Tag Archives: bad credit

Getting an Auto Loan After Bankruptcy

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Bankruptcy is a terrible thing to have to go through and one of the biggest challenges once everything is done is figuring out what to do next.  If you’ve declared bankruptcy and still in a need of a car, an important fact is that despite what just happened, you can still buy a car.  The added burden you’re taking on is more of a mental stigma, something that will make you believe that you should take the first deal that jumps out at you, that since you’ve got this black mark on your credit report that you are untouchable by dealerships and loans.  This is not the right mindset.

Know that you’re not alone in bankruptcy.  According the American Bankruptcy Institute, since the start of the recession at the end of 2007, more than 7 million people, both single individuals and couples, have filed for bankruptcy.  You’re not going to be the first person with a bankruptcy mark looking for an auto loan to get a car.

When you apply for an auto loan, the lenders will be looking at your track record as much as your bankruptcy.  They’ll see how your payment history was on things such as previous car payments and mortgage payments.  They’ll check to see if you’ve gotten back on track after missing payments.  This can lead to different reactions from different lenders, but as long as you’re willing to persevere, you should be able to find an auto loan for the vehicle you need.

Dealing with a bankruptcy is difficult, but getting a car is still possible.  If you need help navigating the process, be sure to contact us at Bayside Chrysler Jeep Dodge. If you need further assistance in finding financing for a new vehicle on bad credit, contact our financing department.  We love to say yes, you’re approved!   Be sure to like Bayside on Facebook, following on Twitter, or subscribing on YouTube.

Do You Have Bad Credit and Want a New Car? Here is Some Tips to Help

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Everyone falls on hard times. When this happens, it can be a struggle to dig something out of it and in the meantime your credit score may take a hit. If you’re starting to rebuild and need to get a car but have damaged credit due to recent events with the economy, there is still steps you can take to getting a new vehicle with bad credit.

Begin Early:

If you know you’re going to be getting a new vehicle, then it is best to start ASAP. That means taking advantage of the fact that you get one free credit report each year from the major credit reporting companies of Equifax, TransUnion, and Experian. Using this, you can see where your credit score is and if you fall into the subprime for each reporting company. Another piece of info to look for is risk factors. These are caused by old debts and if a fine when to a collection agency that had to be paid in court. This isn’t a derailment on your steps to bettering your credit, but you should look at these as guidelines for fixing what you need to get that credit score back up.

Bring in Documents Proving You are a Good Credit Risk:

When you head into the dealership, include a list of documents on your checklist of things to bring in. The reason for this is that when you sit down to look at financing, you can have these in your corner. What you are looking to do with these papers is to prove that you have a job and a history of making monthly payments. The items that you should bring then are anything you pay monthly, such as water bills, electric bills, and phone bills. Bring in your most recent pay stub from your employer showing your job. If you can get personal references to vouch for you, they won’t hurt to try to get.

Stay in You Price Range:

This is where knowing what you can and can’t afford on a monthly basis plays into. While this may hurt the car that you want, it is time to be sensible and go with the one that you know you can pay every month. This is especially important because you should know if you can cut back on certain features, this can help you with regards to saving for gas money and other car related bills.

As we usually state in these tips, there is an endless amount of things you can do to ensure that if you have bad credit and need a car to get the best deal possible. These are a few of those examples and ones that can help you get a great rate and a great car.

If you need further assistance in finding financing for a new vehicle on bad credit, contact our financing department. We’ll sit you down and help you through the process.  We love to say yes, you’re approved!   Be sure to like Bayside on Facebook, following on Twitter, or subscribing on YouTube.

Source: Edmunds

Bad Credit Auto Loan Advice

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If you have a low credit score, getting an auto loan for a used car can be difficult.  It seems impossible to get an affordable rate and terms.  What people don’t know is that they can improve their chances at landing a better rate by working for it.  Here’s some steps to follow to achieve just that:

  1. Evaluate your personal finances and ask yourself how much money you have to spend.  This leads into figuring out what kind of car you are going to be looking for.  Are you better off sticking with a used vehicle or can you afford to get something new?  Do you have money for repairs?  This is incredibly important to know.
  2. Do some research before going in to buy.  Take a look at a dealerships website and see the costs associated with different levels of vehicles.  Know how reliable they are so you can have preparation for knowing how much repairs cost may be. Know the in’s and out’s and get some idea of what you’re in the range to buy.
  3. Have a down payment.  If you have a down payment, use it.  Any amount that you can put towards the purchase of a vehicle on the spot is going to help.  It might seems small, but this can be a major difference depending on the amount of money you can put down.
  4. Try to get a shorter loan length.  This may lead to a higher monthly rate, but if you can afford it, it’ll be cheaper in the long run.  The shorter the length, the less interest has built up and the better off you’ll be.  So if you can afford it, best to keep it as short as possible.

If you’re looking to talk to someone about an auto loan, but have bad credit, contact us at Bayside Chrysler Jeep Dodge.  We’ll work with you to find the right new or used vehicle to suit your needs.  We love to say yes, you’re approved!   Be sure to like Bayside on Facebook, following on Twitter, or subscribing on YouTube.