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.



Comments
Post has no comments.
Post a Comment




Captcha Image






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



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

Finance Blogs
Finance