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Mon, Aug 8th - 6:04AM

Develop Positive Financial Habits to buy a Car with a Poor Credit Score

Do you have a Poor Credit Score?

Reasons such as the innocence of youth, a few late payments on bills, loss of employment or a maxed-out credit card can lead a good person to a poor credit score. It doesn’t mean you cannot buy a new car. But, it means that you need to put in extra effort from your end to avail an auto loan with a poor credit score.

Lenders give a Hard Time to Borrowers with a Poor Credit Score

Poor credit borrowers suffer because the lenders charge a high rate of interest and offer larger monthly payments in order to balance the risk. If your credit score is not good, the lender may deny you the auto loan.

Developing Positive Financial Habits can be liberating

When you have a poor credit score, getting approval on an auto loan can be a real problem. So it is important to be prepared. It is wise to educate yourself and do your homework. By educating yourself, you will improve your credit score and also develop positive financial habits.

Here the question arises: ‘Can you still buy a car?’ The answer is ‘YES’. When you convert your negative habits into positive ones, it is easy to improve your credit score and thereby increase the chances of getting easy approval on an auto loan.

Take Control of your Negative Habits. Take Control of Your Credit Score

1. Late payments have a negative effect on your credit score. Set up automatic payment option to ascertain timely payments.

2. An auto loan is secured with collateral. It means the lender can repossess your car if you miss the payments.

3. When you spend more money than you earn, it will affect your credit score. If you continue the practice, you will be bankrupt in the near future.

Positive Financial Habits can get you Easy Approval on An Auto Loan

Develop Positive Financial Habits to buy a car with Poor Credit

  • By using an auto loan calculator, estimate the monthly payments beforehand. It is important to figure out how much you can pay for a car.
  • Don’t assume that you have a poor credit score. Obtain your credit report and check the credit score.
  • Set a budget first. A budget should lead the planning of car buying process, especially when it involves high monthly payments.
  • Don’t go alone. It is better to take your friend along with you. It will help you in understanding the critical loan terms easily.
  • Shop for a shorter loan term. Don’t get distracted by promises of smaller monthly payments spread over a longer period of time because it will definitely harm your financial situation.
  • Stick to your price range. When you have already made your budget, paying a little extra may cost you a lot in the end.
  • Educate yourself. You should read all the loan terms before signing the dotted line. Ask questions, if needed.
  • Always keep a copy of your auto loan contract with you. It should contain all the signatures and the details regarding the loan.
  • Try to negotiate. As you have a poor credit score, you won’t be able to negotiate the terms of the auto loan, but you can always negotiate the purchase price of the car.
  • Develop positive financial habits. You can do so by making regular payments towards the auto loan.

A poor credit score doesn’t mean that the lender will deprive you of an auto loan. It is possible to get an auto loan with poor credit score when you develop positive financial habits. Remember your positive financial habits can help you build your credit score if you pay the full amount on time, every time!

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Fri, Aug 5th - 8:17PM

Buying a Used Car: 4 Key Things to look out for

Buying a new car has its own advantages. But due to the ever increasing financial woes around the globe and depreciating value of automobile sector, buying a used car has made things simpler. Nowadays, a pre-owned car is being accepted by a large number of car buyers and its sale is not restricted to people with subprime credit.

How to get the Best Deal while buying a used car?

Apparently, used cars require more of your attention than new cars. It is because used car buyers have to assume the risk of ending up with a lemon. In order to land up a good deal, the following four things should be kept in mind:

1. Paperwork

Extended Warranty on Certified Pre Owned Cars

Just because you are buying a used car does not mean that the vehicle should be anything but safe. Certified pre-owned cars make your work easy and provide you with a proof of their proper functioning. The extended warranty that comes with a certified pre-owned car guarantees you of smooth driving for a certain length of time or up to a fixed number of miles.

2. Overall Look

Inspect the Used Car

Focus your attention to the minute details such as dents, scratches, rust, improper alignment of panels during past repairs, paint color consistency, loose doors, shaky hinges, tires, etc.

Apart from the exteriors, you should pay attention to the interior of the car. Operate and check the crucial parts such as the engine, heater, air-conditioner, music system, brakes, etc. A test drive will be the most suitable option in order to obtain an overall idea of the car.

3. Price Check

Find the Accurate Price with Kelley Blue Book

Get an estimated value of the car that you have finalized. It will reveal if the dealer is overcharging you or providing you with a genuine selling price. You can use Kelley Blue Book for finding the estimated value of the car. Remember to go with a printed proof of the price check if the dealer’s price is way more than the market value.

4. Negotiation

Negotiating a Better Deal

Be willing to use your negotiation skills before agreeing to the price quoted by the dealer. In most of the cases, the prices are set as per the approximate usage of the car and the current market value. Do not be hesitant to quote the price that you wish to spend on the car. You never know, the dealer might just agree and hand over the car to you. You have to make the dealer feel that the cash may go out of his hands if you do not buy his car.

Before you set out to look out for used cars, keep these four valuable things in mind. It will not only save you a lot of money but also make you an attentive car buyer. Remember that taking time out for doing your homework to buy a pre-owned car will only make you satisfied at the end of the deal.

Buying a certified pre-owned car makes things stress-free for you. And, if you obtain quick approval on used car loans, the car buying experience can become pleasant. Apply with Car Destination for pre-approved auto financing with bad credit and get ready to buy a used car immediately.

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