Crazy 88 Auto: Despite Bad Credit, You Get a Car
Ideally, says Crazy 88 Auto experts, the money you should spend in buying a car is money which you have saved overtime. But that doesn’t happen very often these days with banks and financial institutions willing to shell out money for now so you can get the car of your dreams.
The sad thing is, not a lot of people get approved for the loan they apply for due to lack of credit or having bad credit. But don’t fret. This is not the end of the world for you. There are so many ways on how you could get the car you need despite those obstacles.
Pay Off What You Need to Pay Off
The first thing which you really need to do, says Crazy 88 Auto, is to pay off your credits. Do this for at least six months before you go out there and ask financial groups for a loan. While that won’t necessarily make your credit look great, it will show lenders that you are trying to be responsible about your bills. That might just help you get the loan you need.
Important Note: Try checking out your credit reports so you know exactly where you stand. This is offered for free once a year but if you already got one recently, ordering these reports will cost you a few dollars only.
Go to Your Bank
This is a better option since you have already built a relationship with them. You might get more favorable terms here than in another bank or lending agency.
Great Crazy 88 Auto Tip: If you think your credit score is just too bad, you might want to consider getting a trusted co-signer with good credit. If someone agrees to this, see to it that you treat that contract with respect. You really do not want to ruin a good friendship or family relations because you didn’t pay on time.
If you don’t have a bank to approach, open a checking and / or savings account as soon as possible. It’s actually better for people with no credit to find a loan than for those with bad credit.
Great Crazy 88 Auto Tip: Another option is for you to visit an insurance company. So far, they have been the best ones to approach since they treat their clients really well.
Save Up for a Down Payment
You may not be able to save money for a brand new car in six months. But you could always try saving for the down payment, at least. According to most dealerships, this may amount to about 20% of the total car cost.
Giving the down payment will decrease the interest rate and will lessen the burden of your monthly disbursement in the future, reveals Crazy 88 Auto.
Open Up to As Many Choices As Possible
Even though you do have a bank, it would still be good if you were to try other banks and financial groups especially if you’re shopping for a loan. Compare their offers and see which is better.
If you still have not decided, include various car dealerships. They are a tad more expensive than banks but you practically won’t have to lift a finger when it comes to paperwork because the dealer will work on it all.
Be Sure to Pay On Time
Don’t ruin your credit further by not paying at the right time. Start fresh. This is possible if you want it to happen.
Here’s a great piece of advice from Crazy 88 Auto: Despite having bad credit, or not having it at all, you do have options. Don’t fall into those really bad traps from cheating car dealers. Just be smart about your moves and you can succeed in this endeavor.