Getting Car Credit With Bad Credit


With the current competition in the auto industries, the car manufacturers are out to increase their sales. They are reaching to even markets once considered risky. This is your chance to get your car credit regardless of your credit score. In order to get this opportunity, you need to be prepared to make certain measures that will put you in good position to land a good deal.

One thing you need to know, regardless of the deal you are going to get, it will be a bit expensive than what someone with a good credit will get. The first thing you need to do as you apply for your credit is getting your credit report. This will give you a definite picture of your status and help you know if you are in too bad a situation or a favorable one.

You can get your credit report from any three bureaus for free as it is provided by law once a year. You should check for any mistakes in the report and correct them following the instructions provided. In case you have a bad credit score you should consider dealing with the special finance manager at your local dealer. In case you have a better score, then approach the lenders directly.

When it comes to getting car credit with a bad credit history, the amount paid as down payment is what determines whether your application will be successful or not. It is advisable to be able to pay at least 10% of the car value as down payment. This will make lenders give your application much consideration and thus it is advisable to save for the down payment before seeking a car credit. Finding the right dealer is also important, it would be advisable that you start with your banks where you have accounts as they may give you favorable rates.

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