Sunday, April 1, 2012

How To Get Your Best Bad Credit Car Loan Financing Deal

Browsing for a new auto while your old one is just about to go belly up is not anyone's idea of a blast. It's not deciding what kind of vehicle you need that's the trouble. Most people are able to consider seriously and be honest regarding what type of car they can afford to have. They will happily resolve to get a sedan or SUV, even if they aspire to having a foreign sports car that would make James Bond envious.
However, your credit may become a showstopper. If you have less than outstanding credit, automobile dealers can brand you, making you feel like a second class citizen. They cannot or don't want to take the risk of selling you the car you really can afford and need, so they guide you towards cheaper, less desirable models. The sales agents have learned to evaluate people from a financial perspective, surprisingly accurately, and they will lean towards the easier sale instead of one where significant effort will be involved to get your financing approved, if it can be done at all.
Hardly anyone has perfect credit these days. Although not at all true, the misconception is that one's credit score is what it is and there is little one can do about it. Nothing could be further from the truth and the savvy consumer knows that, but how does that help you now? Unless your credit is really bad, you having missed a couple payments on your Visa card a couple years ago due to a financial setback is not going to prevent you from getting approved for a car loan. Even if that was consistent for a period of time because you got laid off from your job or had some unexpectedly high medical bills, you've managed to get yourself back on track now, and from your perspective, it's a whole new ball game. The key in finding the right car financing is to find the lenders who will agree that you are in a whole new position than you were a few years ago when you were having financial problems.
This is where using an online auto loan quote can be advantageous to you. You see, the credit reporting agencies have a memory like an elephant, and they will remember those payments you missed a few years ago, right down to the nitty gritty details. That period of your life is behind you and you do not care to relive it, so you may want to look at other car financing and car loan options that are less traditional than your bank or credit union.
You need to be real with yourself before you even go to the dealership and realistically determine how much you can afford to spend in car payments. Do not stretch your budget to the limit where you need to cut some necessities, because then you will start to resent that car over time. Don't forget to include the difference in the cost of car insurance over what you pay for car insurance now, as well as the difference in gas mileage from your current car. Also remember that cars do not run on wishes or hope, so you need to budget a maintenance fund also for consumable items such as tires, oil chances, wiper blades, etc, none of which are typically covered under any warranty.
Once you have that figure in mind, then you are ready to start shopping. If you cannot bring yourself to purchase a sedan instead of that sports car right now, then perhaps you just need to put more band aids on your current car to keep it running a little longer. You don't want to feel like you had to "settle" for something that you are going to be making payments on for the next few years.
The most important part of the whole car purchasing experience is finding the right auto loan and financing terms. If you are buying a new car and your credit score allows it, you may be offered really great financing options from the dealer via the manufacturer. Sometimes this can be zero percent interest or under 2% interest, which will not be matched by your bank or even most online lenders. But if you do not qualify for that, all is not lost.
Your local bank or credit union may offer an attractive rate but you need to find the BEST rate, because that little bit of time spent shopping for your financing can mean literally hundreds of dollars in your pocket. Online car loans deals can frequently be much better than traditional lending sources and are well worth your time to get a quote a compare. Online auto loan lenders have much less overhead than their brick and mortar counterparts, and they almost always pass those savings on to you, the consumer. They are very anxious to get your business, and are therefore also much more willing to overlook some minor blemishes on your credit report.
For more insights and additional information about Bad Credit Car Loans as well as getting a free no-obligation car loan quote, please visit our web site at
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sacramentowebsitedesign on April 1, 2012 at 7:43 AM said...

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