ALL CREDIT APPROVED Good, Bad, No Credit? No problem Click here to get Approved now!

5 Common Myths About Bad Credit Car Loans--Busted

Published on August 6, 2025 5 min read Myth Busting
Bad credit doesn't mean no options -- but there are a lot of myths out there that stop people from applying in the first place. At Steele Buick GMC, we're here to set the record straight.

Here are 5 of the most common misconceptions about bad credit auto loans -- and the truth behind them.

1"I need perfect credit to get approved."
FALSE.

Non-prime lenders exist specifically to help those with less-than-perfect credit. Your income, job history, and ability to pay matter more than a number.

2"My past bankruptcy means I'll be automatically denied."
NOT TRUE.

Many lenders -- including Steele Advantage -- work with people who have gone through a bankruptcy or consumer proposal, especially if it's been discharged.

3"I can only buy old or unreliable vehicles."
WRONG AGAIN.

We have certified pre-owned and even new vehicles available through bad credit financing -- with full warranties and low kilometers.

4"I'll be stuck with sky-high interest rates forever."
RATES VARY.

Rates depend on your file, but rebuilding your credit with a car loan is a stepping stone. Many customers refinance later once their score improves.

5"Applying will hurt my credit more."
ONE APPLICATION WON'T HURT.

One application done properly through the right dealership won't damage your credit. In fact, once approved and reporting positively, your score can begin to rise.

Don't Let Myths Stop You

At Steele Buick GMC, we believe in second chances and real solutions. Apply online or talk to our non-prime experts today.

ajax loader2
2 MINS PRE-APPROVAL Click here to get started ×