Bad Credit Car Loan TIps

22/11/2013 18:50

The most important thing you need to keep in mind is to never start filling out applications for loans as soon as you want to buy a car. There is a certain amount of research you will have to put in to increase your chances of getting approved. Here are the most important things:

1. The first thing you need to do is find out your credit score. This is the basis on which your eligibility for a bad credit car loan in Portland will be determined. The higher your credit score, the more likely you are to get loans and the lower your score, the less likely it is that you will get a loan. Go through your credit score and determine things that you can improve on. This will help improve your eligibility.

2. The next thing you need to do is determine the amount of money you can spare on a monthly basis for your loan. Do this by deducting all your expenses from your fixed monthly income. If your monthly loan installment is working out higher than the amount of money you have to spare, don't take the loan or reduce the amount.

3. One of the easiest ways of eliminating the negative effects of a bad credit score is to get a co-signer with a good credit score. Lenders are more than happy to lend you money if your loan application is co-signed by a person with a good credit score. There has to be someone in your family or friend circle who can help you out. Find them.

If you can follow the above tips, you should be able to get passed the initial problem of being refused auto loans. But this doesn't mean you accept the first offer you get. Here are a couple of things you need to keep in mind after receiving your first quote:

1. Compare all the offers that you receive. There are various factors which need to be compared including the monthly installments, interest rates, down payments, etc. Also check on the fees and penalties associated with each loan offer. You would much rather find out about these conditions before taking the loan wouldn't you?

2. Just because one lender is offering you a better quote than all others doesn't mean that there is no room for negotiation. When it comes to auto loans, there is always room for negotiation. You would be a fool to accept the first offer a lender makes.

Now that bad credit isn't stopping you from getting that car of your dreams, what are you waiting for? Start working your way towards a new car today.


Bad Credit Car Loans Portland

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