The Thrill of the Auto Loan, the Agony of Bad Credit
Contributed by Jessie Hart
Bad Credit and Auto Loans: Attempting to Fix It
A new car is on the horizon, all you need is your auto loan; but how can you get it when you have a history of bad credit? When you go to a bank, credit union, or dealership, one of the first things that the lender or dealer will want to see is a copy of your credit report. This can be bad news if you know yours is stained with missed or failed payments. It is essential that you get a copy of your credit report.
This can easily be done by contacting any of the three major national credit bureaus (Equifax, Experian, or TransUnion) and requesting a copy. If there are errors on your report, you can correct them. However, if there are problems that are not fixable, that doesn't mean that you are locked out of buying a car. It's just time to research some other options.
Bad Credit and Auto Loans: If You Can't Fix It
If you can't repair your credit reports, there are other ways that you can approach a dealer or lender and give them a positive feeling on your ability to pay back a loan that they would grant you. Just because you have blemished credit, don't feel like you have to take whatever they throw at you. Here are a few ideas to help you get the best deal that you can possibly get:
-Try buying at the end of the year or the end of the season when dealers are trying to clear older models off of the floor to make way for the coming year's models. You may not get the exact color or make that you had your heart set on, but with a little flexibility, you can get a decent car.
