Buy a Car without improving your credit score
Buy a Car without improving your credit score by Roosevelt
Ricart (c) 2005 http://www.successfuladvice.com
You are still eligible for a loan approval even though you may
have a low credit score. In order to purchase a car with a bad
credit rating you must be very careful in choosing your loan
provider. While most lenders are upfront and honest about their
services you will find those who will hide information from you
as well. When you purchase a vehicle with bad credit, you must
ensure that you protect yourself from dishonest loan companies
by having a clear knowledge of your credit history.
To purchase a car with a low credit rating you must ensure that
you are tracking the interest market rates because you will find
that if fluctuates on a regular basis. In order to buy a car
with a low credit rating I would advise that you check the price
of the vehicle you are interested in purchasing within the
market.
Your low credit rating may cause you to pay a higher price, but
the cost difference should only be a couple of hundred dollars
away from the average price, if you find that it is in the
thousand dollar range then I would suggest that you look
somewhere else because you are most likely being deceived by a
fraudulent dealer.
If you have a low credit score and you want to buy a care you
can apply for a loan through an automobile dealership, online
lenders or high risk lenders. These loans are usually available
to people with credit ratings below 600. If you purchase a car
with bad credit, you would have to pay a high rate of interest
and a bigger down payment than your usual car loan. This
normally happens because a lender assumes a higher risk in
granting you the loan with your bad credit history.
When you purchase a car with bad credit, you should never submit
your loan request to an array of different lending providers
because this will lower your credit rating even more; therefore
to purchase a car with a bad credit rating you must find the
best lending provider and proceed to submit your loan
application so that your credit record is only requested one
time.