subject: 3 Secrets For Improving Your Bad Credit Car Buying Experience [print this page] 3 Secrets For Improving Your Bad Credit Car Buying Experience
Buying a car should be a pretty simple and straightforward process, right? You should be able to walk right into a dealership or bank, fill out a loan application, and get a pre-approval letter. Then, you should be able to walk out onto the sales lot and hand-pick the car of your choice, driving off the lot an hour or so later having bought the car at the right price. Don't forget the corny smile on your face as you drive happily away!
Unfortunately, just about the only folks who have that good of an experience buying a car are those who have a stellar credit score of 760 or above and who don't feel like squabbling much with the auto dealership about the price.
The reality for the rest of us is that buying a car can be a real pain. This is even more true if you have a bad credit score, say one under 600. For people in your situation, the typical car buying experience is filled with a lot more frustration, long delays, and frequent application rejection.
If you have a less-than-perfect credit score and are tired of working so hard to find the right deal, here are 3 secrets for improving your bad credit car buying experience:
1. Know how to prepare yourself for the application and negotiation process:
The first secret is that it is not about how hard you work, it is about how well you prepare yourself. One way to get prepared is to run your credit report with the big 4 credit bureaus, reviewing the reports for errors and generally becoming familiar with them. Another way to prepare yourself is to gather together important employment and financial documents like bank statements, copies of recent pay stubs, and even letters of reference from your employer.
2. Step over the wrong type of car dealers and banks:
The next secret for improving your experience simply involves knowing which dealers and lenders to step right over. You will want to go after only those car dealers, banks and other lenders that advertise themselves as being "bad credit car financing" or "bad credit auto lender" companies. When dealing with the rest, it will be an uphill battle most of the way. Not worth your trouble.
3. Be persistent about applying to at least 5 bad credit car financing lenders:
The final secret: remain persistent. Be sure to apply to at least 5 bad credit auto financing lenders. And, even when you get your first offer, you will increase your chances of saving money if you follow through with applying to all of the lenders on your list. Your best deal might come from the last lender.
Take these 3 secrets for improving the bad credit car buying experience to heart.
