How to Get an Auto Loan with Bad Credit
If you have bad credit, you may have been turned down for an auto loan in the past. Here are a few things that you can do before you attempt to get auto financing again.
Check your credit
For most people, their credit is not really as bad as they think. This is why it is imperative that you check your credit. You are entitled to one free check of your credit report every year from each of the three major credit bureaus -- Experian, Equifax and TransUnion. You can acquire them through www.annualcreditreport.com
Fix your credit
Compare the items on your credit report to your own records. You may find that some items are duplicated; this brings down your total credit score, making your credit appear worse than it really is. For example, if there are 10 items on your credit file and only three are good, your ratio would be 70 percent negative. To a credit manager, this looks like seven out of 10 times you haven't paid your bills. You have to determine which items are duplicates or incorrect. Each bureau has a procedure to enable you to dispute items on your report. Bear in mind that these procedures often take a few months to show any results on your credit report.
Make sure you can afford the vehicle
Simply place the amount of one car payment, plus insurance and about $60 extra, into a savings account, every month. That way, over the course of a few months, you will become used to the idea of not having that money to spend. If you keep dipping into the savings account to make ends meet every month, then this is not the right time for you to purchase a new car.
Money talks
Save this money for at least three months; four to six months would be best. By the end of that time you will have worked and saved hard for your vehicle. Also, you will have more than enough for a down payment.
Down payments range from $500 to $1,500 or more, depending on your credit; after six months of saving, this will not be a problem. Sometimes you can lower your interest rate with a higher down payment, as well. But don't use all of your savings on the down payment. Save back two to three months' worth of car payments just in case.
If your credit is bad, you can still obtain an auto loan if you do your homework first and have patience.
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