| Thinking about buying a new car under the | | | | you have horrible credit, you may be required to have |
| government CARS program? If you are like many | | | | a cosigner on your vehicle loan. By securing an auto |
| people with poor credit, buying a new car might seem | | | | loan from a bank rather than from the dealer, you can |
| like an impossible dream. There are ways to get a bad | | | | often save over 10 points or more in interest over the |
| credit car loan, but you will have to be more flexible | | | | life of the loan. |
| and shop around a lot more than a prime candidate | | | | While there are dealerships that specialize in making |
| with excellent credit would. If you plan ahead, getting a | | | | car loans for people with bad credit specifically, most |
| car loan with bad credit still is possible. | | | | of these dealerships won't qualify for a discount under |
| Before beginning your search for a bad credit car loan, | | | | the CARS program. The CARS Act specifically |
| make sure you understand and know your credit | | | | applies to purchasing a new vehicle only while most |
| rating. Anywhere from 620-650 and below and you | | | | dealerships that advertise for bad credit car loans sell |
| will fall into the sub-prime category otherwise known | | | | only used vehicles. Unfortunately, if you are trying to |
| as poor credit. Once you know your score and have a | | | | apply for the government credit, you will not be able to |
| copy of your report, make sure to go through all the | | | | use one of these dealerships. |
| items listed on the sheet to make sure they are all | | | | Lastly, when you are applying for a car loan with bad |
| accurate. A poor credit rating comes from not | | | | credit, be sure to only submit your application to one |
| following the loan terms on previous credit to the letter. | | | | financial institution at a time. Most people don't know |
| While in the past companies were sometimes more | | | | that by continuously submitting applications for credit to |
| lenient with late payments and what not, delaying | | | | many different places at the same time, you will |
| reporting such minor offenses to the credit bureaus, | | | | actually lower your overall credit rating. If you limit your |
| this is less true in today's economy. Even if your | | | | submissions to one at a time, you may take a slight hit, |
| payment is only late by one day, this can have a | | | | but your credit score should rebound faster. Sending |
| negative effect on your credit rating. Contesting any | | | | out to many institutions at once, on the other hand, will |
| mistakes on your credit rating before shopping for a | | | | cause your credit score to take a much steeper dip. |
| car loan for people with bad credit will help improve | | | | This will require you to do more shopping ahead of |
| your over all credit score. | | | | time and not to make a rushed decision, but overall will |
| Shop around for a car loan before going to the dealer | | | | result in your getting a better financing plan for your |
| or before requesting an internet quote on a new car. If | | | | new vehicle. |