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Auto Financing Bad Credit | Auto Loans | Bad Credit Auto Loans

What is Auto Financing Bad Credit? [ Auto Financing Bad Credit ]

For those that have less than perfect credit scores, auto financing bad credit is a viable option. Traditional financial institutions as well as credit unions for the benefit of the customers extend the loans for auto financing bad credit. You can also obtain the auto financing bad credit from a number of car dealers and manufacturers. If you have faced bankruptcy, vehicle repossession or foreclosures in the previous year, you could still get a loan for auto financing bad credit. … more

Getting the Best Deal on a Bad Credit Auto Loan [ Bad Credit Auto Loans ]

You wanted an auto loan but the bank rejected your application. Of course, you wanted to know why you were being denied and with a sinking heart you hear that your credit score is so low that you are defined as a subprime customer. Of course, you will ask again what this subprime label is. Subprime means that you are a borrower with bad credit. This means that your credit score is below the score acceptable to the lending institution. The bank computes the credit score using various categories, which are payment history, outstanding balances, and length of credit history, new credit and types of credit used. … more

Tips to Drive Away with Low Interest Rate Auto Loans [ Auto Loans ]

Are you tired of using public transportation? Or are you tired of your old car? You want a new car but you just don’t have enough money to buy one. Further, you don’t see yourself saving money for a car until you’re too old to enjoy it. The best alternative then is to apply for an auto loan. … more

Life is sweet, but it would be a lot sweeter if our cars and trucks would warn us when heart-stopping repair bills or inevitable replacements lay in wait just around the corner.

Most of us, however, need help recognizing when it’s time to get rid of our ride — whether it’s a 13-year-old Chrysler LeBaron convertible, a three-year-old Toyota Tacoma, or brand-new Mercedes-Benz GL-Class.

That’s why we’ve come up with five smart moves to help you make a hard but satisfying decision.

Smart move 1. Do a lifestyle reality check.

“Our homes reflect who we are, and our cars reflect who we wish we were,” so the sad (but true) saying goes. Here’s where a cold look in the lifestyle mirror can go a long way. Ask yourself (or better yet, ask a friend), “Is what I drive serving my current needs?”

Your Mazda Miata may have made you the King and Queen of Cool when you were single, but when you started adding little princes and princesses to the castle, that tiny two-seat sports car became royally impractical. Suck it up, daddy, and get a midsize Mazda6.

If you live in New York City, it may be time to bid farewell to that Ford F-350 Super Duty SuperCrew. Be brutally honest. You’ll be happier in the short and the long run. We know plenty of people in Manhattan who don’t even own a car, and that’s the perfect car for them.

Smart move 2. Do an economic reality check.

Make sure you own a vehicle you can realistically afford. Factor in every expense, not just the monthly payment. Include the price of insurance and maintenance, broken down to a monthly average, and don’t forget to calculate the terror of fuel costs.

Total them up and you’ve found the true cost of owning your car. If you can realistically meet this number without breaking a sweat or missing a meal, month in, month out, bravo.

But if you’re struggling to keep up with the bills, and spending $500 or more a month on your car or truck, you should replace it with a new ride that costs more like $250 to $350 a month to own.

When making this decision, follow a simple rule of thumb: Monthly payments shouldn’t exceed 8% of your gross monthly income. If, for example, that’s $3,000, then your payments should be no more than $240 a month.

Smart Move 3. Pay heed to the “Gut-Wrench-In-Its-Presence” Effect.

If merely thinking about driving your car threatens to double you over in pain, get rid of it. No joke. There is no case to be made for accepting 15,000 miles of anger a year. If you hate your vehicle — really hate it — and have no practical considerations that trump your decision making, then dump it, sell it, or trade it in. Life is still too short.

Smart move 4. Beware the “My Mechanic Knows My Credit Card Number by Heart” Syndrome.

If your car has been to the shop three times over the past year for repairs — even legitimate repairs — it’s not a normal, healthy vehicle.

We live in the glory day of automobiles, where virtually every model offers breathtaking quality and reliability. The cliche is that there aren’t any bad cars anymore, but the truth is there really aren’t even any average cars anymore.

Planned obsolescence, the automotive industry’s dastardly plan to design and build cars to last only as long as the warranty, is a myth. Bad luck, however, is not. Your vehicle may be a “Monday morning” car or an early production run of a new model (never a good bet for high quality — new models always need time to get their teething problems out of the way).

For owners of older, very used cars, this is the rule to follow: If you must make three repairs during any 12-month period that add up to the resale value of the car, cut your losses and run.

You can find out how much your car is worth at Edmunds.com or Kelley Blue Book.

Smart Move 5. Keep an eye out for the two symptoms of big trouble.

Just remember: Blue smoke = Bad news. Blue smoke out the tailpipe means you’re burning oil, which very likely indicates the oncoming need for an engine replacement. Never cheap.

Another major symptom worth paying eyes-wide-open attention to is when you notice a bit of slipping between gear changes in the automatic transmission. If you notice the engine revving without any appreciable increase in speed, that’s what a slipping transmission feels like. This problem is not quite as urgent as the engine, nor quite as expensive, but transmission replacements are never a bargain.

Either one means it’s time to sell.

If you’re a first-time car buyer, you may be wondering how you can go about obtaining the best auto loan. With so many financing options available these days, securing a car loan can be a confusing process. However, with a little bit of research and effort, you can be well on your way to obtaining the car loan that you need.

You should be aware of the fact that car loans are extremely common, about 70% of all new cars are financed. A number of used cars are financed as well. There are a large number of options for auto financing these days. For instance, you can obtain your loan from a bank, finance company, credit union, or even a professional organization that you happen to have membership in. It is also possible to obtain financing through the auto dealership. You may also decide to finance your car through a home equity loan, which can provide you with an exceptional interest rate.

Interest Rate Know-How

You should know at the outset that your interest rate may vary depending on whether your car is used or new. The interest rates for new vehicles tend to be lower than those for pre-owned vehicles. Also, loan terms tend to be more generous for new cars and trucks than for used models.

Lengthy Loans

If you have a particularly lengthy loan term, it will cost you more money in the long run. There is actually a trend nowadays for longer loans, some run as long as 84 months. This is because many people make the mistake of thinking that they can afford a more expensive car if the payments are spread out over a longer period of time. However, if you truly believe that it would take you seven years to pay off a car loan, you might be better off, financially speaking, opting for a less expensive vehicle. This may be particularly true, given the fact that a lengthy loan may require an incredibly high interest rate.

Tempting Incentives

There are some car dealers who claim that they will pay off the balance of your car loan, no matter what the amount of money left on it. However, if you agree to such a deal, you will simply be transferring your remaining balance onto your new car loan. This means that, if you’re interested in purchasing a $19,000 car, but you still have $3,500 left on your current car loan, you’ll be taking out a $22,500 loan in order to cover your expenses.

Such a program is not attractive in the long run. You would be much better off if you simply waited to pay off your outstanding balance before purchasing a new vehicle. If you simply cannot wait to buy another car, consider one that is more affordable. Otherwise, you could find yourself falling even farther down the economic ladder.

With some smart strategic planning, you can obtain an auto loan that will leave you in a good financial position in the years ahead. Considering the fact that cars tend to lose their market value quickly, a cost-efficient car loan may be one of the best financial decisions you’ll ever make.

When you want to buy a car you should take a moment to think about some questions such as:
What do you use your car for?
How many people do you need to transport?
What kind of driving do you most often do?
How long is your commute?
Meanwhile keep your budget in mind or you’ll have to go car shopping again soon.

Research the car models: do you prefer manual or automatic transmission?
Need four-wheel drive or all-wheel drive?
What safety features do you want?
Do you require a lot of cargo-carrying capacity?
Will you be doing any towing?
Will the car easily fit in your garage or parking area?
Regardless of whether you decide to buy or lease your next car, establishing a realistic monthly payment that will fit into your budget is a crucial first step. How much should this be? A rule of thumb is that your total monthly car payments — whether you own one car or more than one — shouldn’t exceed 20 percent of your monthly take-home pay.

Check your financial status to help you estimate what your monthly payment will be based on purchase price, down payment, interest rate and length of loan. Take the time to run the numbers now, before you go car shopping, print out the result and put this information into your car-buying folder. It will not only show you what you can afford, it will also help you control the numbers when you negotiate with a car salesman.

By completing these steps, you should now have a good idea about what car will work for you. Maybe there are a few cars that fit your criteria. It’s time to narrow it down.

Car buyers have been trained to visit local dealerships to find the car they want. In the Internet age, this is a waste of time and money. You can quickly cover more ground by shopping on-line. Car dealers are waking up to this new breed of shopper and have created Internet departments within their dealerships to serve the educated buyer who already knows what he wants and what he’s willing to pay. The only thing you have to do in person are test drive the car and sign the contract. And in some cases, you can even have the car “delivered” to you by the salesperson
he goal of a test drive is to experience — as closely as possible — the same type of driving conditions the car will be used for after purchase. If you commute, drive the car in both stop-and-go traffic and at freeway speeds. If you frequently drive into the mountains, try to find some steep grades to climb. Drive over bumps, take tight corners at aggressive (but not dangerous) speeds and test the brakes in a safe location, such as a deserted parking lot. Get in and out of the car several times and be sure to sit in the backseat, especially if you plan on carrying passengers. In short, ask yourself what it will be like to live with this car for a number of years.

While you are evaluating the car, don’t be distracted by the salesperson’s pitch. Don’t drive with the radio on — you can evaluate that later. A new car is a big investment; make sure you spend enough time really looking at it. And then, consider one last thing: your intuition. If you are uneasy about this car, follow your instincts. A vehicle purchase decision is too important (and expensive) to undertake without total confidence.

At this point you should have considered all the cars in the class that interest you. You should have a good idea what you can afford. You should know if you want to buy or lease your next car. You should have test driven your top choices.

Now it’s time to narrow your choices down to one car and make a deal. In either case, take a moment to congratulate yourself. You have done your homework to find the right car for you. Now you can move forward with confidence.

Auto Loans and Car Loans

Auto loans are our specialty. We are experts at helping individuals even with bad credit obtain car loans for the purchase of a new or used vehicle. We also help individuals refinance any of their existing auto loans or buy their current leased vehicle

Bad Credit Auto Loan

Do you have bad credit? No matter how good or bad your credit is, we will work hard to help you get an auto loan, to finance the vehicle of your dreams. Our staff will go to work to help find you the lowest interest rate and the lowest possible down payment, through our vast nationwide network of auto finance companies and local car dealers. No matter where you live we have bad credit auto loans programs available nationwide! Even if you currently have tax liens, garnishments, judgments, or a bankruptcy we could help you obtain an auto loan or refinance your existing auto loan, saving you time and money. No credit or bad credit. Auto loans programs are available for all auto loan products.

The average person carries several credit cards and runs a balance on each every month. This can translate into some pretty hefty charges over an extended period of time. That’s great for the credit card company, bad for you.