What is Bad Credit?

Salesman and a couple looking at a car in a car shop

Your credit score plummets when you routinely fail to pay off your debts. People with bad credit often have to make reparations, even when they don’t have the finances to do so. You may end up having your belongings repossessed or have to pay high fees on your bills as a result of late payments—you could even be denied employment. In extreme cases, people may have to file for bankruptcy, which means that your assets are liquidated until the value of their collective equity is proportionate to the value of your debts. This can make it extremely difficult to obtain new financing when needed. At Bastian’s Auto, however, we specialize in bad credit car financing for Quad Cities residents around Bettendorf, Davenport, Rock Island, and Moline. We can set you up with an affordable loan for your next car, so you can make payments you know are in your budget, and rebuild that score.

How to Check Your Credit Score

Your credit score is an indication of your ability to repay your debts and one of the principle methods that lenders use to determine credit worthiness. Knowing your credit score will help you to obtain credit for the items you need and negotiate the most favorable rate.

Americans are entitled to a free annual credit report from any credit bureau. This report will detail current and past accounts, the status of current obligations, and, for a small fee, the consumer’s credit score. Credit card companies also often have tools available to help their clients keep track of their current credit score throughout the year. While there is no universal barrier between what is considered “good” or “bad” credit, anything below 620 is generally considered high risk.

Problems Created by Bad Credit

Bad credit obviously affects consumer’s ability to obtain financing, because it is seen as an indication of a client being at risk of not paying back their debts. There are a number of other ways in which bad credit can have a negative impact as well:

  • High Interest Rates
  • Denial of Employment
  • Reduced Credit Limits
  • High Security Deposits
  • High Insurance Premiums

Bad credit can even prompt lenders to close accounts requiring immediate payment, putting consumers in a tight financial position that can make their credit even worse.

Rebuilding Your Credit

Financing an automotive purchase, staying within budget, making payments on time, and paying off the contract are the best ways to rebuild battered credit. There are few better ways to rebuild credit than steadily paying off a car. Speak to one of our experienced financial advisors to find an automotive investment you can afford. We’ll help you find any and all rebates and incentives available to reduce the cost of purchase even further, and tailor a payment plan that’s perfect for your budget, allowing you to easily pay off the loan and rebuild your score.

Find Bad Credit Car Financing in the Quad Cities at Bastian’s Auto and Get Started on a New Path to a Great Score

Learn more about the bad credit car financing available to Quad Cities area residents from Bettendorf, Davenport, Rock Island, and Moline. Contact Bastian Autos at (309) 799-3351 or visit us at 106 East First Ave in Coal Valley, IL.