Life happens, money spends and sometimes we get ourselves into the black hole of bad credit. There is a way out, so stick that hand up in the air, take the lifeline. Do know you are not alone in the world of bad credit, there are millions in the same situation. In fact, many of those with bad credit are also driving a car and repair their credit each day!
The road to credit repair is the road that also blocks you when you attempt to buy a car. Credit. Today, use these 6 tips for buying a car with bad credit. The tips will help you climb behind the wheel of a car and start an adventure of both credit repair and a new lease on life!
It is true that having bad credit can make car buying a bit more intesnse, but it is possible to own a car. Use these 6 tips for buying a car with bad credit.
6 Tips For Buying A Car With Bad Credit
Today’s post is sponsored and ready to help you make your journey to repairing your bad credit. The journey begins with a reputable credit department who extends you a loan that will help you rebuild!
Rebuild Starts With A Car Loan
You may be shaking your head, but it is true that a car loan financed over time, and paid on time is the fastest way to raise your credit score.
Every payment improves your credit! So Get a loan and pay it on time. If you get a car loan and don’t pay it on time it can adversely affect your rating as well, so pay on time and build your score.
Report It To A Credit Bureaus
A loan with the right company will report to the credit bureaus which is important. If you are building your credit through good payments and it does not report back why bother building right? Make sure your auto loans are reported by the firm you are working with.
Down Payments Really?
If you have heard that the way to repairing your credit when buying a car is through a big down payment, don’t believe everything you hear. In so many cases that is just not true. The right loan institution is instrumental in helping you with this. Truth be told if your credit is really bad some down payment will have to be made, but that does not mean it has to be big and bad!
Interested but Not In A High-Interest Rate
Interest rates come down to volume. If you are working with a shyster (they finance a loan here and there, forget it, you will pay high), but if you are working with a competent loan firm, they buy in volume and volume will create lower rates, down payments and of course payments. Boom!
Cut Out The Car Salesman
Those words are dreamy are they not? No one wants to negotiate rates of interest with the car salesman so don’t! Use a lender that is not the car salesman and you have a perfect car buying situation.
Reason this out for just a second. You have a complex situation with your credit score, that mean you need special financing and that means you need to work with those who specialize in this, not a car salesperson. Let him do the calculations for the price of the car, then walk away. Loan officers are who you need, not fast talking Paul!