Strategies for people with bad credit, tips to increase your credit score
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How to increase your chances for approval in new car loans or used car loans
How to get your Credit Report WITH YOUR CREDIT SCORE, and cleanup your bad credit before new car financing
How to Get a bad credit auto loan,
Where to get new car financing for people with bad credit
Auto refinancing tips for people with bad credit who got scammed by a car dealer to lower interest rates on your current car loan
What to expect from the car dealer when you have bad credit
Some lenders will only approve you if you have a prior auto loan in your credit history. If you have bad credit, I bet these scenarios below have happened to you when you bought a new car from a corrupt dealer, as many with bad credit have reported. The dealer charges you a very high interest rate APR (much higher interest rate than you should have paid), and lies to you about the bank "requiring you" to buy the extended warranty, the credit life insurance, the glass VIN etching, and probably lies to you about your credit score, telling you it's lower than it really is. Or maybe with your credit so low you were rejected, so the dealer tricked you into a co-sign auto loan but tricked your co-signer into being the borrower with a little sleight of hand during paper signing. Since you know you have bad credit, and are low on self esteem, and you have been turned down by other lenders for bad credit or high debt loads, the dealer's Jedi mind tricks sound believable so you agree to sign up for all this, not knowing the devastation on your financial future. You become upside down on your bad credit car loan, and deeper into debt, most likely with monthly payments you can't handle. Then you get the dreaded call from the dealer 2 weeks later (he pulled the Spot Delivery Scam on you) and delivers bad news that your auto financing fell through and your payments are going up. Then you find out a few months later from the angry lender of your old trade-in, the dealer did not pay off your trade. How many of these scams have happened to you?
If your credit is really bad, work out your car loan first, and choose your car second
You know my opinion, if your credit is bad, don't buy a car until you cleanup your finances. Sometimes people with really bad credit are blindsided by the fact that if your situation is really bad, you don't have a choice on cars or dealer brands. People forget that buying a car is a privilege, not a God given right. This challenge in getting you financed occurs because your high risk online car loan application is sent to a few dealers for them to report back which of their affiliated lenders is willing to risk giving you a bad credit auto loan. You'll find for example that you are trying to finance a Toyota Camry, but your local Toyota dealer cannot find a lender to approve your car loan. But a local Honda dealer across town is looking at your application and has found a lender willing to provide auto financing to you. This is why you don't always have a choice on car brands, and you might have to work out the auto loan first, and choose your car second. That's life at the bottom. Usually your minimum monthly income should be $1500, otherwise don't bother applying for an auto loan anywhere. If you can clean up your credit score to 680 or above, these problems will disappear.
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