Vehicle Financing: Getting The Best Bad Credit Deal - IADB ...

Copyright ? 2011 Andrew Scherer

For some reason in spite of the fact that most all of us will or do own one, financing a vehicle seems to remain somewhat of a mystery to most people. They simply walk into a dealership and hand the whole process over to them, and hope for the best. The fact is that this is the worst way to go and in most cases ends up with the salesperson tacking on extra percentage points on the interest rate.

So the first item on your list if you have a poor credit rating is to get an overview of how the whole system operates. To slow down a bit, so to speak, and perhaps for instance do a little bit of research into the subject to, say determine what the prevailing interest rates on bad credit car loans are in the area in which you reside. For sure this is not the time to make a spontaneous purchase.

Then you need to pay down any existing debt that you may have. If you owe back child support for instance, you might want to consider bringing that up to date as well as the balances on your credit cards if you have any. Then again if you have a lot of credit cards you might want to trim them down a bit by paying some off and then cancelling them.

Then for sure they are going to consider your credit report and rating, so you may as well go over them first. Order a copy online from all three credit reporting agencies with an eye towards finding inconsistencies. Would you believe that close to 1/3 of all credit reports have at least one mistake in them that can be easily rectified? You need to find them before they see them.

Another thing you can do in preparation for financing a vehicle, is to start saving up money for a down payment. To start with this looks good to potential lenders and it also helps in another way. That is that the more you can put down on a car or truck, the less you are going to have to finance. So try to save up as much as you can.

Then if you still have bad credit it sure helps to know what your options are and the best places for doing that are online. Just like so many other things that we all shop for today there are online venues that can help you find the best deals available even of you have challenged credit. Don?t forget that car dealers have to sell their product to somebody.

Want to find out more about car loans for people with bad credit, then visit Summer Jones?s site on how to choose the best auto loans.

Source: http://internetarticlesdatabase.com/2011/08/vehicle-financing-getting-the-best-bad-credit-deal/

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