How To Buy A Car With Bad Credit

June 16, 2014 12:00 PM

How To Buy A Car With Bad Credit
" If you don’t have the greatest credit score, getting a loan for a big-ticket item like an automobile can be difficult. But with reliable transportation being a basic necessity for many Americans, there are some potentially painful steps on the path back to good credit.

Shop around for a lender

See what interest rate you can get from various dealers and credit unions, and choose accordingly. Also consider swallowing your pride and accepting some help from a family member, either to co-sign the loan or to lend some of the money to you at a better interest rate. Where the money comes from can easily represent a difference of thousands of dollars in the total price of your car.

Boost your credit

Identify reasons your credit score is low and see if there are any that you can resolve before you try to get a car loan, even if it means cutting back elsewhere to catch up on a few bills. Some low scores may even just be an error on the part of the reporting companies. Anything you can do to raise your score will help you get a better interest rate "

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