When it comes to a used car auto loan, there are many factors that you will want to consider. First, you need to figure out what type of car that you want. Figure out how much you can afford to spend on this car, and with today’s prices, you need to find a car that does not use a lot of gas.
When you get ready to go to the dealer and look at their selection of used cars, it is best to take someone with you that knows a little bit about cars. Do not let the sales representative direct you to a specific car. Look around and decide which ones interest you. You know that salesmen make a commission on the cars that they sell. Naturally they are going to direct you to the cars that cost more.
At the same time, if you are looking for a used car auto loan, do not get hooked into purchasing a new car. The financing will depend on your credit. If it is acceptable but not perfect, your interest rate will be a little higher than it would have been with a better score. If you have bad credit, it is going to be a lot higher.
When deciding to buy a good used car versus a brand new one, there are several factors to consider. With a new car, you will be paying more for it. You will definitely be paying more in interest. The depreciation will be higher than on a used car depending upon what you buy. The minute you drive a new car off the lot, it begins to depreciate. Even though you get a warranty with new cars there are good used cars that have warranties as well.
If you know that in six months or a year you are going to be in the market for a used car auto loan, this would be a good time to check out your credit. If it needs a little boost to make the difference in the interest rate you will get, start working on it now rather than right before you go car shopping because it takes time for that to change, your credit score does not change overnight.
Get as much debt as you can paid off so that your credit does not look maxed out. If there are discrepancies in what you think should be on your report and what actually is, dispute the information. When credit companies send out a request to a creditor asking that they verify a debt, some will not bother to answer. When this happens the information must be taken off your credit report. So a derogatory item can disappear which will help your credit.
Choose the most car for the value. You cannot buy a Hummer and expect for the payments and interest and insurance to be a normal rate. However, you can buy a van or a SUV and it will not be so outrageous that you cannot afford to pay for it or run it. Because a new car costs so much more, the payments are going to be higher and you will not be figuring on all the expenses that will crop up. So take your time while looking for a used car auto loan.
Do you need a bargain?
That is really nice when we save our money while buying different things. A bargain is a great invention of our population which is practical, ambitious and is willing to save as much money as it is possible. We are also longing to make cheaper such global purchases as buying a car. Everybody wants to benefit. But nowadays it is quite possible to do. Your world is full of bargains but we unfortunately are not aware of all of them! Purchasing a car can be a bargain as well.
Find it at car auto auctions!
Where can we find a cheap vehicle but still in perfect condition? The answer is quite obvious: car auto auctions. These auctions are open to everybody and we can use them in every state, in every city or town. There exist various types of car auctions with their disadvantages and advantages. But now I’ll tell you about repo car auto cheap auctions. They have a great number of advantages.
Advantages of repo car auto cheap auctions:
-First of all the cars provided there are quite at low prices. To be more precise: up to 90% off retail value. Bidding for cars is started at $100 or even less.
-Don’t be surprised that the vehicles are at a cheap price. All it works because cars are caught by different Government services such as state and local police, FBI, DEA, IRS, and ATF and many others) and the cars are to be sold in no time because the government can’t keep them for very long period.
-The second advantage is your opportunity to choose from all models and makes and also you are able to buy a car directly from the source. Listings are available in every Country and State.
-The third plus is that you have a chance to purchase a clean car with low mileage. I think that is really great!
-And the last but not the least advantage is that you can be given an access to secret repo auto auctions for having more profound search.
So as you have probably noticed, there are a lot of advantages and some of them are really sound. However, I’ll draw your attention to the most important advantage of buying repo car auto: cheap as nothing else.
Car auto auctions are the way to go if you are looking for a cheap used car. These Government pre-owned and repossessed vehicles are sold to the highest bidder at a fraction of the retail cost. Many of these vehicles are only a few years old, have low mileage and they all have clean titles.
When you go to a car dealership to purchase a used vehicle, many of these vehicles that are for sale have been bought at car auto auctions because that is where dealers get their inventory from. Then they will add on their commission to the price and you will have ended up paying a lot more than what the car is actually worth. You could save hundreds or even thousands of dollars if you just went to the auction yourself and bought the car.
If you are worried about selection, don’t be. These auctions have almost every make and model of car, truck and SUV that you can think of. You will also be happy to know that every state has listings and thousands of vehicles are added each week. There is never a short supply of vehicles and they are being sold to the highest bidder every day.
If you are still apprehensive about car auto auctions, just go to one and see what it is all about. Take along a buddy or two and just see how much money you will be able to save. It will not cost you one thing to go and look around. I am positive that once you see what auto auctions have to offer you will be purchasing your next used vehicle right there.
Before I share with you how almost anyone can get used car auto financing after a bankruptcy…I want you to know that bankruptcy isn’t as severe and devastating as it used to be in the past.
You are not branded for life with a big “BK” on your forehead for the rest of your life! It’s important to understand that you can rebuild your credit after a bankruptcy and it is not the end of the world for you. Don’t allow your emotions and ego (that little voice in your head) try to convince you that you are a loser and will never get financed again for a car or anything else.
Let any fear fade away now.
The more you read, the more you’ll forget all about your bankruptcy and not being able to get financed. I am here to share some great news with you! You can get financed for a used vehicle; the key is knowing where to look and what to do and not do! People just like you are getting financed everyday for a car and rebuilding their credit rating.
It is true that the word “bankruptcy” and all its negative connotations can leave a god-awful taste in your mouth and in your heart, but it doesn’t have to stay there! And it is a well-known fact that bankruptcy sticks like glue for years to come, leaving your record attached to you as successfully as that super-glue will hold together your grandmother’s teacup!
Don’t let that discourage you!
Where it is true that your bankruptcy will legally be on your credit score for 10 years, you can begin rebuilding your credit immediately after you have been discharged! Rebuilding your credit will increase the FICA score quicker by responsibly using credit with your used car auto financing.
You are about to discover how to begin rebuilding your credit. In order to increase your FICA score, you will need to use credit to rebuild credit! Kinda crazy, I know!
Here are a few tips to help you get a loan on your car even if your bankruptcy hasn’t been closed!
Always, and I mean always, be up-front with your credit situation after a bankruptcy! Tell the auto dealer before any of the negotiations begin. Heck, they are going to find out anyway and you might as well save everyone, especially yourself the time and embarrassment!
When financing your used auto loan there are three choices. I have listed them in the best to last order.
Bank (not a finance company).
Sub-Prime Finance Company
Often your local bank can offer you the best finance rates.
It is important to know that with Credit Unions, you want to ask them if they report to all 3 credit bureaus to assure that the progress you make with your car payments are recorded to your benefit! This will aid in your FICA score climbing in the upward direction you are looking for!
Did you know that many car dealers use the word “bank” to refer to any of the lenders they use, so use caution as to who will really be financing your used vehicle. Sub-Prime finance companies should only be used as a last-ditch effort in finding your next used car auto financing. These typically carry the highest APR rates. In some cases this may be the only way for you to begin rebuilding your credit. Just be aware of what you are getting into before signing on the dotted line.
But the important thing in getting a loan for your used car is knowing that it can be done after bankruptcy, and sometimes even before it is discharged. Yes, it takes some homework and effort on your part, but your effort and paying on time can reap huge benefits in rebuilding your credit quicker than you ever imagined!
If you would like to bedazzle your friends and family, and lead the way into a little known world that is revolutionizing the car industry, check out this free report that can help you win at the car buying game.
Not only is it possible to get financed after a bankruptcy you can save yourself the one item in life you cannot get back – TIME! In addition to that, save yourself some pretty green ($) in financial savings!
Would you like to have a pleasant, surprising experience getting your next car? Then get your free report now…
Obviously, like everyone else, you would always like to get the best deal and financing on your next vehicle. Especially with no stress and no hassle! Mike Reitz, the Colorado Auto Specialist, invites you to get your FREE report, “The New Era Of A Car Salesman” and discover how to win at the car buying game every time!