CREDIT ASSISTANCE PROGRAMS IN BATON ROUGE, LA

CHEVY LOAN & LEASE PROGRAMS

The Gerry Lane Chevrolet finance department offers customers access to credit assistance and bankruptcy approval programs that help even the most credit challenged individuals obtain a vehicle. We know that not everyone has perfect credit, but that shouldn't disqualify them from obtaining the vehicle they want. Regardless of your current credit score or credit history, Gerry Lane Chevrolet wants to help!

• Foreclosure?
• Bankruptcy?
• Divorced?
• Repossession?
• No problem! Stop in today to learn more!

At Gerry Lane Chevrolet, we believe everyone deserves a chance to drive home in a vehicle that sparks joy. We also believe that our customers' choices should not be determined by their credit history. Whether someone has an existing debt or bankruptcy file that's affecting their credit score, there are still options. We're dedicated to ensuring that financial challenges don't define someone's future behind the wheel. Visit our dealership to learn more about our credit assistance programs. Our team has also put together this guide to help readers discover what we can help with, what paperwork we need, and tips for improving a poor credit score. 

Unlock a Great Deal Regardless of a Poor Credit Score

At Gerry Lane Chevrolet, our finance team is committed to working with every customer to secure a deal on a new vehicle. We have a track record of success in helping drivers, despite bad credit, secure their dream car. Our dealership in Baton Rouge, Louisiana, offers tailored solutions that align with individual needs and budgets. Even with bad credit, we can help most customers get a lease for their perfect car. 

What Factors Do Lenders Consider?

Lenders consider a variety of factors when evaluating someone's creditworthiness for a car loan. These factors help lenders assess the level of risk associated with the loan. Here are key elements that lenders typically take into account:

• The person's credit score.
• The loan amount.
• The down payment.
• The duration of the loan.
• The applicant's income and employment.
• The age of the vehicle.
• The candidate's debt-to-income ratio.

Factors That Affect Someone's Ability To Secure a Loan

Divorce, bankruptcy, repossession, and foreclosure can impact someone's ability to secure a car loan. 

• Divorce: While divorce itself doesn't directly affect a credit score, the financial fallout can be significant. If joint debts were part of the divorce settlement, or if there were missed payments on joint accounts, it could lower the individual's credit score, making it more challenging to secure a car loan.
• Bankruptcy: Filing for bankruptcy stays on a credit report for several years and severely lowers the overall credit score. Traditional lenders might view those who have gone bankrupt as high-risk borrowers, making it harder to obtain a car loan. 
• Repossession: Having a vehicle repossessed due to missed payments makes lenders cautious about extending credit. It signals financial instability and might lead to higher interest rates or difficulty in securing a car loan through traditional channels.
• Foreclosure: Like bankruptcy, foreclosure significantly impacts credit scores and raises red flags for lenders. It portrays a risk of defaulting on loans, making it more challenging to obtain favorable car loan terms.

In all these scenarios, traditional lenders might view the applicant as a higher credit risk, potentially resulting in loan denials or loans with less favorable terms. Our finance department offers access to credit assistance and bankruptcy approval programs that can help even drivers with the worst credit score.

Meet With Our Finance Team

Meeting with our finance team at Gerry Lane Chevrolet is an essential step toward securing the ideal car financing solution. Our team specializes in tailoring financial options to match each customer's unique needs, ensuring that every car-buying experience is seamless and stress-free. Here are the things our team needs to see:

• Proof of identification, such as a driver's license.
• Proof of auto insurance.
• Proof of address, such as a recent utilities bill.
• Proof of employment, such as a recent pay stub or two years of prepared tax returns.
  A personal reference.
• A verified phone number in the applicant's name.
• Title deed if trading in a vehicle.
• Discharge papers or bankruptcy papers.

Tips To Improve a Poor Credit Score

While we specialize in assisting those with bad credit histories, improving a credit score is a proactive step toward unlocking better financing opportunities. Establishing a positive credit history after divorce, bankruptcy, repossession, or foreclosure is a crucial step in gradually improving an overall credit score. While any of these events can have a significantly negative impact, with consistent effort, it's possible to rebuild credit over time. The aim is to demonstrate responsible financial behavior. Here are a few tips: 

• Check the credit report: A driver hoping to improve their credit score should start by obtaining a copy of their credit report. They can then review it for errors or inaccuracies that might be negatively impacting the score. 
• Pay bills on time: Timely payments significantly influence your credit score. Consistently paying bills, especially credit card bills and loans, by their due dates can gradually improve someone's creditworthiness over time. 
• Reduce debt: Lowering the overall debt-to-income ratio can positively impact someone's credit score. It's a good idea to aim to pay off any outstanding balances, focusing on high-interest debts first. 
• Limit new credit applications: Multiple inquiries can temporarily lower a credit score, so those hoping to boost their rating should limit applying for new credit accounts. The focus should instead be on managing existing accounts responsibly.
• Diversify credit: Having a mixture of credit types, such as credit cards, installment loans, and mortgages, can positively impact a credit score. Those who are able to should consider responsibly diversifying their credit portfolios.
  Keep old accounts open: The length of someone's credit history can affect their credit score. It's best to keep older, well-managed accounts open, as they contribute positively to the holder's credit score.
• Seek counseling: If someone is struggling to manage their debts or improve their credit, it may be worth seeking advice from a credit counselor. They can help people to develop a plan to improve their financial situations.

Find Your Dream Car Today

Ready to take the next step toward securing a car loan that suits your needs? Don't let bad credit stop you. Our finance department at Gerry Lane Chevrolet is here to guide you through the process, step by step. By implementing these credit-improvement tips, you're already paving the way for a more favorable loan. Even if you have bad credit, we can find you a suitable lease with our credit assistance programs in Baton Rouge. Reach out and give us a call to connect with our finance experts. Together, we can get you behind the wheel of your new car. 

WHAT DOCUMENTATION SHOULD YOU BRING TO THE DEALERSHIP FOR FINANCING?

If applying a subprime car loan, the applicant will have to bring a few additional records. This is because a moneylender is incurring a high risk when financing a subprime car loan.

ADDITIONAL DOCUMENTS ARE REQUIRED IF ANY OF THE FOLLOWING APPLY TO YOU:

• Individuals trading in a vehicle must provide the title.
• Individuals who have completed a bankruptcy must provide discharge papers.
• Individual currently in an open Ch. 13 bankruptcy must provide necessary paperwork after receiving an Authorization to Incur Additional Debt from the court.