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March 28, 2024

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CAR OPTIMIZATION

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Thinking about buying a new car under the government CARS program? If you are like many people with poor credit, buying a new car might car programs seem like an impossible dream. There are ways to get a bad credit car loan, but you will have to be more flexible and shop around a lot more than a prime candidate with excellent credit would. If you plan ahead, getting a car loan with bad credit still is possible. Before beginning your search for a bad credit car loan, make sure you understand and know your credit rating. Anywhere from 620-650 and below and you will fall into the sub-prime category otherwise known as poor credit. Once you know your score and have a copy of your report, make sure to go through all the items listed on the sheet to make sure they are all accurate. A poor credit rating comes from not following the loan terms on previous credit to the letter. While in the past companies were sometimes more lenient with late payments and what not, delaying reporting such minor offenses to the credit bureaus, this is less true in today's economy. Even if your payment is only late by one day, this can have a negative effect on your credit rating. Contesting any mistakes on your credit rating before shopping for a car loan for people with bad credit will help improve your over all credit score. Shop around for a car loan before going to the dealer or before requesting an internet quote on a new car. If you have horrible credit, you may be required to have a cosigner on your vehicle loan. By securing an auto loan from a bank rather than from the dealer, you can often save over 10 points or more in interest over the life of the loan. While there are dealerships that specialize in making car loans for people with bad credit specifically, most of these dealerships won't qualify for a discount under the CARS program. The CARS Act specifically applies to purchasing a new vehicle only while most dealerships that advertise for bad credit car loans sell only used vehicles. Unfortunately, if you are trying to apply for the government credit, you will not be able to use one of these dealerships. Lastly, when you are applying for a car loan with bad credit, be sure to only submit your application to one financial institution at a time. Most people don't know that by continuously submitting applications for credit to many different places at the same time, you will actually lower your overall credit rating. If you limit your submissions to one at a time, you may take a slight hit, but your credit score should rebound faster. Sending out to many institutions at once, on the other hand, will cause your credit score to take a much steeper dip. This will require you to do more shopping ahead of time and not to make a rushed decision, but overall will result in your getting a better financing plan for your new vehicle.

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