Bad Credit Archives
how do you refinance a car loan with bad credit?
Sunday, April 29th, 2012 at
12:01 am
Does anyone know where to get one big loan with bad credit?
Thursday, March 29th, 2012 at
12:00 am
I am looking for a good bank to offer me good auto financing but I dont have the best credit score!!!?
Saturday, December 31st, 2011 at
12:00 am
Buy a Car With Bad Credit With No Money Down
Saturday, July 3rd, 2010 at
1:14 pm
By By Jason Lanier 
You’ve got bad credit and dealer after dealer is wanting money down. To buy a car with bad credit or to get bad credit auto refinancing, with no money down, you need to know a few things.
First, there are only two reasons that a dealer would want a down payment…
The most common reason is because it adds profit to the sale. The other less common reason is because it’s needed to lower the total amount financed for approval by the lender. Trying to figure out which is the real motivation to pressuring you for cash is a little difficult so long as, you are depending on the dealer to get you approved.
Most people think that if they have bad credit, they have to use the financing offered through the car dealership. After all, the local bank won’t give you a loan right? This is a common mistake that can cost you thousands of dollars in outrageous finance charges.
Let me fill you in on a little BIG secret…
Car dealerships mark up the price of the car. Everyone knows that. Did you know that they ALSO mark up the interest rate? Yes, they do. They submit your credit application to lenders. The lender responds with an offer. Let’s say that they approve you for a rate of 9%. Guess what? The dealer, knowing that you know you have bad credit will try to convince you that you are approved at 12%. The 3% difference becomes nothing more than profit that the finance manager gets paid a commission on. Guess you pays for it… you. Your payments go up 10, 20, 30, 50 or even $100.00 per month simply because the dealership marked up the interest rate.
The truth is this. You can buy a car with bad credit with no down payment and also with lower interest rates by simply avoiding the dealer finance department altogether. If you know where to look and prearrange your financing (yes it’s done everyday), then you can have the confidence to walk into a dealership, pick out the car of your choice based on the amount the finance company pre-approves you for and had the dealer a check. This puts the power of negotiating price in your favor.
Car dealers will be jumping over backwards for your business.
Find Legitimate Lending Sources Here: Buying Cars with Bad Credit.
3 Steps To Fix Bad Credit
Friday, July 2nd, 2010 at
10:34 am
There are a few different ways to fix bad credit. Credit repair does not have a magical fix, although you can take the time to slowly fix it. Over time you can simply get control of your debts, taking responsible care of them and letting the new behaviors appear on your credit report to show the new you. Before you consider the idea of bad credit auto refinancing you may want to find out if you can do any debt consolidation
How to fix your credit in 3 easy steps:
Step One: Make a budget.
To start this process you may want to get yourself a credit counselor who will give you advise including how to make a budget. You need to know where your money is going and what you are spending your money on. Most likely going to have to start saving money and planning for future expenses. For example, paying off your debts and collection accounts will often require lump sums of money. Following a budget will help you to do that.
Step Two: Build Credit and Make Correction to Your Credit Report.
There are many reasons to have your credit report verified. If you see anything on your report that you feel is inaccurate, it’s probably a good idea to send a verification (or dispute)letter to have it corrected or removed. Even a mistake that seems minor can have a great impact on your credit score. Checking your report for errors is an essential part of credit repair. You can find credit cards for people with no credit and start using them well as a way to start building your credit. It is possible to get hold of a free credit report.
Step Three: Organize Debt Settlements
If you have been budgeting your income up to this point, reducing your debt and finally paying it off should be relatively simple. Collection agencies are often willing to agree to a debt settlement. Debt settlements are the best way to have your debts reduced to an amount you can actually afford to pay. Be aware that credit repair certainly requires more than making corrections to your credit report. After all, one of the most damaging things to have on your credit is unpaid debt. And when dispute letters fail to satisfy your unpaid debt, you’re going to have to take a different approach to resolve these kinds of issues.
Credit repair is hard work, but the rewards are well worth it. It does take time and effort and you may need to save up some money to pay off some debts in a lump sum. Follow these three steps to fix bad credit.