Prepare Yourself Ahead Before Applying For A Bad Credit Car Loan.

You have always heard the importance of preparation

, and perhaps you are the one to anticipate any up coming obstacles before walk into a dealership. But I hope with the help of this article you can be even better prepared when it comes to your financial future. If you are in the situation where you need to apply for a bad credit car loan, you are not alone. There are many Canadians today who are in the same situation due to the recent economical down turn in North America. One of the biggest mistakes one can make does not know all the facts before walking into a dealership, a well organized information package can literally save you thousands of dollars in the transaction. First of all you should request your own personal credit score, there are many different portals today that will offer this service. Have that piece of paper in your brief case, and pull it out when you need to. Because the next time a dealership's finance manager tells you need to pay for a much higher interest rate because of your credit score. You have solid evidence to back up your claim, and expose any scams that could be used to make more profit from you. Contradictory to the believe pulling your own credit score will not harm your credit at all, that's because you are obtaining your own credit, versus a third party or business request. So feel free to keep track of your own credit score periodically, it is a good indicator of your financial future as well as spending power.

Next step in your preparation is to research research and more research, go online and browse through dealer's ads, for a similar vehicle you are trying to buy. Know the average market price on that vehicle, and go with a dealer who is offering the similar vehicle with similar km for less. When you minimize your capital cost your maximize your chance of approval. Don't go with a brand new car if your credit score is less than 600, you should consider a late model used car, preferably import brands. The higher resale value of your car the better chance of your approval because the banks will have less risk involved in case of default. Figure out the lowest market price for that vehicle, and print out the competitors' ads just to arm yourself in case you need to haggle.

The last tip is to have all your paperwork organized and ready to go. Many bad credit car loan providers will ask you for your most recent pay stub, so why not have the document ready ahead of time. This will minimize your wait time after your application been submitted to the bank. If you are on your job for less than 6 month, why not have your employer write you a letter to verify your employment. Many car loans require the applicant to have a stable income, and your job letter is your way of showing the bank you are prepared for this financial responsibility.

by: Rick Li

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