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Advice for Getting an Auto Loan with Bad Credit

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For anyone struggling with bad credit, getting an auto loan can be a hassle. We here at Bayside Chrysler Jeep Dodge want to do everything we can do to help you in the process of achieving the goal of getting an auto loan even though you have poor credit. Here’s a few pieces of advice that can benefit you.

First, and foremost, is to check that credit score. There are numerous resources available to people letting them know what their score is. This is a vital number. It is the difference between you walking away with a great deal on a loan and a car and not. Know that score before coming to the dealership.

Now that you know that score, now make sure it is accurate. It is a hassle, but one that I assure you pays off in ways you never knew of. Look at anything that is negatively impacting your score and if it doesn’t belong on the list, then get it removed. Piece of wrongful reporting that is being attributed to you negatively can drag down your score and in the process drag down what you can get in an auto loan.

When it comes to keeping the score down, look to your overdue bills. Now, paying them in full is good, but as long as you can demonstrate to the bureaus that you are paying off bills and debt in regular fashion, that can lead to a positive reflection on the score. They are not just looking for if you paid off debt, but if you are dependable in paying off debt. So while you may still have overdue debt, as long as you have a plan in action, which can still help.

There is plenty of more ways you can help yourself, but these are good ones for beginning. Keep checking back for more advice.

If you need help with financing, contact us at Bayside Chrysler Jeep Dodge.  We’ll work with you to find the right possible loan to suit your situation.  We love to say yes, you’re approved!  Like us on Facebook and follow us on Twitter to see our monthly news and special offers.

Understanding Auto Loans

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Auto loans are not something that people are familiar with in terms of the process.  Most people come in and cross fingers hoping that the stars will align for a fantastic auto loan rate.  Most of the factors that go into determining a person’s auto loan are an unknown quantity to most people.  Here is a list of just some of the things to take into consideration when wondering what your auto loan rate may be.

Your credit score is at the top of the list.  Understanding the score and knowing it are vital to the process.  A high credit score opens a lot of doors and enables you to possibly qualify for a great auto loan rate.  Getting that high score can be tricky, but paying off monthly bills and loans on time is a major part of helping that work.

Another way to raise a credit score is to be vigilant about the information present on the score.  This is why it is recommend on going through your credit score on a regular basis.  Look it over and see if anything is being misreported or just shouldn’t be there.  Any and all harmful information present on a credit score is most likely going to negatively affect you.  So get it off of there.

Down payments can be a major impact on getting that better auto loan rate.  While there’s no magic number, the higher the cash you can put up front towards a vehicle, the better.

There’s plenty more factors to consider with regards to auto loans, but these are two very important ones to be aware of.  Educate yourself and be ever mindful of your credit score, and the car buying experience will be that much better.

If you need help with financing, contact us at Bayside Chrysler Jeep Dodge.  We’ll work with you to find the right possible loan to suit your situation.  We love to say yes, you’re approved!  Like us on Facebook and follow us on Twitter to see our monthly news and special offers.

Bad Credit Auto Loan Advice: First Steps

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Car shopping with bad credit can be a taxing endeavor.  The worst is that no one is ever really brought up with the idea of what to do when it comes to shopping for a car.  The best way to approach getting ready to getting an auto loan is the same as with any other major purchase, doing early leg work.

The best way to start is to begin months in advance.  The process is a lengthy one, not one that someone should expect to have finished in the weekend they start.  Begin with looking into your credit report.  Knowing what your credit score is is what will give you an advantage with dealing with auto loans.

Knowing what your credit score will let you know what credit tier you fall into to.  Anything less than a 619 score is considered subprime.

Another thing to make note of in the credit report is the risk factors.  Risk factors are described as anything from an old debt that went to a collection agency.

Edmunds views risk factors not as inherently negative or a road block to getting an auto loan.  If you take the steps in fixing these issues, it can be seen a positive in the fact that you are taking steps to improve your credit.

If you need help with financing, contact us at Bayside Chrysler Jeep Dodge.  We’ll work with you to find the right possible loan to suit your situation.  We love to say yes, you’re approved!  Like us on Facebook and follow us on Twitter to see our monthly news and special offers.