Buy a Car with Poor Credit Through the Help of Credit Unions

Buy a Car with Poor Credit Through the Help of Credit Unions

If you are planning to buy a car, but you have poor credit, then you are having a financial problem. Purchasing a car is not an easy process, and made worse by your poor credit, selfish dealers, scams and very high interest rates. However, if you are a credit union member, then you have the help you need to get that car you badly want.

Here are some guidelines from Credit Unions Online regarding how to buy a car with poor credit.

First, be aware of your credit score and do everything to make it higher. Based on the website buyingcarwithbadcredit.com, the difference between a credit score of 585 and 595 could already be equivalent to one point in the interest rate. If you are in between two score groupings, try to check your credit report for errors and this might cause your credit score to be higher and your interest rate to be lower.

Second, give as much as possible for a deposit. Since you have poor credit, then it is most likely that you are also struggling with cash. So do anything and everything to obtain cash because this will help the lender decide and persuade him that you are credit worthy.

Third, you might want the option of having a co-signer. Look for someone who is willing to be your co-signer, especially someone with good to excellent credit. However, remember to respect him as a co-signer and make sure to pay on time because if otherwise, he will be held responsible for your debt.

Last, visit your credit union. Credit unions provide their member with low interest rates and financing options on car loans that suits their member’s needs. Moreover, credit unions offer vehicle buying services that will assist members in getting the right deal and financing option.

Vehicle buying services vary from one credit union to another, but one thing they all have in common is that they offer cost-free services. If needed, most credit unions also offer cost-free credit counseling.

These are some of the things done by your credit union that cannot be done by an auto dealership. Your credit union will certainly cater to your financial needs.

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Filed under: auto loans • bad credit • car loan • Credit • Credit Score • Loans

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