subject: What Are Some General Things To Consider When Going For A Sub-prime Car Loan? [print this page] Sometimes its confusing to take in all of the advice from your brother, friends neighbor, cousin or boss when it comes to buying a car. Everyone seems to be an expert in the buying a car department and getting financing department. Also, there is a lot of information on the internet, sometimes contradicting what you just read too. Its time to take a step back and look at various tips and then see how they work for you. The first thing to know is that you are not alone. Millions of people are in the same situation as you are and have had or have credit issues. They dont teach the class in high school on how to manage credit so a lot of people havent learned how to manage their money and debt and thats why they are in the situation that they are in now.
The important thing is what to do about it now. Having bad credit is nothing to be ashamed of and not a death sentence. With the right advice, time and diligence you can turn your situation around. However, when you are in need of a car now, it may not be an option to wait for that credit score to rise. So, why not get the best of both Worlds? Some sub-prime lenders and dealerships will finance individuals with bad credit and by the customer making regular payments, their credit improves. The most important thing to this past sentence is to make sure that the payments are AFFORDABLE. The only way to get what you want is to make sure that you can afford that monthly payment so make sure you dont get tempted by a more expensive car that is out of your budget. Be practical and really stick to your plan.
From the lenders side, they will want to get as much information as possible from you as well. They will want to see if you have a current job, and or steady income. Thats fair! Also, make sure you have a phone number where you can be reached. No phone, no loan is the old adage. Lenders will always want to see that you are at a current address and have been there for a reasonable period of time. They will want to know if you rent or own and what your monthly payments are. The last thing that a lender will want to know is that if needed, can you get someone to co-sign. So, if you are not sure about where you stand, make sure you havent burned your bridges with your family or friends because you never know when you might need them as your co-signer.
