Auto Credit Blog

The simple truth is that most people can get a car loan. Even if people have bad credit or no credit, they can score some sort of a car loan if they want it enough. However, there are a few things that can ruin your chances of getting a car loan if you are not careful. Most importantly, aside from your bad credit history and credit score, saying the wrong things can result in a loan denial. Here are a few things that you should never say if you want to get a car loan with bad credit:

“I’m about to quit my job.” Lenders want to know that you will be able to pay back the loan for the amount of money they give you. One way that lenders can feel confident that you will be able to pay back the loan is by knowing that you will have a stable source of income over the period of the loan. Therefore, if you admit that you are about to quit your job, your lender might wonder where the money will come from to pay back the loan and may raise red flags. Even if you are thinking about quitting your job, let the lender know that you plan to always have a stable source of income so that you can repay the car loan on time.

“I heard that I don’t have to pay off this loan if I file for bankruptcy again. Is that true?” Some people think they can succeed in taking out loans and then filing for bankruptcy so that they do not have to pay off the loan. However, you should be aware of the long-term damage that this method of managing your finances can cause. Not only will you probably be denied for a loan, but if you make a habit of not repaying your loans, you will lose property and a portion of your paycheck for life. Consider speaking with a financial advisor to learn more about smart money practices if you think that filing for bankruptcy is a sure-fire way to avoid having to pay off a loan.

“Are you going to check on me to make sure I’ve used all this money to buy a car?” Lenders that give money to borrowers for the purchase of a car are not giving borrowers money so that the borrowers can spend it as they choose. When a lender lends money for a car, the lender knows that if the borrower is unable to pay for the car, the lender can repossess the car and only take a small financial loss. However, if there is no car (or not the car the lender expected), then the lender will not be able to regain his or her money if the borrower is unable to pay back the loan. Therefore, borrowers should always use the money that they borrow for a car only for the purchase of a car or for approved additional expenses.

For more information about how to get a bad credit car loan or a no credit car loan, contact one of our credit specialists today at www.autocreditrehab.com . We’re happy to discuss your options and financial situation with you in detail so that you can get the best financial plan for your long term needs.

We Find the Best Price

In order to get cars into our inventory, we sometimes buy used cars from our customers that are either upgrading to a newer used car or that are buying a new car. Other times, we will buy used car from private sources at the most competitive rates possible. When we are able to get used cars at low rates, we are able to then resell the used cars to our customers at low rates, taking only a small commission for each sale. This method helps us to provide our customers with the best rate possible for used cars, which, we think, helps them with their overall budget. That makes us happy.

We Inspect the Car

We always inspect each used car before we sell it. By putting it through an exhaustive inspection process, our customers can purchase their used cars knowing that the engine and body have been checked for signs of trouble. That way, they also know that their new used car is going to be reliable and safe for them to drive.

When we inspect the used car, we can’t promise that there will never be complications or problems with the car. However, we can ensure our customers that the car will have operating within a reasonable standard of operation, meaning that nothing unusually should happen anytime soon after the purchase of the used car.  We also offer a used car warranty program to help cover the cost of some car-related issues.

We Offer Financing

Many people buy used cars because of the drastic cost difference between buying a used car and buying a new car. However, many people also require financing when they buy a used car. We offer competitive rates for all of our financing options to ensure that the purchase of the used car suits our customers’ budgets not only now, but also for years to come.

Contact us today www.autocreditrehab.com  for more information about any of our used cars or our used car financing program. We’re happy to give you a reason to love your used car dealer.

Buying a car with bad credit can be easy, especially if you know where to look and what dealers to approach. After all, just about everyone knows someone that has suffered from bad credit. If that person is you, then you may already have experience knowing that bad credit can impact the way that you get a car loan. Having bad credit doesn’t mean that getting a car loan is impossible, but it may mean that you have to find the right dealer, and that is Auto Credit Rehab.

Our dealership offers bad credit car loans on a regular basis, making it easy for anyone to get behind the wheel of a car. Over the years, we’ve worked with people in all types of financial situations. Here are some tips that we’ve compiled that may help you to get that bad credit car loan you’ve been looking for. As always, feel free to contact one of our agents for more information about any of these tips or to find cars on our lot that will fit your budget and needs.

If you are about to approach a lender or a dealership for a bad credit car loan, here are some tips that may help you get behind the wheel of your next car:

Present Your Case

Don’t be ashamed of your bad credit. After all, we work with people that have bad credit all the time. Like us, many lenders may want to know what caused the bad credit and how you have put yourself on a better financial path since the bad credit started to happen. Here’s what you’ll need to know about what we need to know:

If you have bad credit, your lender will find out about it. In order to establish a loan amount and an interest rate for you, your lender will review your credit history. If there are any negative incidents on your credit history, these incidents may impact the car loan that you are able to get. Don’t deny these incidents or provide lengthy excuses for them. Instead, acknowledge the incidents and explain to your lender why they will not happen again.

For example, you may have missed a bill payment because you lost your job and could not afford the bills. Explain to your lender that you now have a new job and a savings plan so that you will have back-up cash in the event that you lose your job again. Lenders want to know that you have learned from your mistakes and will be able to repay their loan to you on time.

Explain Your Financial Plan

If you don’t have a financial plan, it’s okay to tell us that too. We’re here to help you get a bad credit car loan and will work with you no matter where you are in your planning stage. Here are some of the reasons why your financial plan may be important to us and to other lenders:

If you have a bad credit history, then your lender may want to know why you think you can pay off the bad credit car loan that you are currently requesting. In such a case, show your lender that you have taken your credit history seriously and learned from it.

To help prove to your lender that you are serious about being able to pay back the loan, show your lender your financial plan, which may be detailed or simply provide a skeleton overview. Your lender may be able to work with you on your financial plan to make being able to pay off your car easier than you think.

These are just a couple of tips that may help you get a bad credit car loan. Contact us at 1-866-669-1585  today for more information about how one of our credit specialists can help you get a loan for a car that suits your needs and your long term budget. You can also apply on-line at www.autocreditrehab.com the application is fast, easy and secure. We’re always happy to help!

Should You Buy a Used Car? 6 Questions to Ask Yourself

It may be time for you to purchase a new car for yourself. However, it can be tough to know whether or not you should get a new car or a used car. Here are 6 questions that all car buyers need to ask themselves before making their next purchase in order to determine whether or not they should buy a used car:

What’s my budget?

If you have a limited budget, you may definitely get more out of a well maintained used car - as long as it is in good condition and has low miles.

Does the car come with a warranty?

Many used cars have warranties from the dealership or from the manufacturer. Always ask about a warranty before you make a purchase.

Is the used car in good condition?

Many used cars are in like-new condition, with perfect engines and low miles. However, if a used car is in poor condition, it may be more of a hassle to maintain than it’s worth.

Does the used car meet my needs?

While you may be in a situation where you need a new car fast, it doesn’t mean that you need to compromise your car-buying goals. Determine what you need from your new vehicle before you even begin to shop for a new or used car. For example, do you need a mini-van to haul around kids? How about a truck for contracting work? It’s important to buy a car that suits your needs, even if it means waiting.

Can I make car payments?

Whether you buy a new car or a used car, you will still probably have car payments that you will need to make. Always analyze your budget to determine if you can truly afford to make those car payments on a regular basis for years to come.

Do I plan to resell the car?

If you plan to resell your car in the future, it may be a good idea to start with a new car, rather than a used car. A new car may have a higher resell value, since you will be the primary owner. However, a late model used car could also be as valuable when it’s time to resell it.

Buying a used car can be tough and daunting. Just remember: always do your research in advance in order to determine what cars are available on the market for your price range. It’s important to find a used car that meets your needs and falls within your budget - even if it requires some patience to find just the right car.

Poor Credit Car Financing and Timing

Having trouble finding a way to finance that new or used car purchase? One of the biggest concerns on the minds of many is how they are going to pay for necessary living expenses, such as a car. Especially if you have a poor credit score, financing your car purchasing can prove to be a challenge. However, no challenge is impossible to overcome -especially if you have access to the right information to help you make wise decisions. 

Poor credit car financing may add an extra burden to your monthly budget, therefore, it is important to think carefully about whether or not you are truly in a position to purchase a car at this time. While poor credit car financing does provide you with a way to get wheels underneath you, it can be damaging in the long run if you are not suitably prepared to follow through on the decisions that you make.

Here are the two most important questions to ask yourself before you finance your car, despite your poor credit:

Can I afford monthly car payments?

Even if you take out a poor credit car financing loan, you will still need to make monthly payments towards to balance of that loan. These payments will be with you for years to come, in most cases. If you fail to make a payment, you may also run the risk of having the car repossessed. Therefore, be sure that the decisions that you make in terms of price and financing are decisions that you can feel comfortable with - regardless of what changes may happen to you financially in the future.

Do I really need this car?

It may seem obvious to some people that it would be a bad idea to purchase a vehicle that you do not truly need. However, a car purchase is a sign of success to many people. Therefore, many people choose to purchase cars and other items that they do not need simply to have the pleasure of driving them. Poor credit car financing can make this purchase possible, but is it really a necessary purchase that will get to the finance position that you’ve been hoping for?

Ask yourself why you need the car. Is it for transportation? If so, then the car may actually be a necessity. However, if you feel like you need to purchase the car to send a message or feel good about your social standing, then perhaps it is time to reevaluate your purchase.

Financing the purchase of a car is a commitment that you should take very seriously. After all, it affects your credit, income, and financial reputation. Therefore, even if you require poor credit car financing arrangements, make sure that the car is something you truly need and can afford prior to taking out a loan. You’ll be better off for having a sound financial plan and sticking to it in the long run.

When it comes to purchasing a car, the vast majority of buyers require an auto loan. An auto loan is an amount of money that a buyer borrows from a lending institution, such as a bank, for the sole purpose of purchasing a vehicle. Here are 5 tips for obtaining an auto loan in Windsor that may help you get the most car for your money:

1.      Understand Loans

The first step to getting the best possible auto loan is to understand what a loan is. Once you get the basic concepts of a loan down, you will be well equipped to shop for a loan. First, a loan is amount of money that you borrow from a lender. A lender could be any entity, such as a relative, bank, or even a car dealership. You’ll be able to find many lenders in Windsor.

The amount of the loan must be repaid in full, usually by a certain date. In order to ensure that the full amount of the loan is repaid on time, the borrower will usually have set monthly payments.

2.      Choose a Car

One of the best ways to ensure that you borrow the right amount of money for your car purchase is to choose a car before you approach a lending agent for money. By choosing the car that you want, you will be able to discuss your monthly payment options with the lending agency based on the predicted price of the car. For example, your monthly payment will be different for a $50,000 car versus the monthly payment for a $10,000 car.

3.      Plan Your Budget

When taking out any sort of loan, it is always important to plan a budget around how much money you know you will have to pay each month. Once you speak with your Windsor lending agent, you will know what monthly loan repayment you will need to make. However, you should also make sure that you can truly afford such a payment before taking out an auto loan. If you default on an auto loan, your vehicle can be repossessed by your lender.

4.      Check Your Credit

In order for the lender to actually make a profit, the lender must charge an interest rate on each dollar that he or she lends to a borrower. The interest rate is generally based on the credit score of the individual that takes out the loan. A credit score is based on the borrowers past history, such as his or her history of paying off previous loans. You can check your credit annually through a credit reporting company such as Equifax, or Trans Union.

Taking out an auto loan can be an intimidating task for anyone. However, by educating yourself on how auto loans work,  and maintaining good credit,you will be able to get a loan that you can actually afford. Remember: a loan must always be repaid, so you need to be sure that you plan a budget that can accommodate the loan repayment amount on a monthly basis before you take out a loan for your car or truck.