Most tire vendors understand the need for high-quality tries to keep you on the go, but getting tires on financing plans may be challenging if you have bad credit. Whether a car owner or a commercial driver, having the right wheels that keep you going all day is necessary. But the truth is, you may not be creditworthy to get them. If you don’t have the cash to make an instant purchase of a new tire or have bad credit, many options are available for you.
What Kind of Tires Can Be Financed with Bad Credit?
Any tire can be financed if you have bad credit. The type of vehicle you drive will determine the type of tire you select. For instance, 18″ low-profile run-flat tires are usually standard on sports cars and luxury European models, but owners of pick-up trucks and off-road vehicles prefer the 20″ off-road look. Regardless of your requirements, financing alternatives may help you outfit your car for the upcoming season with a new set of shoes with the correct lender. If you have bad credit, don’t let that stop you from getting the needed tires. There are several options available that can help you finance your tire purchase.
How Can You Get Approved with Bad Credit?
Here are some steps to take to get approved for tire financing:
1. Look for Financing Options: While you can get tires with bad credit, not all tire vendors can offer to sell to you. Look for companies specializing in bad credit financing or offering no credit check options. So many companies provide flexible financing solutions for individuals with poor credit histories.
2. Gather the Necessary Documentation: Before applying for financing, gather the necessary documentation. Most lenders will require:
- Proof of income (pay stubs, bank statements)
- Identification (driver’s license or ID)
- Proof of residence (utility bill or lease agreement)
Having these documents ready can streamline the application process.
3. Understand Your Credit Situation
While bad credit may seem like a barrier, understanding your credit situation can help you find the right financing option. Obtain a copy of your credit report and check your score. Knowing where you stand can help you negotiate better terms and understand which lenders are more likely to approve your application.
4. Apply for Financing: You can apply once you have identified companies that can finance your tires with low credit. Many companies have online applications that can be completed in just a few minutes. Be honest about your credit situation and provide all requested information accurately.
5. Review Terms and Conditions: Make sure you read and review the terms and conditions of the financing offer. You should pay attention to interest rates, repayment terms, and any additional fees.
6. Make Your Purchase: Once you get approved, you can proceed to purchase your tires. Whether you are buying from a physical store or an online retailer, ensure that you understand how the financing will work in relation to your purchase.
Bad Credit Options for Financing Tires
1. Lease-to-Own Programs: Many tire retailers have lease-to-own financing programs that allow you to make affordable weekly or monthly payments on your tires. These programs often have flexible approval criteria beyond your credit score. You can typically get approved with a steady income and a valid ID.
2. In-House Financing: Some tire shops have in-house financing options for customers with bad credit. These programs may have more lenient approval requirements than traditional financing.
3. Rent-to-Own Tires: The rent-to-own tire option lets you rent the tires for a set period after which you purchase them at the end of the rental term. This can be a good option if you need tires right away but don’t have the full purchase price upfront. Just be sure to understand the terms and costs before signing up.
4. Online Tire Financing: Many online tire companies specialize in bad credit financing. You can often get pre-approved for financing online in just a few minutes. Once approved, you can shop for tires and ship them directly to your door.
Conclusion
Don’t let bad credit keep you from getting the necessary safe, reliable tires. With a bit of research, you can find affordable financing options that fit your budget and credit situation. Start shopping today and keep your car moving.