Everybody knows that we are in the midst of a very bad recession (the worst since the 1940's according to the news). This has made this a buyers market that is almost unequaled in the deals that you can get on cars and trucks. But, as is clearly stated in most advertising the car dealers seem to only want those with perfect credit. In a bad recession like this there really aren't that many people out there with perfect and unblemished credit. So what do you do if you don't have perfect credit or if you have no credit?
Well first, it would greatly benefit you to go and pull your credit online and look your credit report over. See if there's anything negative on there that doesn't belong there anymore. There are time constraints and rules as to how long a negative entry can remain on your credit report. There are also steps you can take to remove wrongful negative information and even current or correct entries. By knowing what your credit score is and where you stand you'll be far better off than if you just walk into a dealer unknowing.
That's what the car dealer loves, is someone that doesn't know anything - that means they will automatically give you the top, highest rate they can legally get away with. And that can easily cost you thousands of dollars in interest. Why would you want to just give away thousands of dollars? Do your homework always before going into a car dealership to buy car.
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To pull your credit just go online to any one of the three credit bureaus (Experian, Equifax and Transunion). From any one of the three credit bureau websites you can order either individual credit reports or all three together which is what I would advise because it's a whole lot easier and you save save a little bit on it. Generally, for pulling all three credit reports with a credit score you will pay somewhere in the range of $25-$40. Do not get the free or lower-priced ones without the score. A credit report without a score is almost meaningless because you have no idea of where you stand.
For instance you could have a person with one negative entry and one person with 10 negative entries. You would probably think that the person with the 10 negative entries would have a much lower score than the person with one negative entry. That would be common sense right? Not necessarily, it all depends on how big those entries are how they are co or factor in. For instance a bankruptcy or a repossession will count for worse than some late payments or similar entries.
Bottom line find out what your credit looks like. See if there's anything in there that you have time to fix. Do you need to get that car today or can you wait a month or two? This could really change a lot because in two months or so you will have the time to be able to pump up your credit score good hundred 200 points depending upon what's wrong with it. The easiest way to fix your credit score and report is to go and write a letter arguing against a negative entry and send it to the credit bureau that has it listed (not all credit bureaus will have the same entries and thusly they are not all equal this is why you must pull all three credit reports).
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Once you send this letter or letters the credit bureaus must open a dispute and will notify the creditor in question and they will have 30 days to respond as to whether the entry is valid or not. If the creditor in question does not respond within those 30 days then the credit bureau must completely remove the negative entry and send you confirmation that this has taken place. Now, this is what you're supposed to do for incorrect negative entries. Credit repair companies that you see advertised all over the place will charge you $200 or more to do this exact same thing with your valid negative entries (so, we have already saved you some money and you aren't even done with this article yet).
The reason why these credit repair companies use this same tactic for correct entries as well as for wrongful entries is because it works. 80% to 85% of creditors never respond in the 30 days as required because they no longer have all the information on the account or can't prove that you owe on it. This is because many times the account has been sold between creditors, banks and collection agencies so that the average negative account has changed hands at least four times. And the older the account the more likely the chance it is has changed hands several times in the current owner of it does not have the correct records proving that you owe on it.
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So take the time (if you have the time) to repair your credit. It will definitely be worth it as he may be only get regular and premium deals and interest rates rise before you would have been relegated to the subprime market. The difference is quite large - prime rates can vary from 1% to 6% on a new car versus subprime rates that can start at 14 or 16% or more on a used car (depending upon your states usury laws and regulations). Most subprime candidates do not qualify for new car have to look at a used car. So you will be deftly better off by first fixing your credit.
Now it depends on what's wrong with your credit and what you can get removed and/or fixed. Once you're done with that and if there are still problems with your credit report or if you don't have time to fix it in the 1st place then you need to be more realistic as you will face some higher rates and possible finance charges. So keeping this in mind it would be very helpful to you to actually shop your rates around. Don't be afraid to go and try some outside finance sources like local banks, credit unions, etc. they will always have better rates than the car dealers.
If you don't qualify with the banks and credit unions can be sure and shop the dealers and don't just shop price of the car - shop the terms. You need to go and shop the interest rate, the term and the required down payment. You will find that these do change between dealers and in this market you are still a buyer and they still need your business. Obviously, go with the dealer that gives you the best overall picture and deal. Don't be hoodwinked by a lower payment as it may come with a longer-term which would more than negate any benefit from the lower payment.
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Car dealers and their salespeople are trained to get you emotionally attached to their vehicle and to try and stop your shopping process. Don't let them do this to you because if they do and it wasn't the best deal you could end up paying hundreds or even thousands of dollars too much. And if you have marginal credit or are what they refer to as credit challenged then you will end up paying thousands of dollars too much if you don't do a little bit of homework and you don't shop around.
Also one more bit of advice - watch out for the bump and drive scam that many car dealers still do today. What this means is they will put you out in a car making you feel you bought it and are done. You're happy to drive this car and so they now own you and then they will call you up until you need to come back in and sign some paperwork where the terms of change in their favor and not in yours. You will find your rate has gone up your term is longer, the terms of the loan are much worse but now you're in a bind. They have your car or trade and you were out in their car. The worst part is you shown this new car to all your neighbors, friends and family and the last thing you want to do is give it back.
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