At AutoFair Honda, we want all of our customers to have the transportation they need, even those who've been turned down elsewhere because of a poor credit score. Our friendly and experienced financing team wants to help. They'll talk with you and get to know your credit situation, including your FICO score, and they'll walk you through all of the options you might qualify for.

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What is a FICO score?

Your FICO score is a three-digit number used to rate your overall credit history. It's based on the information in your credit reports, dating from the very first time you were issued credit. Every time you've been given credit, it goes on your credit report and stays there, even if you've paid it off and closed out the account. Your FICO score helps lenders gauge how likely you are to repay a loan. An individual score can range from 300 (poor) to 850 (excellent), with "fair" and "good" categories in between.


Can I really get financing if my credit is poor?

As mentioned above, AutoFair Honda's financing team is here to help, and they have the experience and knowledge to match you to lenders who do indeed work with credit-challenged buyers. Depending how low your credit score is, you may need to apply for a subprime auto loan. This loan type can save the day for the car buyer whose credit isn't great, but the caveat is that it will carry a higher APR than other loan programs. Still, the first goal is to get financed; once you're in your new car, you can work to raise your credit score and eventually apply to refinance to a lower rate.


What's a subprime loan?

A subprime auto loan is a type of loan offered to those who have either limited or poor credit history. A FICO score below 620 is generally considered subprime, but this can vary among lenders. Because it represents more risk to the lender to lend to someone who hasn't demonstrated responsibility with their credit, these loans carry higher interest rates. Buyers who haven't yet established credit also need to prove their responsibility, but they may be eligible for better terms. Whatever your situation is, our financing specialists will help you weigh all of your options and guide you through the entire process.

I've been approved! What should I do now?

First, be realistic about your budget. When you have your heart set on a particular model, you still need to figure out if you can afford it with breathing room for not just your regular expenses but the unexpected ones, too. You don't want to commit yourself to an ongoing struggle to make a payment that is really too much. It will cause you stress and put you in danger of further credit damage and maybe even repossession - something that will severely hurt your credit history for years.

As you consider which vehicle to buy, be honest with yourself about what features you need and which ones you can live without. You can always upgrade your vehicle down the road when your budget is larger. Just keep on making your payments on time while also paying down any other debt you have. Slowly but surely, your credit score will improve, and you can look in to refinancing to a lower APR.

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