How To Get A Car Loan If Your Credit Is Bad

Everyone needs a car but sometimes it can be difficult if your credit is bad or non-existent. Fortunately, there are options for people whose credit may not be the best. Here is how to go about getting a car loan when you have bad credit.

1. The first thing to do is to order your credit report. This will give you a good idea as to where your credit stands. The lower your credit score, the higher the interest will be on any loan you will eventually receive.

2. If you have a checking or savings account, ask your bank first before approaching other lenders. An actual bank or credit union will give you may favorable terms than other lenders will.

3. If the bank turns you down, ask your insurance company. Some insurance companies offer their customers financing options when purchasing new or used vehicles.

4. If neither of these options work, it is time to shop for loans from companies who cater to people with very poor credit. Be honest with yourself and know that you will be paying a much higher interest rate than you would if you have good or great credit. One key thing to remember is to not accept the first loan that is offered. It is best to shop around to see what the best deal that can be had is.

5. Once a loan provider is found, they will want to know the size of the down payment that can be made is. The size of the down payment may also affect the interest rate of the loan, but not always.

6. One thing that can be done to secure more favorable car loans for people with bad credit is to have a close relative co-sign the loan for you. What this does is ensure that the other person, the co-signer, will pay back the loan if the first signer, you, defaults on the loan.

By following these easy steps, you will be on your way to getting a car loan and driving away with your very own vehicle.

[ Tagged In ] , , , ,

It is a “NO”

The plan to buy a car for the family is still in out list even if we have experienced turned down twice.  The father is still hoping that we will get to find the right car to use for the planned business that the father wanted to put up.  We cannot start the planned business unless we have a car to use for the delivery.  Well, things happens for a reason and it will happen on perfect time and place.  The turning down twice, happens for a reason.  And the reason is that, it is not meant for us to have.

Months later, another opportunity of buying the car we wanted has come.  The deal is perfect, we already saw the car and it is in good condition.  We are just waiting for the owner to give a signal on when we will pay and get the car.  The father thought that this is it because the opportunity is knocking unexpectedly.  We have waited for almost a month to know the decision of the owner.  Just this afternoon, we follow-up about the said car that is for sale.  I am asking with the happy face because I thought we will get the car.  Unfortunately, the owner says “NO”.  Yes, it is a “NO” once again.  Another turned down, and it is so frustrating.  We are used to it because it happens twice already.  But the fact hat we have waited for weeks for  “NO” is very much frustrating.  Well, I guess it is not for us to have again.  We will just have to extend our patience and continue hoping that we will get the car we wanted to have soon.

Emoticon

[ Tagged In ]