Know Your Credit

Consumers with fair credit history will have demonstrated a “paid as agreed” credit history for at least two years, though they may have an occasional late payment. Consumers without a “paid as agreed” installment credit such as mortgages or auto loans within the last two years should have substantial good revolving credit. Major derogatory items such as repossession that happened over eighteen months ago. This is a good tier to be in for auto financing and will get you good rates on car loans.

These consumers have situational credit problems. You can usually identify a significant economic disaster or event that caused the credit situation. For example:

• A divorce
• Illness or injury
• Loss of employment
• Major derogatory items due to medical problems, credit card debt, or loss of income
• Though these consumers may have situational bad credit, car loans are still possible. You may just receive a higher rate or be asked to sign with a cosigner.

These consumers have little or no applied-for credit. They may also have numerous unapplied for charge-off accounts such as bad checks, unpaid medical bills and utility bills, small unpaid charge accounts, and unresolved repossessions over two years old. Auto loans for bad credit are still possible, and here at Ray Chevrolet we will work to get the financing that's best for you.

These consumers have a long term history of credit problems that cannot be isolated to a single event. For example:

• Multiple repossessions at different times
• Significant bad credit
• Currently delinquent on all existing obligations
• Repossessions less than one year old
• History of writing bad checks over a long period of time

It may seem that when you have bad credit, auto loans aren't in your reach, but our main goal is to get you approved and behind the wheel of a new or pre-owned vehicle today. We're the best dealership for bad credit auto loans near Chicago, so stop by our dealership in Fox Lake, IL, or give us a call at 866-222-8857 .