Credit issues can be truly frustrating, especially when you need a car and can't seem to get approved for a loan. Any number of common situations - divorce, job loss, serious illness - can cause your credit score to dip, or maybe you're just starting out in the world of financial independence and simply haven't established credit yet. Wherever your credit challenges came from, you have friends at AutoFair Volkswagen of Nashua who understand and want to help. We're happy to offer the Fresh Start Program to help good people with not-so-good credit get the second chance they need.

 

Is the financing process different for people with bad credit?

The first step in going for a loan is to understand exactly where you stand in your credit situation, which means knowing your current credit score. Your credit score is a number determined by the independent entities FICO and Equifax to put a numerical value on your risk factor to the lender: a high credit score indicates minimal risk and a low credit score indicates significant risk. This three-digit value, which ranges from 280 (Equifax) or 300 (FICO) up to 850 gives lenders a starting point for approval or denial. For instance, a particular loan program may have a cutoff point of 630, which is considered a fair (not too great, but not dismal) credit score. If your score falls below 630, the lender won't work with you and you'll need to keep looking for one that will - most likely a subprime lender who specializes in financing people with credit issues.

 

What is a subprime loan?

Subprime loans are designed with stricter terms and higher APRs than standard loan programs because the lender is taking more of a risk in working with borrowers whose credit history isn't great (a low credit score reflects a history of late or missed payments and other credit-related red flags, such as a high debt-to-credit ratio). On the same token, a person with an outstanding credit score - say, above 780 - will be eligible for programs with the lowest interest rates.


How does the Fresh Start Program work?

AutoFair's Fresh Start Program is simple: it offers a solution for potential who've been rejected on past loan applications. Again, we understand life's challenges and know there are many reasons people end up with low credit scores - but we also understand how important it is to have a dependable vehicle. When you apply for the Fresh Start Program, you'll work with our experienced and helpful financing staff, who will assess your financial situation, including your employment and income information and whether you'll have a co-applicant, to see how you qualify. That assessment will determine not just how much you can afford each month, but also which VW models you'll be eligible to buy, the down payment you'll need, what your interest rate (APR) will be, and length of your loan period.

Once you're in your new vehicle, all you'll need to do is keep making your monthly payments on time and your credit score will steadily improve, as long as you don't take on other debt elsewhere (such as opening new loans or credit cards and not paying down other balances). Each payment not only improves your debt-to-income ratio, but it also shows your commitment to paying on time.

The Fresh Start Program lives up to its name by helping you establish new credit or fix existing credit issues with the purchase of a dependable vehicle from AutoFair Volkswagen. Give us a call today at 877-363-8623 or apply online now.

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As a valued customer, we want to ensure your private information is kept private and only shared with those companies who are authorized either by yourself or as allowed or required by law. This document explains our privacy policy, gives you reasons why we ask for the type of information we do, and if we do reserve a right to share information with non-affiliated third parties, lets you "opt-out" of our reservation to do so. Please take a moment to read this entire policy.

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The purchase of a motor vehicle requires considerable accumulation of nonpublic personal information. For example, if we sell or lease you a vehicle - extending you credit at your request - we will receive information from you in order to determine your creditworthiness. We may also obtain information from a credit-reporting agency. We may also obtain information from third parties such as employers, references and insurance companies.

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I am interested in purchasing or leasing a vehicle and request that my Consumer Credit Report be obtained, at no cost to me, in order to help determine the types and extent of financing which may be available to me.