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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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