Can Credit Cards and Bad Credit Car Loans Be Combined to Rebuild Credit?

A lot of times, credit counselors advise their clients to choose between credit cards and big purchase loans to rebuild their credit. Bad credit car loans maybe a source for such a strategy. When compared to each other, the credit card is often seen as a less worthy method for credit score rebuilding. This is because revolving credit can saddle consumers with high interest payouts and slow credit rebuild. Car loans function as installment credit, on the other hand. This means that routine scheduled payments of a set amount are made without the occurrence of surprise interest or fees. Generally, the effects of keeping such a schedule show in an improved credit score more quickly. Some people may wonder if there is a way to combine efforts to good effect, though.

 

While traditional credit cards extend money as a loan, secured credit cards extend funds that you have backed up via a deposit of typically $200 or more. Though you have put in money to secure it, your monthly payments must come from a source other than the secured amount. The secured amount can only be used to pay the default if your credit ever falls back into arrears. Meanwhile, high interest rates are to be expected with secured credit cards.

 

Bad credit car loans on the other hand are available as installment credit. This means that the lender schedules your payments for monthly repay at a consistent amount with the fees included. You still pay interest on the loan, but your monthly payments are the same for the duration of the loan. Some people would suggest that securing a credit card to pay the loan might be a good idea, but combining these two forms of credit to rebuild can be dangerous and costly. Essentially, you would be paying interest on two loans for the privilege of paying off one.
In the end, the better idea by far is to find one of many bad credit car loans to help simplify your payback schedule. Keeping up with such a loan is not difficult and can be the key to your future credit success.

Shopping for Bad Credit Car Loans: Why Getting Your Credit Report Matters

When you have poor credit, no matter the reason, it can make shopping for a quality used car a challenge. Even though bad credit car loans may be available at dealers in your area, you may not know where to begin with finding one that best suits your financial situation. However, we are here to get you on the right track and to let you know why getting a copy of your credit report is the first step you should take.

 

You Can Get All the Facts

 

If you have poor credit, then you may hesitate to look at your credit report. However, ignoring it may get you into deeper trouble because it might result in you getting locked into a loan with very high interest because you assumed you had no other option. Getting a copy of your credit report will let you know exactly where you stand before you begin to compare bad credit car loans.

 

You Can Fix Errors

 

You cannot fix mistakes on your credit report if you don’t read it. Accounts you have paid off but are still showing as open, incorrect addresses or phone numbers and other errors may be lowering your credit score without you knowing it. Look over the report carefully and if there are errors, contact the reporting company to have them corrected.

 

You Can Be More Informed

 

Knowing your credit score and having updated information concerning your credit report may make you feel more confident when you search for loans. Even if some lenders do not require a credit check for poor credit loans, you will still be in control when it comes to knowing as much as possible about your credit. This may also be helpful as you look at different makes and models because knowing your credit score can help you remember what you can afford.

 

Obtaining a copy of your credit report is one of the most effective steps you can make before you start shopping for bad credit car loans. You can shop with more confidence and find the most affordable loan possible.

What to Expect From a Used Car Dealership

If you’re going to buy a secondhand vehicle, you need to make sure that you know what you’re getting. The best way to be confident in the car you’re buying is by finding a trustworthy seller of used cars. If the dealership is transparent and upfront with the information regarding the vehicles, you should be able to find a good car and a good price.

 

Premium Service

 

Ideally, your car will come with a warranty of some sort that allows for a certain amount of standard maintenance. It’s always best to take the car back to the dealership, especially right after it’s been purchased, as the company’s mechanics will know exactly what’s been done to the car and will better understand any problems that arise.

 

Reasonable Financing

 

Buying a pre-owned car is a great way to spend less money on an automobile that’s still in great condition. If you’re able to get quality dealer financing, you can really get a nice car without breaking the bank. With good credit and a decent down payment, you should be able to get some excellent financing options from a dealership. Even if your credit isn’t the best in the world, you’ll likely still be able to work out an agreeable deal.

 

Excellent Variety

 

One of the best things about buying a used car is the variety of options to choose from. The price range is often rather wide and buyers frequently find cars that they never would have thought to look at until they’re on the lot and see an affordable model with great specs. If you search long enough, you’re bound to find something that works for you.

 

When you find the right dealership, looking at used cars becomes a much less stressful endeavor. Find a reputable company that offers the right services, and you’ll end up driving away with a dependable and affordable vehicle.

 

Save Money and Buy a Used Car

When you are looking to buy a new vehicle for yourself, you are going to have to make a lot of decisions. There are many different angles that have to be covered in regards to your future ride. If money is a concern of yours, then you might be doing yourself a favor by opting to buy used cars. There are plenty of reasons that this is a more sound financial decision for you to make in the long run.

 

Immediate Savings

 

Right off the bat, you are going to save money when you opt to buy a vehicle that is used. This is because cars that have been driven already depreciate in value almost immediately. When you are looking into the various options that you have, you will notice that used options are always more affordable than others. This can be a great way to inspire your purchase, but there are other ways used cars allow you to save.

 

Insurance Savings

 

Insuring your vehicle is also a lot more cost effective when it is used. Insurance companies tend to put lower costs on vehicles that have already seen time on the road. This means that you will also wind up saving money over time. Your insurance will be at a place that makes you feel happy, and you will not have to worry about forking over a small fortune every month just to stay on the road.

 

Resale Value

 

Though cars tend to depreciate in value as soon as they are driven off the lot, the decline tends to slow down at a certain point. This means, if you are purchasing used cars for your needs, you will not have to worry about your vehicle losing immense amounts of value anytime soon. The loss is slow at a certain point, allowing you the option of selling your car for a fair price when the time comes.

Why Buying a Used Car from a Dealer is Safer

Traditionally, visiting a dealer to buy used cars is not a popular method of shopping for automobiles among the majority of individuals. While an assortment of excuses exists for this avoidance, the fact remains that shopping at a dealer for your used car is almost always the most secure method of making this type of transaction. We work hard to meet not only your standards, but also the legal standards set forth which govern the price and quality you’ll find in the wide selection of autos we offer on our lot.

 

More Legal Protection

 

Because our industry is held to certain standards regarding the quality of the cars we’re able to sell at our dealership and the prices associated with them, you can always rest assured that you’ll not only always receive a proper price for your purchase, but that you’ll never receive a lemon in return for your hard-earned cash. Our cars are thoroughly inspected and repaired as needed before we present them for sale so you can feel confident in your purchase.

 

Warranties and Payment Options

 

Another way we make the buying experience safer for you is ensuring that you can afford the car you select during the process. We are able to offer the majority of customers payment plans that work with their budget to get them the car they select at the right price. Furthermore, most cars are typically covered under warrantee so you can rest assured that you won’t be experiencing expensive repairs in the near future.

 

Our dealership focuses on making the shopping experience comfortable and safe for our customers while getting you the perfect used car for all of your transportation needs. Speaking to a representative can help you uncover your options when it comes to financing and assess your need to find the ideal ride that’ll serve you for years to come.

Truths About Car Loans

When it comes to car loans, many people have reservations. There are a lot of misconceptions out there about vehicle financing. Owning a car can be a big step. With a purchase of that magnitude, it’s important to look at all of your options. After all, you want to get your money’s worth without breaking the bank. Financing options can be more beneficial than paying off a car at once. Here are three truths about car loans that you should know.

 

Easy Application Process

 

If you apply for a car loan, the process is often more simple than a standard bank loan. Not only is it easier to apply, but the rate of acceptance is also higher. If you don’t have a high credit score, it isn’t usually a problem.

 

Low Risk Option

 

With standard loaning options, your assets can be at take if you default on your payments. This can affect your home. With a car loan, often, your assets are better protected.

 

Fixed Loans

 

Most people fear loans because of the APR rate. On standard loans the interest rates can go up and your payments may turn out to be higher than you hoped for, months or years down the line. With car loans, the rate is often fixed. Your payments will be the same throughout the life of the loan.

 

Dealership Perks

 

If you go with a bank loan, then odds are you won’t be offered many benefits from the dealership in the same way that you might if you take out a loan with them. Sometimes this may come in the form of an inspection or road service that adds value to the loan.

 

Purchasing a new car can be a big commitment. Often though, it is more than worth it. How you decide to finance your vehicle is important. When people think about loans, sometimes it’s a daunting concept. However, car loans tend to be easier, lower risk and help car owners understand exactly where they stand with the loan.

Bad Credit? Don’t Worry.

It is hard to afford a car these days without getting a loan first. However, sometimes people struggle to get car loans based on their credit score. You may have had something happen that ruined your credit, or you may not have much of a credit history and this may be your first car. We believe that this shouldn’t stop you from getting a car that you may desperately need.

 

With today’s lifestyle, getting a car is a must for a lot of people in order to get to work or even something as simple as going to the grocery store. This is why, even with less than ideal credit, every person who needs a car should be given the chance to get a loan and prove that they will pay it back. After all, if the problem with your credit is that you haven’t had enough money to pay your bills, that isn’t going to get better if you can’t get to work due to not having a working car.

 

Some people with no credit or bad credit may also run into a problem where the only people willing to lend to them want them to pay astronomical fees or they will lend very little money where you almost can’t afford the car. We don’t believe in that, and will work with you to find a lender that understands your situation. Being a car dealership, we know a lot of places to get car loans, and every lender is different in how they deal with situations involving credit.

 

Don’t let the fear of being rejected due to your credit stop you from pursuing your car. Although the situation may not be ideal, we will find you something that you will be able to get a loan for without paying high fees or settling on a car you don’t really want due to your credit score.

Can I Get Approved for Car Financing With Poor Credit?

With poor credit, you may feel like your car-buying options are also on the poor side of things. The good news is we have financial solutions for individuals who have struggled with credit in the past. To help you get beyond where you are now with your credit rating, we offer solutions that allow you to get approved for car financing with a bad credit rating.

 

One of the best things about getting approved for financing when you don’t have a great credit history is you can improve your credit rating. You need to start working your way toward better credit at some point, and our financing solution allows you to do that. By staying in contact with our financial representatives and letting us know what your financial situation is, we can help you make sure your payments are on time and in full so it makes a positive impact on your rating.

 

Something to keep in mind is you will have a lot of options when it comes to credit approval for individuals with bad credit. No matter the type of automobile you are looking for, we will have something that meets your needs, and you will be able to purchase it with the help of financing. If you need a small sedan, we can make that work. If you are looking for a van, we can make that work as well. Your options don’t have to be limited just because you have struggled financially in the past.

 

When you need a new car, don’t hesitate because you have bad credit. You do have options and we are here to help. Our solutions allow you to get approved for auto financing so you can improve your credit rating and purchase the car you have always wanted. Don’t wait to make these improvements to your life. Speak with a representative today to see what you need to do to get started.

Hit the Road With Car Financing

When you are looking to purchase a used car, but worry that you do not have enough money to pay in full right away, it can seem like your dreams of car ownership have stalled out. What you might not have considered is what options you have with used car financing. In order to know what to expect with financing, there are several points that you should keep in mind.

 

Credit History

 

Your credit history will play a huge role in your financing experience. Before you begin to pursue financing as an option, it is a very good idea to know your own credit score. There are many ways that you can go about looking this up, ranging from various resources on the internet to your own bank. Take your time to learn your score so you are prepared for everything else that is to come during the process.

 

Bad Credit

 

If you look up your score and discover that your credit score is less than ideal, it does not necessarily mean that you will not qualify for financing options. In fact, a great deal of dealerships and lenders have options that are designed specifically for used car financing. Don’t worry about a bad credit score, just be prepared for how that score can change what you will expect to pay over the course of financing.

 

Put it Down

 

Finally, take into consideration how much cash you have for a down payment. It is recommended that you put down at least 20% of the total cost right away. When you do this, you are giving yourself the room to make more manageable payments down the line. While this percentage might not always be possible, it is still wise to put down as much as you can in order to budget properly for your future payments. When you take the time to learn your credit history and budget accordingly, you will be hitting the road with your new vehicle in no time at all.

When Your Car Gives Out

It can seem like auto problems come out of nowhere. One day you are driving along, not a care in the world, and the next your car just will not start. When this happens, and your car is beyond repair, it can mean that it is time for a new car. But what happens when you do not have the money for a new car? A loan is always an option, but if you have bad credit you may feel like you will not qualify for the loan you need. Luckily, bad credit car loans exist just for this situation.

 

Bad Credit Car Loans 101

 

A bad credit car loan is very much like a normal car loan, with a few small differences. This loan will qualify you for a vehicle that is in your budget. Generally, this means that you will be able to look at a wide range of used cars. Another key differences is that the interest rates on these loans are a little bit higher. While this may seem daunting at first, the overall total of the loan is lower, so the interest is not as big as a challenge to deal with.

 

Top Reason to Take Out This Loan

 

The best reason to take out a bad credit car loan is that you will be able to get the car that you need when you need it. Instead of throwing in the towel due to bad credit, this loan can actually help you to get your vehicle and even improve your credit. Depending on your credit score, taking out bad credit car loans can actually help you get your credit score a bit higher. When you make regular payments on your loan, your score will begin to reflect this.

 

Don’t let bad credit prevent you from getting the car that you need to survive. Consider bad credit car loans and in no time you will have the vehicle that you require while being well on your way to improving your credit score.