Everybody needs transportation, and even if you have fair to bad credit, AutoFair Ford of Haverhill is willing to work with you. The same goes if you have no credit history at all. We strive to have 100% credit approval for all customers wanting to buy a new or used vehicle from us. Now that you know somebody's on your side, read on for the answers to some common questions.

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How should I approach the loan process if I have poor credit?

Priority number one should be improving your credit score before you apply for financing (if you don't need a vehicle immediately). That way you'll have a better chance of getting a lower interest rate, making monthly payments more manageable and costing you less over the full loan term. Start by paying off as much debt as you can to lower your debt-to-credit ratio, and make sure there are no errors in your credit report (for example, look for any items that you've paid in full that still appear). Each year you are entitled to one copy of your credit report from all three national credit reporting services: Experian, Equifax, and TransUnion. Be sure to do this, and check each report carefully for errors.

How can I find out my credit score?

There are many free websites that can help you find your credit score, or you might already have a credit card that provides that information (as well as alerting you whenever your score changes). You'll also find the score ranges for the various credit score rankings: very good, good, fair, and poor.

What else should I do before I apply for credit?

Once know your credit score (and your general credit category), sit down and make an honest assessment of your expenses and what you can actually afford to spend each month on a car. You'll need to know this before you decide which model to buy. You may already have a vehicle in mind, but your budget should be the first factor to consider. If you get into something that you really can't afford, you'll feel stressed, plus you'll risk more serious damage to your credit. Missed payments - and the worst case, a repossession - will be hard to recover from because they will stay on your credit report for years. Remember: you can always upgrade your car in the future when you're on better financial footing.

What about getting a cosigner?

Getting a close friend or relative with good credit to cosign for you will improve your chances of getting approved for a loan at a decent APR, but it can be easier said than done. Since your cosigner will have to make the payments, the situation means less risk to the lender - but that risk is transferred to the cosigner. This is why not everyone you ask will be willing to cosign, so you should be prepared to hear "no."

How long will I have to pay a higher interest rate?

As you continue making your payments on time, your score will inch upward - as long as you haven't taken on new debt elsewhere (such as opening a new credit card or adding charges to an existing one). Some loan terms require the borrower to set up automatic payments, but that's a great idea anyway, since you won't have to worry about forgetting to pay.

Common Credit Issues

There's no denying that credit issues have become more prominent in the wake of the COVID-19 pandemic. At AutoFair Ford of Haverhill, we understand that there are members of our community who are suffering from the emotional toll of financial hardship, and we want to do our part to help. If you're someone who lives in the Lawrence/Andover area who has recently become a victim of bad credit and are looking for a way to get your life back in order, we might be able to assist you.

By providing you with a manageable auto loan, you'll have a good chance of improving your credit if you're able to make consistent payments towards it. Having trouble convincing yourself that acquiring an auto loan right now is worth it? Let our expert financial advisors at AutoFair Ford of Haverhill show you that it may be the best thing to do if you're hoping to improve your credit.

What Causes Bad Credit?

Bad credit can result from a variety of situations, but there are a handful of causes we see at AutoFair Ford of Haverhill more than others. The list below will shed some light on each, and who knows, maybe you'll be able to relate to one of them.


This may come as a shock to you, but there are many people in and around Haverhill, MA who have lost their homes to foreclosure. In turn, their credit has likely taken a significant beating, but don't worry, our finance professionals at AutoFair Ford of Haverhill might be able to help.

Recently Divorced

Divorce can sometimes lead to poor credit. While there are likely several things on your mind during this tough time, obtaining an auto loan is probably not one of them. If, however, your credit has taken an undesirable turn as a result of your divorce, our finance department at AutoFair Ford of Haverhill might be able to help you bring it back up.

Filing for Bankruptcy

Bankruptcy is a last resort restart button, but it will leave you with bad credit. If you're in search of a fresh start, an auto loan might be the perfect way to get you back on the path to respectable credit.

Forgetting to Pay Your Bills

This may have happened to you at some point, and while it isn't going to ruin your credit right away, it will if you make a habit out of it. With that said, it's important to pay your bills on time and in full. If you're having trouble making the payments on your auto loan, schedule an appointment with our financing team so we can provide you with some potentially life-changing guidance.

First-Time Buyer with No Credit History

We all need to start somewhere, right? First-time car buyers generally don't have any credit, but if you need a car ASAP, we might be able to assist you.