Car loans and insurance for people with a poor credit rating page 3

Car loans and insurance for people with a poor credit rating

Everyday somebody with a poor credit rating manages to get an auto loan, so why can’t you? Have a look online I’m pretty sure you can find one in next to no time! Some sites will even shop the rate around for you and bring you multiple offers.

Before you take out any car loan or in fact even if you buy a car with your own money you must make sure that there is no existing finance outstanding on the car that you’re buying (you want a clean and clear title). You must also make sure that the mileage shown on the odometer is true, and check whether or not the vehicle is stolen (this can easily be done by pulling a CarFax car history report).

You can go to one of the many companies like Equifax, Car Fax and even your state DMV to get them to write a report about the car that you are wanting to buy, and personally I think it’s money well spent (all you need is the complete VIN #).

Banks will generally only want to lend money to purchase cars that are under 5 years old (especially credit unions), this is due to the reliability and also the resale value of cars over this age. It’s important to get a 2 year warranty of some form as this will help to bring down the rates of your auto car loan.

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We mentioned before that you may not receive the typical rate, the actual interest rate that you receive will depend on the car that you want to buy, whether it is new or used and how old it is. The amount of collateral you are putting down to purchase the car, banks use this to gauge how responsible you are (car dealers use this to see how much money they can take you for – generally, most down payments at car dealerships are all profit by the time the finance manager gets done with you).

The car loan also depends upon your credit rating, if yours is very bad then unfortunately you will have to pay more. You will find somebody willing to lend you money, but they will require more of a reward the more risky you are. In some cases if the credit is bad enough or nonexistent you may need to see a BHPH (Buy Here Pay Here) car dealer. They will require a hefty down payment and will manage the loan themselves. Rates will be at state maximums and with weekly payments. Miss a payment and they will not hesitate to reclaim (repo) your vehicle.

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You generally find out whether or not you have got any car loan within the hour, sometimes it can take a day to nail down specifics but it’s still quicker than the alternative ways.

Your credit rating also affects your car insurance, but you can also look online for this you may still pay slightly more but it’s a necessity to be insured (do not get caught driving with out insurance as it is a mandatory $1,000 fine in some states)!

It is possible to improve your credit rating, however there are no instant fixes and it will take time. To improve your credit rating it will take a lot of hard work and responsible spending, but the rewards like low interest rate car loans and instant credit are well worth it!

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