Most people have a pretty good idea whether their credit is poor. They may not know their credit score but they know if they are frequently late on their payments, have too many credit cards, if they are maxed out or not. All these things will impact your credit score.
If this fits you then you will probably not qualify for conventional financing if you need a newer car. That’s about all the major dealers offer.
We always recommend that anyone with credit problems get pre-approved for their loan before they head out. If you are not pre-approved before visiting the dealer, the dealer after checking your credit report will quote you a rate of interest and payments based on an estimate which they will inevitably adjust “upward” – never down. They will shy away from the interest rate until they get you hooked. They may let you drive the vehicle home while they shop for a lender. If they encounter problems finding a lender the dealer will give you two choices:
- Either bring the vehicle back
- Or they may tell you that you have to come up with a larger down payment that you may not have. Of course they are counting on you having shown it to all your friends and told them you bought it and would be embarrassed to return the car. — Pre-approval eliminates this problem completely.
With Pre-approval you know exactly how much you have to spend. When shopping be sure to account for taxes and other fees that will apply. If you have been approved for a $15,000 loan, try searching for something that costs a few thousand dollars less otherwise you will have to cover the costs of taxes etc. To close the sale the dealer will probably negotiate the price to allow for taxes and license.
The pre-approval loan process is simple; you will be asked some basic questions i.e. your income and debt (basic qualification questions) that will determine the amount the lender feels you can repay comfortably. They want you to have the best car for the money. With the pre-approval paper in hand you go shopping and enjoy the trip. Once you’ve found the right car for you, hand over your check or voucher and the dealer will make the arrangements with your lender. Then drive home; smiling all the way.
The question most people ask me is; “is this true, is it really that simple?”
Yes it really is! I sold cars a few years back before the economy got in such terrible shape and I have seen everything I described above; people driving out thinking they had a new or newer car only to have the credit manager call them within a day or two giving them the options listed above. How embarrassed and angry these folks were and felt that they were being taken advantage of, and who can blame them.
Pre-approval eliminates all of that and the best news is that approximately 85% of people who apply are approved.
Why not join their ranks and apply now. You have nothing to lose and a new or newer car to gain. Apply now!
Filed under: Bad Credit Auto Loans, Credit Repair, Credit Reports
The credit reporting agencies will tell you that there is no need to have a credit law firm remove those wrong credit errors, – they say “Why, all you have to do is let us know and we will take care of it ASAP”.
What’s the truth in all this? It’s true that if a negative item is on your report and is accurate no one can remove it. No argument there — but what they are not telling you is that almost 20% (1 out of 5) of all credit reports have errors, many of them very serious errors, a judgment against you when there isn’t, a repossessed home that you never owned, credit cards that you never had, a repossessed car that didn’t happen; even bankruptcies that you never declared. It is bad folks and they don’t always respond no matter what they claim and it takes an expert company to make them do what they claim they do for free. Many of these errors were challenged by the individuals but were not removed. The credit agencies were either too busy or apathetic to the problem.
FACT: You have the right to question ANY information on your credit reports that you feel may be inaccurate, untimely, misleading, incomplete, ambiguous, unverifiable, biased or unclear (“questionable”) If an item cannot be verified, then IT MUST BE REMOVED.
The question of “can’t I do this myself” comes up often? It is true that the law gives you the right to challenge an entry on your own but it takes more than a letter, a stamp and crossed fingers. It takes experience and perseverance. Many who try to repair their own credit are discouraged by a series of road blocks that they face and that leads them to give up in frustration and despair. And nothing changes. Don’t let that happen to you!
One of the oldest and most reliable law firms that handle problems on credit reports is Lexington Law. They opened shop in 1991 — they are not an online credit repair shop. They are a general service advocacy group that has an entire division of credit correction attorneys. Last year alone they helped clients remove over 3,300,000 – (three million, three hundred thousand) negative items from their credit reports. Their clients have seen extra ordinary credit reporting results and have watched their credit scores climb each month.
Are they affordable? How expensive is it to put up with errors on your credit report that drive your credit score down and your interest rates up? We know that times are tough, but you can’t afford mistakes on your credit report that make you look irresponsible when you are not. Mistakes like this can cause you to pay an additional 10% or more in interest when you buy that next car or other major purchase. That’s more than enough reason to do something about it.
There is a one-time first-work fee of $99.95 and a low monthly fee of only $59.95 and you can cancel any time. When your credit score gets to where you are satisfied simply cancel. It’s that simple. Don’t put up with that low credit score another day.
Click on the banner below and follow the more than ½ million others who have seen their credit scores soar once the errors were removed. Don’t believe the credit agencies lie that you don’t need help. You do! Lexington Law is the help you need!