Free Personal Finance & Budgetting Articles

Professional Authors - Professional Articles

How To Get a Car Loan When You Have Bad Credit

In need of a new car but you know that your credit is going to more than likely keep you from doing so? That does not need to be the case. There are a few things that you can do that can help you get that car loan and these are things that most car dealers know about but simply don't tell you.

The first thing you need to do if your credit is bad is to be realistic and honest with yourself when you start shopping for a car. A lot of people give up right away when they have bad credit and can't find anything. This is because they simply have to high of expectations on how much money they think that they can get for the car loan. Even with the bad credit they simply don't look at it in a realistic manner.

Something a lot of dealers won't tell you up front that good credit or bad credit a lot of them will do the papers for you and hold the papers with them by carrying the loan for the car themselves. So remember that when you go out looking for that new car.

You also need to understand that there probably is not a single dealer that will let a person with bad credit get a car with no down, so make sure that you come up with some sort of down payment so it will make it easier for the dealer to want to work with you. Remember money talks no matter how bad your credit might be.

There is a site online called Airport Auto Group that will help you find lenders and dealerships that will work with those with bad credit. They are more prepared in dealing with shoppers that have poor credit and they can be a lot more flexible than others who don't generally deal with bad credit. You will of course need to expect you will have to pay a lot higher interest rates than others.

After you have finally found a dealer that you think you want to work with you are going to need to be prepared before you walk onto the lot. You will need copies of a paycheck to prove you have an income, you will need your driver’s license and any bill that will prove that you have a permanent residence.

You will also need to make sure that you have a copy of your bank statement, your proof of insurance as well as a list of personal references. If you don't actually have a checking account you might be able to be accepted if you just have a debit card type of account. But you will need some sort of bank account.

Once you sit down to talk about the actual loan make sure that you are totally honest with how much you can afford to give them for the down payment. It is important that you are so that they can figure this into the financing part of the deal.

Once this is all done you can then narrow down your search for the car on their lot. Look over the cars that fall within the limits of the loan as well as the interest rates, not all cars may have the same interest rates. Again, do not be shocked by the interest rates they are going to be high, however, you can ask them that if after 12 to 24 months of continual on time payments if there would be a chance to refinance the car to be able to lower your interest rates. They generally will do this for you, but remember you have to ask, they won't volunteer this information.

Post has no comments.
Post a Comment

Captcha Image

invitations getting a loan certain stocks community property trade in value printer qualified veteran saving money getting health insurance retirement years true market value attorney home equity loan credit interest rate salvage groceries money issues top preparing dinner assessor estimate wills financial agent property value bad credit improvement loan estate planning lawyer quiet time present car best credit property tax dream home loan emergency spending sticker price social security number finance tips planning afford a car party theme car insurance time management secure finances banners retirement fund debt management company cash gross income grocery list personal finance resources stop procrastinating voluntary homemade food car lot personal finance tips medical history reduce interest net pay creditors credit score research home improvement loan structured settlement chapter 7 insurance personal finance reality income leasing company finance tips loan possibility finances car payments medicare get help avoid personal bankruptcy household tips good credit veteran loan new car new car smell fast paced financial power computer lower tax car loan secured loan legal power repair credit periodic payments right estate planning lawyer financial basis store ads debt settlement credit policies personal bankruptcy sticker shock financial issues make a will different models debts finance company pay bills income tax financial crisis decorations reduce tax budget common estate planning managing time money conscious estate planning start investing get rid of debt spend less law firm va loan possibility buying a home miss payments cash flow car dealer own business compare prices car finance car lease self help stock market party supplies payment plan enough money insurance company debt management enjoying payroll deductions balloons manager specials mortgage payments power of attorney meat specials car payment tight budget overspending poor credit local dealer employees personal finances bankruptcy W-4 forms discounted items owe money coupons family member major debt estate planning errors handling problems grocery shopping lease takeover health insurance birthday party stop paying test drives dealership payroll software package actual loan payment range save money car sites car need maternity care financial affairs specials major financial issues gross pay quick sale retirement planning half price shop online rebates unsecured loan

Copyright 2016 - Free Info Site Enterprises
Privacy Policy  |  Copyright Policy  |  Website Use Policy  |  Non Endorsement Policy  |  Contact Us  

Finance Blogs