How to Get a Car Loan with a Judgement on your Credit Report
How to Get a Car Loan with a Judgement on your Credit Report
Good news! Yes, you can get a car loan with a judgement on your credit report but it's going to be difficult and you might be dealing with some lenders you're not used to. Here's how to get a car loan with a judgement on your credit history:Step One: Take a day trip down to the shady part of townthe shadier the better; Step Two: Ask for the local loan shark; Step Three: Negotiate your rates with said loan shark, e.g. if you don't pay, he only breaks one arm.In all seriousness, having a judgment on your credit report is almost a guarantee that you will struggle to get an automobile loan. Perhaps you missed some student loan payments five or so years ago before you settled in to your career. Maybe you experienced a health crisis? Lenders want to see how you've managed your money recently. Nearly everyone has missed a credit card payment at some time in their life. That said, a judgment is one of the worst things to have since creditors can attach that judgment to property - such as a car. Banks are less willing to get "in bed" with another lender who could attach the judgment to the car. Here's an idea: Remove the Judgment and THEN Get the Car!To get the judgement removed from your credit report you'll have a ton of time consuming and boring busy work to do. Removing a credit report judgment is no small task but it can be done. You might find that this is all too complicated for you to do on your own. There's no shame in that. Sometimes the best course of action is to ask for help. To remove the judgment yourself with no help from a pro, start by writing the original creditor and if applicable, the collection agency to validate the debt. It is your right to ask and it is their burden to provide proof of the debt. Of course, dispute the item with the credit bureaus. Make sure you include the right wording in your credit dispute letter though! The last thing you want to do is make your credit report look even worse. These two avenues are a great start for anybody looking to buy a car but hung up because of a credit report judgment.