Purchasing a new car can be a fun and exhilarating time. However, for those with less than perfect credit purchasing a new car can be stressful and exhausting as they try to locate auto financing for their new vehicle. Many people experience difficult times at one point or another in their lives, and in many cases their credit rating suffers. When you have bad credit, many lenders see you as a high risk and are reluctant to lend you money to make your purchase. If you find a lender that is willing to provide financing you should expect to pay a higher interest rate than someone who has a better credit rating. If you do have bad credit and are looking to make a new car purchase there are several things you can do to make obtaining an auto loan a little easier.
- Equifax: (800) 685-1111, www.equifax.com
- Experian (formerly TRW): (888) 397-3742, www.experian.com
- TransUnion: (800) 888-4213, www.transunion.com
If you are not planning to make your vehicle purchase immediately, and your credit is less than perfect, you may want to look into ways to improve your credit before you apply for your auto loan. There are a number of excellent online resources such as MyFICO.com www.myfico.com that will not only sell you a copy of your credit report and score, but also provide calculators that will help you determine the affect of certain actions such as paying off $1000 on your credit card, or how consolidating your debt will affect your credit,. If you have any accounts that are in collections, paying those off can quickly help you improve your credit score.
Lenders want to lend you money, but they also want to know you are going to pay it back. Paying off a few debts and paying all of your other bills on time puts out a positive message to lenders, letting them know that your troubles are behind you and you are making an effort to pay your debts. Even increasing your credit score by a few points can open the door to more loan possibilities, and lower interest rates.
If your vehicle purchase needs to happen immediately, then speak to your bank or credit union to see what types of credit scores they typically accept. When you apply for a loan and are denied you can negatively impact your credit score, and your ability to get other loans so it's important to only apply for loans that you have a good potential for being approved for.
There are several excellent websites and lenders on the Internet that have loans designed particularly for individuals with less than perfect credit. Most can be found by performing a simple Internet search for the term
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