Posted by admin on December 5, 2011
People are always looking for a good deal when shopping for a car. And if your credit is not so good then of course you’re thinking that the year-end specials might be the best way for you to get auto financing.
As a former car salesperson I can tell you that
- Yes – there are a lot of good deals on new (last years model, but still new) vehicles
- No – this might not mean that you can get auto financing from a traditional lender if your credit isn’t so good
If you’re willing to take what the dealership has on the lot (last years remaining models, remember) and not complain that it doesn’t have some feature you really wanted then you can get some bargains for sure. And this can work in your favor if you have bad credit.
Why? Because of the major discounts offered the vehicles are being sold for much less, which makes that more attractive to a lender. The less they have to finance a credit challenged person, and the more reliable the vehicle being bought, the happier the bank.
If you’re looking to finance a vehicle but your credit score isn’t so hot then I recommend you look at getting pre-approved auto financing from a lender that says they specialize in bad credit. We have three that we recommend because they’ve been stellar all this year getting our readers financed time and again.
We also have several articles on our website written by my partner who used to sell cars at one of the major dealerships here in Phoenix. I encourage you to read those and then you will know how to get pre-approved auto financing, and how to gain the upper hand when car negotiating, making your car buying experience fun!
Let us help you get that new car that you need and want as a Christmas gift for yourself and your family. There are some great end-of-year deals to be had so get yourself pre-approved and go shopping!
FOR A LIST OF OUR BAD CREDIT AUTO LENDERS CLICK HERE
LEAVE US A COMMENT
Posted by admin on November 16, 2011
I ran into a friend of mine yesterday that I had not seen in about five years. I had heard from other acquaintances that he had been out of work for awhile. It was one of those cases where I meant to call but just kept forgetting. After talking for about 20 minutes he said, “You know Dewey; I have started a new job and I just want my life back”.
It seems to be a common thing these days; so many people seem to have credit troubles. Many times they need a car loan and need auto loan tips for the best rate or how to calculate car payments. Many people need help in removing bad credit items from their credit reports. There is so much misinformation going around that we want you to know that we have done our homework and have found companies who are the best to help people get credit now.
If your credit has too many negative items on it getting a conventional auto loan won’t be easy. You need to work with a bad credit lender who specializes in helping folks get a car loan payment that you can afford. If your credit report has a lot of negative items that are outdated or wrong you have the right to challenge these items and have them removed. Can you do this yourself? You can try but in the last 8 years I have been writing this blog I haven’t found but two people who have been successful.
However there is a solution. Lexingtonlaw is a general practice law firm that specializes in credit recovery and has the best track record of anyone. And if they don’t perform it costs you nothing. Is it expensive? Absolutely not! A small down payment and small monthly payments and most people have watched their credit score go up 200 to 300 points as these negative items disappear.
If you are ready to begin rebuilding your credit score then the very best thing you can do is get started today! You need to contact Lexington Law TODAY. This is a service that you need! Get your credit report cleaned up and start 2012 right!
If you haven’t been to our website: www.1-800BadCredit.com check it out – It has been newly revised. It’s has some great resources!
Leave us a comment
Posted by admin on June 6, 2011
“If I have bad credit should I try to get a new or a used car?” This is a commonly asked question. Mostly because people like new cars. Who doesn’t like that new car smell, after all?
5 or 6 years ago I would have said that financing a used car was the best route if you have bad credit. But times have changed and a new car might just be a wiser choice.
Car manufacturers try to sell a certain number of new cars every year. This keeps the economy rolling with new car manufacturing and provides a lot of jobs here in America. To keep those new cars rolling off the lots the manufacturers have had to resort to a lot (and I mean A LOT) of very high rebates. So suddenly that Silverado that costs $30,000 is rebated down to $24,000. That’s incredibly affordable.
To make up the loss (because it IS a loss) they will try to add a couple percentage points to your financing. And someone with bad credit is just ripe for the plucking here! That’s why pre-approval before car shopping is so very important.
How does the dealership make money off financing? Here’s a simple explanation:
Let’s say that “Joe” wants a new truck and the price is $24,000 after rebates. The dealership runs his credit and the bank approves Joe at 9.95%. The sales manager writes down that you are approved for 12.95% and runs payments based on this. If you bite he just made a profit off you because he gets to split that extra 3% with the bank. So if the payments were $100 higher the dealership gets $50 each payment x 60 payments, that’s an extra $3,000 for them and $3,000 for the bank.
Bottom line: A new car purchase might just be affordable to you with the great rebates many manufacturers are offering, but you’ll lose any benefit of those rebates if you don’t walk in pre-approved.
