AutoSalesCredit.com

When is a loan a rip-off?
Excessive interest charges are obvious, but there are other, hidden pitfalls. For instance some dealers will push buyers into longer term loans to make the monthly payment smaller so the car seems more affordable. Do you really want to take 7 years to pay off a car loan? Do you know how much more interest that generates?
What to do before you apply for credit.
One of the most important things to do is check your credit score. Your FICO score is just one number given to you by the three major credit bureaus (Experian, Equifax, and TransUnion). Before a dealer will negotiate with you they want to see what financing option are available for you. Know your score.
What a disclosure tells you.
Federal banking laws govern what must be disclosed to the borrower by the lender. Often these details are glossed over or the deal is pushed through without the buyer taking time to understand what they are signing. But the fine print has been submitted so these dealers are technically compliant. Take the extra time to read the details.
Once you sign, it’s over!
There is NO GRACE PERIOD following your signing of an automobile loan agreement. No three day cancellation period, or any required period in which the borrower may change their mind and cancel the loan.
Do your homework.
The average American consumer will buy and finance a vehicle every 30 months or so. If you live to be 70 years old that means approximately 28 vehicle purchases in your life. If you average a $2,500.00 overpayment per deal that will be $70,000.00 in accumulated financial loses. This figure ($2,500.00) represents the overpayment made by each consumer in price and financing cost on an average car deal in America.

In spite of what you may think, in spite of what you may read or see, and in spite of you might be told, almost anyone in America can get a car loan. The question is; How much interest will you have to pay?

• How do you get bad credit?
Setting aside some mistakes in the information on your credit report, the main reason for bad credit is a history of non-payment.
• What is a credit score?
As stated previously, your credit score is based on an arbitrary and complicated mathematical calculation using a credit industry standard formula.
• What is a bad credit score?
Any Beacon/FICO score of 650 or less. Lately 700 is becoming the minimum.
• What is a good credit score?
Any Beacon score of 700 or more.

• Where and How to buy a car with Bad Credit.

There are usually many choices in most metropolitan areas over 30,000 population.

• Bad credit doesn’t have to mean a “Bad Deal.”
The same principles can be applied in making any judgment of your automobile/vehicle purchase.
• The real purpose for buying with bad credit.
There really are a couple of good reasons to buy a vehicle with bad credit. These do not include reasons of necessity or ego. One is that you can more quickly rebuild bad credit with a series of on-time car payments. Often people with bad credit can be “rehabilitated” in the eyes of lenders if they purchase a vehicle with a co-signer and demonstrate good credit behavior.

• Getting Your Credit Score.
As detailed previously there are many ways to obtain your own credit report.
• What you can fix and not.
Federal and State judgments and collections will remain on your credit report even long after you have died.
• The easy fixes.
In most cases the easiest fix to improve your credit score can lead to credit disaster.
• The tough fixes.
As previously noted government judgments and collections are the most difficult to remove and hence are one of the most difficult fixes.
• Time is the great healer.
Almost nothing remains on your credit report for more than 10 years except government judgments and collections.
• Honest “Good Credit” tips.
When your credit (Beacon) score is above 650 and you want it to go up, getting more (unused) credit lines can help.