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Can you buy a car with bad credit? by Amy j
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Can you buy a car with bad credit? |
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Finance & Investment
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Commuting can be a hassle, particularly in cities where public transportation is not readily available. In cities like this, most people would prefer to go around with their own set of wheels. So even if you have poor credit scores, you may still have your dream of buying a brand new car. You don't need to feel dejected if you feel like your credit score will not merit car loan. Fortunately, it is quite possible to buy car with bad credit, and get approved for a bad credit car loan. In lieu of car loans, there are other strategies for being able to get to buy a car with bad credit. Here are a few tips how: - Save up for a rather large down payment. Your chances of getting approved when you apply for a car loan could improve if you have the capacity to make a bigger down payment on the car. Not only would a rather large down payment boost your chances of approval for your car loan, but it would also make your monthly payments lighter.
- Get financing elsewhere. Instead of relying on the car dealership's in-house financing, find a way to get your financing from other lending firms. This way, you will be able to negotiate for a better car, possibly with better terms, using the financed check from your third-party car loan company.
- Don't assume that your credit score is too low. Believe it or not, brand-new car buyers can get approved for as low as 760 points on their credit score, while used-car buyers get approved for as low as 659 points.
Fox Business has reported that more consumers with bad credit are now snagging car loan deals. One interesting key factor is that more consumers are actually paying their loans back properly, as they've agreed with the car loan companies. In the report, vehicle repossession has dropped by 37.1%. And loan payments 30 days late had dropped by 7.6% in incidences, while payments 60 days late had dropped by 12.1%. Thanks to these newfound, good habits of applicants for loans for bad credit, lenders are more enthusiastic about trusting loan applicants. Even sales-oriented car companies and risk-averse lending companies can give chances to loan applicants with a dismal credit past; all the applicants need to do would be to show that they have turned over a new leaf. Before you happily start to shop for your financing company (an even your preferred car dealership), keep in mind that bad credit is bad credit, and car companies can attempt to prey on that fact. Since you've already checked your credit scores, also check the car loan interest rates offered to specific score brackets, so that you will get the fairest deal possible. Amy is an active blogger who is fond of sharing interesting finance related articles to encourage people to manage and protect their finances. She also covers topics on how does a bad credit affect your loan application. Know more about things to consider if you are applying for credit cards with bad credit.
Related Articles -
buy car with bad credit, bad credit car loan, apply for a car loan, loans for bad credit, bad credit effects,
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