About this site

Almost every aspect of our lives is in some way affected to the world of finance. The Personal Finance section of Auto Loans America focuses on anything involving personal finance including your auto loan, mortgage, insurance or credit cards.

Recommended Sites

Center Point Network

Search


« Pontiac G8 GT: No longer most powerful car under $30K | Main | DRIVES: 2009 Ford Flex: Chillin’ on a road trip: New Ford Flex offers seating for six–and an icemaker »

Car Buying Advice for People with Bad Credit

Written by paul on June 21st, 2008 with no comments.
Read more articles on Car Buying.


car buying advice There is plenty of car buying advice available in books and on the Internet. However, the bulk of car buying advice is for people with good credit. These persons can walk into a dealership and easily drive away in a brand new car. On the other hand, if you have a low credit score, bankruptcy, or recent foreclosure, it might be harder to get approved for an auto loan.

Here is car buying advice to help people with less-than-perfect credit:

1. Buy a Car to Improve Credit: If you want to quickly re-establish credit, buying a car is a smart move. Yet, you’ll pay a higher loan rate. If you can afford the higher rate and payment, a new or used car loan is one of the easiest ways to boost a low score.

2. Open New Credit Accounts: If you don’t want a high rate on the auto loan, apply for a secured credit card before getting a new car. It’ll take about six months to one year to re-establish credit. Make on-time payments during this time. Afterwards, you should be able to qualify for a reasonable rate on a vehicle loan.

Topics: Car Buying |

Related articles

If you found this page useful, consider linking to it.
Simply copy and paste the code below into your web site (Ctrl+C to copy)
It will look like this: Car Buying Advice for People with Bad Credit

Comments

You must be logged in to post a comment.