Advice Negotiating Low Car Payments - Tips For People With Bad Credit


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Advice Negotiating For Low Down Car Payments - Tips For People With Bad Credit

Get Approved for Your Car loan before You Walk into the Car Dealership / Apply Here

Home > Bad Credit Car Loan Help

Do you hope to get approved for a car loan, even though you have poor credit?

Here, we'll offer some free advice on how to get that car loan approval, along with some buying tips that can help you negotiate low car payments. There are steps that you can take before, during and after a car loan approval that will keep you car payments low in the future. And trust us, lower car payments in the present and future are a good thing.

Let this article by your official how to guide to negotiating a good deal on your auto loan.
First, let's talk about some steps you can take in order to get your car loan approved:

1. Build or Rebuild Your Credit history - this is key for lenders in determining your credit habits. If you have a three to six month history of paying off all of your credit obligations, including credit cards, utility bills, invoice payments, etc., this will reassure lenders that you're not likely to default on your loan agreement. Once lenders feel confident in that, you can expect speedy approval.

2. Apply for a guaranteed credit card, which is secured by a prepaid deposit that you would make. Then, try not to use your card, but do pay off your monthly minimums on time. This is one of the easiest ways to rebuild your credit history.

3. Instead of shopping around for new cars, look at used cars. Not only will you find lower car prices overall, but there's a chance that you'll be able to strike a deal with no money down. If you have poor credit, getting approved for a used car will be much easier than if you were trying to get a loan on a new one. Some car manufacturers excel when it comes to making reliable cars that can withstand wear and tear well. These include Honda, Toyota, Ford and GM makes.

Here's what you can do during the car loan approval process that can better your odds:

1. Be very upfront about your financial circumstances with the car dealer salesman or salesgirl. Don't hide your credit standing from them. The sooner that they know, the sooner they'll be able to tell you whether they can help you or not. Also, try to build a friendly rapport with them - which will come in handy when you…

2. Ask the salesman or salesgirl not to run your credit, if that can be helped at all. Every time a lender checks your credit, it's not uncommon for points to be taken off of your credit score. As well, if you went to ten dealerships, and all ran credit inquiries on your report, can you imagine what dealership #11 will think when it sees 10 inquiries back to back. For lenders, too many inquiries on a credit report is considered to be a big red flag.

3. Use a car loan calculator to determine how much your monthly payments would be, based on a deal's parameters (term of loan, interest rate, etc). Make sure that you'll be able to make those monthly payments.

Make sure to check back here regularly, where we'll freely dole out new advice periodically.

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