Approved Loan Store loves bad credit. That’s our slogan because we work specifically with people struggling due to a low credit score. There’s a common belief that because you have bad credit means that you can’t get yourself a car loan. This couldn’t be further from the truth. We aim to make sure that not only are you able to get that loan, but that you have the education necessary for making a good decision.
Fox Business has put together a list of 9 things to look into to get a car loan when you have bad credit. It’s all really solid advice and worth a full read through. Here are some of the steps that really stood out:
- First step, don’t assume the worst. You’ve been told you have bad credit, but that might not be correct. Make sure you get the full story before jumping to a conclusion. John Van Alst, staff attorney for the National Consumer Law Center, says “Even if your score is tarnished, you may have a better chance than someone with the same score and no credit history.”
- Shoot high. Since auto loans are less money over shorter time, a credit score that would get you into a subprime mortgage could actually put you into a prime or near prime auto loan. If you have good credit and you try to get a subprime loan, then you may actually get less favorable terms than you should have.
- Don’t go alone. Make sure to bring someone with you, having an extra opinion by your side can really make sure that you’re getting the best deal. Having a second opinion can really go a long way in ensuring that you’re getting a great deal.
- Shop loan terms, not monthly payments. What this means is to not get yourself into a loan where you pay small money over a long period of time. The example used is if you need an 84 month loan. If that’s the case, then Anthony Giorgianni, associate finance editor of the Consumer Reports Money Adviser newsletter says, “you can’t afford that car.” Look instead at the cheapest money with the lowest APR over the shortest period of time.
- Look out for add-ons. Sub-prime borrowers tend to have contacts that are stuffed to the brim with unnecessary goods and services more than a prime buyer. To avoid this, do not let the loan rely on having such add-ons like extended warranties or even insurance.
- Lastly, beware of the yo-yo. We’ve covered this before in a past blog. Dealers can play a dirty trick where they have you drive off in a car before finalizing the deal. When you return to sign the dotted line, suddenly your monthly payment have increased or they expect a larger down payment. Make sure the terms are final and everything is signed and done before taking a car off the lot to avoid falling victim to this notorious scam.
This is just some of the really solid advice customers should be aware of before heading into a dealership. Make sure you have all the information, and you’ll be able to drive out with the car you want and a deal that works to your advantage.
Approved Loan Store is looking to help put you in that car. We work with people suffering from bad credit and get them car loans. Fill out an application and get the process started, and you’ll see why we currently have over a hundred happy customer testimonials. To make sure that you’re up to date on all the latest blogs, like us on Facebook and follow us on Twitter.
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