Buying an automobile represents at least the second most expensive purchase you will ever make. By following some simple guidelines you can potentially save thousands of dollars when it comes time to buy either a new or used car.
The bad credit car loan business
At Auto Net Financial, we’ve been in the bad credit car loan business for over 20 years. As our business has evolved and gone online, we have become your local car loan specialist and currently match up our credit challenged customers, who have filled out a bad credit auto loan application, with dealers in our nationwide network that can help them get this kind of a loan. By doing this, applicants at www.autonetfinancial.com can not only reestablish their car credit, they can also raise their credit scores by avoiding a tote the note dealer that doesn’t report to the credit bureaus.
We hear about mistakes
Since we have a toll-free phone number and we encourage potential applicants to consider Auto Net Financial their local car loan specialist and call with any questions, representatives in our customer service department get calls every day from consumers that have gotten themselves into trouble by entering into an auto loans for bad credit sales contract that they can’t repay.
What is really unfortunate is that if they’d followed some simple rules, they wouldn’t be in the predicament (a possible repossession) they find themselves in.
Know your FICO score
As your local car loan specialist, we want to pass on the following information: for instance, you should know, before you visit a dealer, what is on your credit report and what at least one of your FICO scores is (each credit bureau will have its own). If your credit score is above 640, chances are you can get a car loan with a conventional lender such as a bank or credit union. If it is below 640, you will probably have to deal with a bad credit lender. Since the buying process is different for a bad credit auto loan, knowing both your credit score and the contents of your credit report can be all-important.
Budget and research
Your next step is to determine a budget for your car. Include gas as well as insurance (full coverage). At autonetfinancial.com you will find a number of loan calculators that will help you estimate your car payment as well as give you an idea of how much available income you have for a new vehicle.
Research the car – or cars – that you’re interested in. There are a number of web sites out there that can help you with both new and used cars not the least of which is consumerreports.org. These sites can help you determine which vehicles are the most dependable and many of them also list dealer cost in addition to sticker price. You can also look up the rebates and customer cash associated with the models you are interested in. This will prevent you from paying too much for your next car.
Understanding dealer backend products
As your local car loan specialist, we believe that gap insurance makes sense if you are taking out a 60-72 month loan with less than 20 percent down. A reasonably-priced extended warranty also makes sense if you’re buying a used car or financing a new vehicle past the warranty period.
But be aware that window etching, rust-proofing and paint protection are usually a waste of money. These are all products that add little or nothing to the value of a car and only serve to increase the dealer’s bottom line.
Choosing your local car loan specialist
Check with your friends, co-workers and the Better Business Bureau web site before visiting a dealer. Know their reputation for fairness in dealing with customers.
If you have bad credit, you should know that you probably have more options than you realize. Before going to a tote the note car lot, remember that they don’t report to the credit bureaus and getting a car there won’t help repair your credit. As your local car loan specialist, Auto Net Financial, through our network of dealers, has helped thousands of customers with bad credit buy a new or low mileage used vehicle that is not only reliable, but will help them reestablish their auto credit.
As we see it
In order to avoid a bad car loan, know your credit score and your budget. Do your research on the internet and decide which model and options best fit your needs.
If you have bad credit and you’re serious about getting your credit back on track, why not do yourself a favor and begin a new chapter in your life by treating us as your local car loan specialist and filling out our bad credit car loan application now.
