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If you really need a car, live in Maine and have bad credit,
there's hope for you out there. If you're worried that your bad
credit will keep you from getting approved for a car loan, worry
no more. In this article, we'll tell you what some of your options
are, and show you steps that you can take to start rebuilding
your credit status and more importantly, get you behind the wheel
quickly.
First, provided that you're over 18 years of age and have a steady
job, you'll find plenty of financial lenders that can work with
you towards getting approved for a car loan. The fact is, many
lenders in Maine actually focus on bad credit car loans, which
are designed specifically to help consumers with particularly
damaged credit get into cars.
So, if you're over 18 and have a job with recent paycheck stubs,
you should be good to go.
Obviously, you want to find car loans that offer you the best
rates and terms. With that in mind, expand your search to include
online subprime lenders, local banks, credit unions and of course,
car dealerships. Keep in mind that you're trying to gather facts
here, in terms of APR, payment schedules, monthly payments - so
it'll help if you already know what your credit score is, or ideally,
if you already have a current copy of your credit report that
you can show or tell to prospective lenders. That way, you can
oftentimes avoid those lenders to run your credit report, which
lowers your credit score and has the potential to scare off other
lenders if they see too many back-to-back credit inquiries being
done.
Below are some things that will improve your chances of getting
approved for a bad
credit car loan with more favorable terms:
Consider having a co-signer go with you to the lenders / car
dealerships. Riding on the coattails of someone else's good
credit will facilitate your car loan approval considerably.
If you're able to make a down payment on your car, you'll improve
your chances of getting approved. A down payment is equity in
the loan, and lenders always regard equity as a good thing. As
well, a down payment can have the potential effect of lowering
your interest rates, your monthly car loan payments and shortening
the loan term. Even if you're only able to make a $500
down payment, that down can get you better car loan terms.
Since you have bad credit, there are things that you can start
doing to fix that. One of those things is to apply for a secured
credit card, making sure that the credit card company reports
your credit activity to all three major credit bureaus. A secured
credit card has a credit limit that's set by a prepaid deposit
that you make, and are therefore easy to get. All you have to
do is start making timely monthly minimum payments on that card,
and over time, it'll go a long way towards improving your credit
score. For that matter, so will your car loan. Make those monthly
car payments regularly, and in a short six months, you'll notice
that your credit score will increase noticeably.
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