Home

Feature Article:

The U.S. Dependence on Foreign Oil
In late 2004, the Hudson Institute conducted a survey with the following results: 75% of Americans prioritized "reducing our reliance on foreign oil" over "cheaper prices for oil and gas." 83% of Americans agreed that "reducing our dependence on...
...Read More


Bad Credit Auto Loan - Your best options?

Additional Reading

A bad credit auto loan isn't impossible to find-- it just takes a little work! If your credit is a little dented and dinged, it doesn't have to shut you out of an auto loan. There are those companies that will overlook bad credit. Auto loan options for you if you have less than perfect credit include on-lot dealer financing, getting a co-signer, attempting to repair your credit before you look for a bad credit auto loan and accepting less than ideal terms for a bad credit auto loan.

Your best starting point - before you even start looking for a car - is to check your credit report yourself. A new law passed last year entitles you to get one free credit report from each of the major credit reporting agencies every 12 months. The law is being rolled out across the country in stages, but by the end of 2005, whatever state you live in, you'll be entitled to check your own credit history free once a year to find out if you have bad credit. Auto loan and finance companies will use the information in your credit history to determine whether or not to grant you a loan and on what terms, so it makes sense to check first and avoid being surprised.

If you find errors in your credit report, or if a credit reporting agency is mistakenly reporting that you have bad credit, put off applying for an auto loan until you have a chance to clear up the mistake. If, on the other hand, your credit report legitimately lists problems, you can start looking for a bad credit auto loan through one of several different sources.

Because a bad credit auto loan carries more risk for the lender, it's difficult to find one with "competitive" interest rates. The best way to get a good interest rate - and begin repairing your bad credit is with a cosigned auto loan. By co-signing an auto loan for you, your co-signer takes responsibility for paying back your loan if you fail to make the payments. The interest rate is likely to be much better than you can get with any other bad credit auto loan - very close to the terms your co-signer would be offered. Just be sure to ask the lender to report the payment history in BOTH your name and that of your co-signer so that you can begin repairing or building your credit history.

If a co-signer isn't possible, or you prefer a loan in your own name, try to secure a bad credit auto loan on your own before going to the dealer. Your usual bank is your logical first choice. Make an appointment to speak with a loan officer at the bank where you usually do business, as they have an interest in continuing and extending their relationship with you. One possible option through a credit union, for instance, is to make arrangements for a bad credit auto loan that's tied to one of your other accounts as security.

The car dealer should be your last option for securing a bad credit auto loan. They have a vested interest in getting you into a car - but be aware that you'll pay premium prices for financing a bad credit auto loan through a dealership. If it's your only option, however, you may find that you can convert your high interest auto loan in the future if you're able to repair and improve your credit score.

Ameri credit services is a non profit credit counseling and credit consolidation organization. Additionally we provide credit card information Visit us at http://www.americreditservices.com/ and http://www.americreditservices.com/0-interest-credit-cards/ for non profit credit management services.

Copyright Bill A Smith - http://www.americreditservices.com/

 

More Reading:


Vehicle Recycling Partnership and USCAR Initiated Tests by Cooper Standard Show Cost Reduction Potentials Using More than 25 Percent Recycled Content in Automotive Rubber Parts have been Repeated in Europe

Ford Recall Fire in the Hole

Does Your Cars Air Filter Need Replacing

Top 10 Tips You Must Know When Buying a Car

Easy Online Shopping For Motorcycle Parts

 
Add on Accessories To Enhance Your Car

How to Put More Muscle in Collectible Car Insurance Policies

Protect Your Cars Interior from Winter Grime

Car Care Tips for Students and Parents

Raising Children is a Big Job How Parents Can Get Support


15 Ways to Lower Your Car Insurance Quote
1. Shop around The difference in price between various companies can be significant. What one company may consider a high risk factor another company may not view as so important. Insurance companies arrive at a price for your car insurance...
...Read More

Buying A Fuel-Efficient Car
Whether you buy a new or used vehicle, fuel efficiency--good gas mileage--is high on the list of most buyers' concerns. The difference between choosing a fuel-efficient car or one that guzzles gas, will either save or cost you money over the life of...
...Read More

Safest Vehicles To Insure - Small Car Category
Allow me a short analogy here to start... Solenopsis, a member of the ants family, build piles of sand or soil that can be more than a couple of feet on top of the soil and can create a deep burrow way underneath, and they are known for their...
...Read More

Maximize Your Fuel Efficience
With the escalating price of gas, buying a fuel-efficient car makes a lot of sense. Approximately 15% of new car buyers reject a model due to poor gas mileage. Nearly 40% of those consumers who eliminate a full-size SUV due to gas mileage ultimately...
...Read More

Get More from Your Factory Stereo System
(ARA) - As excited consumers buy 2004 model vehicles in the coming months, one of the first things they want from their pride-and-joys is better sound. And one of the last things they want is to engage in a complicated overhaul of the...
...Read More