Common Misconceptions About Bad Credit

If bad credit has you worried about getting a car loan, we can help. At Hometown Auto, we offer quality vehicles with low down payments and affordable monthly payments when you have bad credit or no credit history. Buy here, and pay here to build a positive credit history that will change your future. Don't be fooled by some of these common misconceptions about bad credit.

  • If your credit score is bad, it can never be rebuilt. At Hometown Auto, we strive to help you change your financial future. Although late or missed payments can stay on your report for up to seven years, every time you pay towards your car loan from us, you are building new credit. As time goes on and your credit grows, the negative information becomes less significant.
  • You can't obtain a loan if you have no credit history. In many instances, a co-signer is needed to get a loan for a car if a credit history has not been established. You can build credit without a cosigner by buying your vehicle at Hometown Auto. We give buyers the stability they need to purchase a vehicle and keep up with payments.  
  • Claiming bankruptcy is the only option when you have large amounts of debt. Bankruptcy can stay on your credit report for up to ten years and makes getting a loan extremely difficult. You may find better options by working with a credit counselor. You can also obtain a loan with Hometown Auto and work out a payment plan that will build your score.
  • Paying cash for everything will help build your credit. If you use credit responsibly, you will build a solid credit history and credit score. The key is to use credit, not abuse it. Hometown Auto will help you build good credit by coming up with a financing plan that works for your budget, regardless of past credit history.

Stop into Hometown Auto to learn more about our credit-building program. We have two convenient locations in High Point and Winston-Salem. Don't let credit myths prevent you from getting the car of your dreams. Our goal is to get you on the road in a new vehicle and get you on track with your payments.