I have bad credit and I need help
getting a car with low monthly payments, what do I do?
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Credit Car Loan Help
If you need a car, and have bad credit, you might wonder what
your options are. In fact, you might even be wondering if you
have any options at all.
A resounding yes.
Here in this article, we'll help you by telling you everything
you need to know about getting into a car with low monthly payments,
even if you have particularly damaged credit or even no credit
Here's our first tip that should put your mind at ease immediately.
Even if you have bad credit, no credit, are going through a divorce
or even a bankruptcy, you'll find a number of financial institutions
that will help you get on your feet, and give you a second
chance towards fixing your credit and improving your credit
Online, you'll find a number of subprime lenders that specialize
in helping folks with really bad credit get approved for car loans.
As well, on a local level, you should be able to find credit unions
and local banks that will help you out, especially if you already
have a preexisting business relationship with them. With credit
unions and local banks, you'll often find they'll offer you better
terms and lower interest rates on car loans, meaning your monthly
payments will usually be lower than they would be with online
What else can you do to get approved for a car loan with lowered
payments? That's where a creditworthy co
signer, if you can find one, comes in. If you bring a trusted
co signer with you during your application process, your credit
will be able to 'hijack' his or her good credit, which will create
an immediate boon to your credit score. As well, you'll better
your chances of getting approved faster. Sure, a co-signer takes
on a certain degree of risk in the event that you default on your
loan agreement, but there are also a number of safety measures
that may be able to be put into place in the agreement that would
absolve him or her under certain specific circumstances. In any
case, getting a credit worthy co signer on your agreement will
not only facilitate your loan approval, it will get you better
loan terms, ultimately lowering your car payments.
Now that we've covered how to get a car loan with low monthly
payments, a little word about what you can do to begin repairing
credit. Apply for an easy to get secured credit card, making
sure that the credit card company reports your payment activity
to all three major credit bureaus. To get a secured credit card,
you'll essentially have to make a deposit that will be equal to
the credit limit on your card. Then use your card sparingly but
make sure to make your monthly minimum payments regularly. In
a matter of short months of making timely payments, your credit
score will improve and you'll then be taking those first steps
towards getting back on solid ground again.
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