How to Get a Car Loan Despite Bad Credit
How to Get a Car Loan Despite Bad Credit
If you were wondering how you can repair your credit at the same time complete a subprime auto loan then you just tuned in to the right place because this article is going to show you how.
Before anything else, you should first be very familiar with what your credit report and your score says. A FICO score above 660 is what you need to get a car loan with a financial institution like a bank or a credit union. If your FICO score falls below 660, then it just means you need to find a subprime lender to get the loan you need to purchase a car. Conventional loans and high-risk (subprime) loans are very different from each other, however for both cases, knowing where your credit score stands is very significant to get your loan approved.
Next you should know your car budget. Aside from the amount you will be paying for the car, you should also anticipate the other fees you will be paying for once you get a car like your gas and car insurance. Check if your income can accommodate these fees and if you think you need help in budgeting then you can log in to autocreditexpress.com for assistance.
Next, you should maximize your options and research about the kinds of cars you can buy given your current budget. If you want to look online visit consumerreports.org; this website is very helpful in illustrating the models that are fit for your lifestyle and money.
Before you go to a dealer you should first come to friends and your other relatives and most especially the Better Business Bureau for advice. Buyers with bad credit may find it hard to look for car dealers that will be very willing to help them in owning a new car that is why you should solicit advice and check the website of consumer protection agencies first.
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Filed under: auto loans • car loan
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