People with bad credit may be able to obtain financing for a van through dealerships that offer bad- or no-credit loans, explains Edmunds. It is possible for someone with poor credit to buy a van if he plans ahead, including reviewing his credit report through the three major reporting agencies.Continue Reading
A person should not sign up for the first loan that he is offered, even with bad credit, because the terms and interest rate can widely vary. He shop around to find the best loan available, recommends Edmunds. Obtaining copies of all three credit reports at least three months before the person wants to purchase the van gives him the opportunity to fix any damaging issues and improve his credit score before applying for financing.
Borrowers should also check with their own banks and credit unions, as those facilities may be willing to finance vehicles based on the previous banking relationship. When applying, borrowers should bring documentation, such as their most recent pay stubs, or provide three personal references to show that they are a good credit risk. Borrowers should stay within their price ranges and look at the total costs of the vans that they plan to purchase, advises Edmunds.Learn more about Credit & Lending