Bad Credit Auto Loans Requesting Loans

1. Contact Equifax, Consumerinfo, or TrueCredit online for your credit score or to make sure there are no errors on your credit report. You can usually dispute the incorrect information online or over the telephone. If you have correct unfavorable information, you can write a letter to the company that reported the unfavorable information, asking them to remove that information or make a note that your accounts are now in good standing. Usually they won’t do this, but it doesn’t hurt to try.

2. Determine your credit score (also called a FICO score). There are simple online guidelines for estimating your credit score yourself. Still, to get a truly accurate score, you need to purchase it from the credit bureaus.

a. Note that each bureau may have a slightly different score (and possibly a very different score if they have information the others do not). There are online credit-monitoring services that will provide you a single report with all three reports and credit scores.

b. A score of over 680 out of 850 will get you a low-rate auto loan. Under 680 will mean a higher rate but a loan is still quite likely. Bad credit begins around 650 and lower. You will be charged high interest no matter where you go, and may not qualify for as large a loan. But it will still be a loan nonetheless.

3. Look on the Internet for names of lenders that specialize in bad credit car financing. They can be private lenders, car dealers or any website offering this type of loan help. Compare the rates and terms with what your own bank offers. Make a short list of lenders with good rates and terms.

4. Call up the lenders and ask them about their credit guidelines. They will often be reluctant to state a single FICO score, but you can sometimes get them to tell you a range. It’s important to make sure you have a fighting chance at approval before applying. A bunch of rejected loan applications will look bad on your credit report–creating a vicious cycle that makes it even harder to get a loan.

Bad credit car loans may not be easy to get, but they are worth it. To find out the inside tips to getting an auto loan even with the worst credit, read on.

Bad credit car loans carry a higher risk to the lender, so the borrower must pay a higher than usual interest rate. You probably will need to apply to more than one lender and give more documentation. Still, a bad credit loan is worth the trouble because it not only lets you get the car you need and want, but can also help improve your overall credit rating.

Did you know that most people pay hundreds or thousands of dollars more on auto loans than they have to? Get an auto loan the smart way. Read on.

Most people really get taken for a ride on their auto loan. Did you know that differences in the total cost of different auto loans can run into a thousand dollars or more? Here’s how you can get the lowest rate:

Make a list of different auto loan lenders and their interest rates and terms, before you go to the dealer (the web is usually the easiest way to do that). Did you know dealers get a commission on the loans they refer? If you’re not careful, that extra bit of money for the lender could mean you pay a higher rate than you would if you got the loan yourself.

Get a credit report and figure out your FICO scores. Removing any incorrect negative information from your report will help you get a better deal. Knowing exactly what your score is will help you figure out what interest rate you can realistically get.

Have bad credit? Try going to your credit union, bank or another institution where you have a relationship. Lenders like to help out established customers. If your bank still won’t help, online “bad credit auto loan” lenders usually offer better less expensive loans than dealers who advertise their great deals for people with poor credit.

Use a vehicle loan calculator. It will tell you what your loan will cost each month. It saves you the time of looking at vehicles you can’t afford, makes you aware of what information you’ll need to apply for a loan, and is a “reality check” of your financial condition.

Comparison shop, comparison shop, comparison shop. You don’t get the least expensive car by choosing a dealer at random, and you won’t get the least expensive auto loan that way, either.

Courtesy of http://www.cars-auto-loans.com

Do you really need all of the flashy extras like DVD players in your new car? Is it really worth the cost? Read this article and find out now.

New-car frills: Is the bang worth the buck?
By Terry Jackson • Bankrate.com

You’ve made your decision about which new car is right for you: The model meets your family’s needs, it’s in your price range and the dealer is willing to deal.

As anyone who has ever shopped for a new car knows, the difference between a basic vehicle and one loaded with options can amount to as much as $10,000, once you add in everything from floor mats to a high-end stereo with a back-seat DVD player.

But will those options be worth the cost when it comes time to trade in that new car four or five years down the road?

It pays to shop wisely when choosing options. Some return only a fraction of the initial price and make very little difference in attracting a buyer or grinding out a few more dollars at trade-in time. Others can make a significant difference in value years later.

Here are some of the more common options and the residual value they will add to your vehicle when it comes time to sell.

Read more at Bank Rate

These handy dandy auto loan calculators tell you how much your auto lease will actually cost in the long run and how much your monthly car loan payments will be.
Lease payment calculator
Auto loan calculator

This article might help you choose a car color when looking for an auto loan

Top 10 car colors for 2005
By Dana Dratch • Bankrate.com

10 car colors for 2005
Color % of sales
Silver 24.1
Black 16.7
Blue 12.7
White 11.8
Grey 10.5
Red 10.3
Green 5.7
Beige 4.3
Gold 2.6
Brown .7

Source: Power Information Network, a division of J.D. Power and Associates (2004 fourth- quarter sales)

The hottest car color? Silver is coolest when it comes to American car buyers.

“It just looks great on pretty much any body style,” says Susan Lampinen, chief designer of color and material design for Ford Motor Co.

It’s the runaway favorite with consumers across the board, from family sedans to sport utility vehicles.

Even in some sports cars, if silver isn’t first choice, it’s probably a not-too-distant second. The color conveys a clean, mechanical image that appeals to consumers and mirrors the technology that dominates modern life.

“People are becoming more aware of design,” says Teresa Spafford, lead designer for Mazda North American Operations. “Our cell phones, our computers, our furniture, our home decor accessories — everything has some sort of metallic accent or detail or element of metal.”

For 2005 vehicles, silver accounts for 24.1 percent of sales, according to statistics compiled by Power Information Network, a division of J.D. Power and Associates. The next runner-up: black, with 16.7 percent.

Read more at Bank Rate

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