The Expert’s Guide To Buying Cars With Bad Credit

The whole process of buying a car itself is hard enough, leave alone the handicap of having a bad credit history. A past bankruptcy, credit card default or repossession can compel you to get into the tiresome process of buying cars with bad credit.

Despite qualifying for top class finance rates, over the top dealership strategies and tactics and an old sleight of hand would end up adding thousands of dollars to the actual price of the deal you have finalized. Buying cars with bad credit is a challenge in its own, especially if you are a victim and looking to set things right.

Millions of Americans, who are victims of bad credit, end up failing in their attempts in the process of buying cars with bad credit. Most of the time, the challenge seems to be insurmountable.

Good Car and bad credit do not actually go hand in hand, but then what better a challenge could be but to succeed in buying cars with bad credit. Some pointers in the right direction could be:

For one, the credit rates on you loan will be much higher than what a person with good credit could enjoy. And while on the exercise of buying cars with bad credit, do not be scared, otherwise the dealer could turn it towards his advantage by piling on higher finance charges, insurances or warranties in the hope that you’ll be too cowed to think about rejecting them in the first place.

Well then, how to handle this? When you go to dealer with an ambition of buying cars with bad credit, remember that the dealer is looking to make some money. After all, he is here to make money, and not for charity. This is the catch and your bargaining chip. Don’t be scared or cowed, if you think the price is not right, say it and state in clear terms, what you are looking for, since you can always walk away and get the same deal someplace else.

After you go through the rigmarole of talking to the dealer about the prices, you would be a little skeptical to approach a financier or lender. No sweat in that. While approaching the financier or lender in your efforts of buying cars with bad credit, do your homework and get to know your credit scores by heart. Once you understand your credit scores, it is easier to face the lenders and face their music since you would know what to expect. As they rightly say, forewarned is forearmed.

Know what a FICO is? Lenders tend to lean quite heavily on this figure which hovers between 300 and 850. FICO predicts the probability of your defaulting on bills in the near future. Run by Fair Issac Corp., you can get your FICO score at www.myFICO.com. For you information “FICO is a mathematical model created by the Experian credit bureau as a tool for lenders to use in evaluating the risk associated with lending you money”. While looking forward to : buying cars with bad credit, you can also go to leading credit bureaus like TransUnion, EquiFax or Experian to get your three score. The more knowledge you have about your credit, the better leverage you have with your lender to bargain for the best rates on your buying cars with bad credit loan.

While most lenders talk about only FICO, the actual credibility is assigned by all three ratings. Banks, for example, take into consideration all three scores while lending.

While buying cars with bad credit, it is better to carry your credit reports along with you. It does cost about $30 to $40 for each credit report, but bargaining on your credit report basis may save you hundreds or even thousands of your hard earned dollars while buying cars with bad credit.

If your knowledge on FICO is not good, you may end up being ripped off by as much as a few percentage points on the interest rates. Dealers tend to add up the rates and keep the difference as margin for themselves when you are buying cars with bad credit.

Do not take the rates offered to you by dealers while buying cars with bad credit, as the final say. Everything, almost everything in the world can be bargained for and more so if you make an informed decision in buying cars with bad credit. Wish you all the best in your quest for your ultimate speed machine.


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