Article by Carlo Garavalia
How do you get a car when you have bad credit? Auto financing can be a challenge in these times of constricted credit. Lenders are not freely giving money to even those with stellar credit. But bad credit auto financing is available if you know how to go about it.
The first step in securing bad credit auto financing is to review your credit history. If you detect errors, get them corrected before you go for your car loan. You can order a credit report for free once a year. If there are inaccuracies, write a letter to the credit bureau explaining the discrepancies. They have 30 days to either confirm the fact or remove it from your credit report. You will be surprised at how much your credit score improves when you challenge inaccurate information.
The next step is to determine how much you want to pay for a car. This includes how much you can comfortably put down at the present and the amount your budget can handle in terms of monthly payments. You can use a car loan calculator to help you determine how much care you can afford.
The next step in securing bad credit auto financing is to prepare the documentation. This includes proof of employment and income. Remember that with a house, the value of the property doesn?t change when the new owner takes possession, but with a car, the value drops when you drive it off the lot. That is why the people giving car loans have to be so picky about who they finance.
Finally, keep a clean credit history. Once you have secured bad credit auto financing, make sure that you pay your loan on time every month. This will help you get loans in the future.
Bear in mind that as a person with less than stellar credit, you will be expected to make a larger down payment and will be faced with higher interest rates. This means your monthly payments will either be higher per month or stretched out over a longer period. You might be expected to put down up to 50 percent
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Source: http://www.best-consumer-finance.info/bad-credit-auto-financing-when-youve-got-to-have-a-car.html
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