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This article is to talk about folks with bad credit trying to obtain an auto loan. Now, please understand just because you have credit issues, DOES NOT mean that you are a bad person OR should be treated any differently when you go to a car dealership and apply for a loan. Back in the 1990's there was more good credit than bad credit. Today it is quite the opposite. Sure there are many out there with good credit, however many have marks on there credit bureau that leads them to a higher interest rate. Many banks don't want to help folks that have had credit issues. This means you must work with what we call secondary lenders or subprime lenders. Another option is buy here pay here car dealerships, however your best bet is to try and obtain a car loan from a regular car dealership first. Make sure that when you are trying to obtain your loan that the car dealership is working with the proper lenders for your needs. You don't want some Finance Manager sending your application to every lender he or she has if they are not setup to do subprime credit auto loans. This will only put inquries on your credit bureau making harder for you than it is now to obtain your car loan. A bad credit car loan is like any other car loan that one might have availed of in the past. The only difference is that it is for those people who have bad credit, or in simpler terms, people with a bad 'credit history'. There are numerous lenders who are ready to give car loans if one has a bad credit history, BUT YOU are going to pay the price. APR% is high and this is due to high risk lending. With that said..DO a background check. One of the most unethical, but legal, things someone can do to you is sell you a used car that's been in a flood (and sort of repaired), or one that's had 10 previous owners (none of whom repaired it). To be sure you don't fall victim to this, track down a history report, including a clearance check on the vehicle title. You can even get some of this information from the seller, simply by asking why they are selling it. You'd be surprised what beans people may spill. Call up your trusted mechanic. Used car dealers, especially the big lots, buy here pay here, will say they put their used cars through a "100 point inspection," or something like that. Once again, a second opinion is in order. Get this one from your own mechanic. He'll be able to tell how good a shape the car actually is in. Also be sure to ask him or her how often the car had been serviced. A good mechanic can even gauge that. HERE IS A TIP THAT IS WORTH THE MONEY YOU ARE GOING TO SAVE! IF YOU HAVE CREDIT ISSUES, WAIT AND I MEAN WAIT TO PURCHASE YOUR CAR UNTIL THE LAST TWO DAYS OF THE MONTH!!! Dealers and the banks are looking to fill quotas. Many times you are going to get a better deal on your car and may get financing that you would not normally get! DON'T LET A SALESMAN PUSH YOU OVER! There are a few places on this website that you can apply! WANT EVEN MORE TIPS AND TRICKS ON CREDIT? |
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This article is to talk about folks with bad credit trying to obtain an auto loan. Now, please understand just because you have credit issues, DOES NOT mean that you are a bad person OR should be treated any differently when you go to a car dealership and apply for a loan. Back in the 1990's there was more good credit than bad credit. Today it is quite the opposite. Sure there are many out there with good credit, however many have marks on there credit bureau that leads them to a higher interest rate. Many banks don't want to help folks that have had credit issues. This means you must work with what we call secondary lenders or subprime lenders. Another option is buy here pay here car dealerships, however your best bet is to try and obtain a car loan from a regular car dealership first. Make sure that when you are trying to obtain your loan that the car dealership is working with the proper lenders for your needs. You don't want some Finance Manager sending your application to every lender he or she has if they are not setup to do subprime credit auto loans. This will only put inquries on your credit bureau making harder for you than it is now to obtain your car loan. A bad credit car loan is like any other car loan that one might have availed of in the past. The only difference is that it is for those people who have bad credit, or in simpler terms, people with a bad 'credit history'. There are numerous lenders who are ready to give car loans if one has a bad credit history, BUT YOU are going to pay the price. APR% is high and this is due to high risk lending. With that said..DO a background check. One of the most unethical, but legal, things someone can do to you is sell you a used car that's been in a flood (and sort of repaired), or one that's had 10 previous owners (none of whom repaired it). To be sure you don't fall victim to this, track down a history report, including a clearance check on the vehicle title. You can even get some of this information from the seller, simply by asking why they are selling it. You'd be surprised what beans people may spill. Call up your trusted mechanic. Used car dealers, especially the big lots, buy here pay here, will say they put their used cars through a "100 point inspection," or something like that. Once again, a second opinion is in order. Get this one from your own mechanic. He'll be able to tell how good a shape the car actually is in. Also be sure to ask him or her how often the car had been serviced. A good mechanic can even gauge that. HERE IS A TIP THAT IS WORTH THE MONEY YOU ARE GOING TO SAVE! IF YOU HAVE CREDIT ISSUES, WAIT AND I MEAN WAIT TO PURCHASE YOUR CAR UNTIL THE LAST TWO DAYS OF THE MONTH!!! Dealers and the banks are looking to fill quotas. Many times you are going to get a better deal on your car and may get financing that you would not normally get! DON'T LET A SALESMAN PUSH YOU OVER! There are a few places on this website that you can apply! WANT EVEN MORE TIPS AND TRICKS ON CREDIT? |
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