle you can get.

Can I have a car loan cosigner if I have bad credit?

If you have a family member or significant other with good credit and they are willing to co-sign on your bad credit auto loan, it may help you secure a better interest rate. However, if you are unable to make your monthly payment, it will impact their credit score as well as yours.

Can I Get a Car Loan With a Repossession on my Credit Report?

A car repossession is difficult to experience, but it’s still possible to secure an auto loan even with the repossession on your credit report. Before applying for a bad credit car loan, we recommend checking your credit score and reviewing your overall credit situation. 

You can improve your credit and your chances for approval by making an effort to pay your bills on time and reducing your outstanding credit card or loan balances, especially if you still owe on another auto loan. Additionally, saving as much as you can for a down payment will help when trying to secure financing with poor credit.

Most importantly, be realistic about what you can afford. Getting pre-approved for an auto loan with bad credit can help you establish a budget before you ever set foot in our dealership.

What Documentation Should You Bring to the Dealership for Financing?

We’re here to help you get approved, and a vital part of that is letting you know which documents you'll need to bring with you. If you're applying for a subprime car loan, some of our lending partners may require extra paperwork to help secure your approval.

Here is a list of the documentation that loan providers most commonly recommend bringing to your dealership’s auto finance center:

• A valid driver’s license in which the address listed on your driver’s license is current and matches your residence.
• Proof of insurance, including current insurance cards, your agent’s name, and a reliable contact number. 
• Proof of residency, which you can establish with a recent utility bill. Make sure that your name is listed and matches the address given.
• Proof of employment by providing a pay stub stating your year-to-date earnings. If you’re self-employed, you’ll need to bring two years of professionally prepared tax returns.
• A list of personal references like family members, friends, or work colleagues. Your list should include full names, addresses, and phone numbers.

Bad Credit Won't Hold You Back at Mike Reichenbach Ford!

Don't hesitate to apply for financing with our Ford dealership, even if your credit history is spotty or sparse! We have an experienced finance team with the resources to answer any questions you have about buying a new car. To learn more about our process, reach out to a member of our finance team or contact us today!

Take control of your automotive credit while exploring South Carolina behind the wheel of a reliable vehicle, team up with Mike Reichenbach’s finance center for the professional loan assistance you deserve! We look forward to working with you.