Bad Credit Loans For Those Who Seek Alternatives for New or Old Car

You can still save money on a Bad Credit Loan by comparing rates, checking out multiple policies, and negotiating with lenders.

Getting a Bad Credit Loan doesn't have to be like basic training. Someone with bad credit will more than likely have a tough time buying a brand new car at an affordable rate. Lenders are not willing to take a greater risk on a high priced vehicle if your credit has some blemishes.

Find the car you are interested in and try to figure out approximate monthly payments.

It's a Serious Matter-Need to Resolve!

Yes, it is possible to dig your way out of debt if you know how to wield the shovel. Certainly, you are far from unique. Millions of people rely on credit to help them buy homes, cars, vacations and more. Inevitably, even the most conscientious can encounter job losses, medical emergencies and other unforeseen circumstances that make repayment difficult. Late payments or defaults will be noted on Bad Credit Loan reports that follow you for years, squeezing your standard of living; so, it's imperative to convince the world that you're a dependable, debt-paying customer.

Moreover, a negative Bad Credit Loan report can do more than impair your ability to get a loan or a line of credit--it can cost you your job.

You don't have to sit back and let your Bad Credit Loan report wreak havoc on your life. If you're straining against your credit lines, there are a few points that you, as a consumer should understand.

Be patient and don't expect miracles to happen. Once you've accrued debts, there's no simple way to make them disappear, no matter what you hear from companies that "guarantee" you relief from your obligations.

An Important Caveat

Take your time and do you research and even if you do have bad credit, you can save money. Don't jump into a deal you are not ready for. It's not worth it. Be prepared for the negotiations and everything will work out well for you and your car buying experience.

Here are some more tips on how to save money when buying a used car:

ַ Check out the car's repair record, maintenance costs, and safety and mileage ratings in consumer magazines or online. Look up the "blue book" value, and be prepared to negotiate the price.

ַ Buying from a dealer? Look for the Buyers Guide. It's required by a federal regulation called the Used Car Rule.

ַ Make sure all oral promises are written into the Buyers Guide

ַ You have the right to see a copy of the dealer's warranty before you buy.

ַ Warranties are included in the price of the product; service contracts cost extra and are sold separately.

ַ Ask for the car's maintenance record from the owner, dealer, or repair shop.

ַ Test-drive the car on hills, highways, and in stop-and-go traffic.

ַ Have the car inspected by a mechanic you hire.

ַ Check out the dealer with local consumer protection officials.

ַ If you buy a car "as is," you'll have to pay for anything that goes wrong after the sale.

ַ The Used Car Rule generally doesn't apply to private sales.

To Avail

There are three major credit bureaus most lenders rely on for Bad Credit Loan reports: EQUIFAX, EXPERIAN AND TRANS UNION. Upon request, each of these companies must tell you everything that's in your Bad Credit Loan report, along with the sources of information that they used. In addition, you must be given a list of everyone who has requested your Bad Credit Loan report within the past year (two years for job-related requests).

Each Bad Credit Loan report will include an "investigation request" form and instructions that you can use to question any items you believe to be in error. Once you submit this form, the credit bureau must investigate your claims and Bad Credit Loan report back within 30 days. If an inaccuracy has been found, it will be removed from the record. If the issue can't be resolved, you'll be allowed to prepare a short statement (up to 100 words) giving your side of the story, to be included in future Bad Credit Loan reports.

Communicate with your creditors once you've fallen behind. The procedures described above should help if your Bad Credit Loan report contains mistakes. If you've failed to make required payments on your debt, that information stays. Auto loan problems may require early warnings to creditors.

Cut your craving for credit completely. The less you charge, the smaller the chance you'll wind up overextended. "Now," says Harrison, "I have only one credit card, which I don't use--it's just for emergencies. If I want something, I pay with cash or with a debit card."

James Marriott is a finance writer with more than 15 years of experience in writing financial content, including those related to credit cards, mortgages, stocks, investments, and funds. He has been with RNCOS, a premier financial writing services company, for 2 years as head of financial writing. He is also a regular financial columnist with renowned business journals. For your comments on the article and further financial assistance, please contact our staff writer at info@rncos.com.

---

Stop Credit Card Offers

You can stop receiving credit card offers in the mail!... Read More

What Is the Fair Credit Reporting Act and What You Should Know About It

The Fair Credit Reporting Act (FCRA) and the recent update... Read More

Low Interest Credit Cards Have Many Advantages

When credit cards are used wisely they can be very... Read More

Credit Card Incentives

Credit card companies want your business. After all, lending money... Read More

Commercial Collections And Credit Granting

It is estimated that billions of dollars in delinquent commercial... Read More

Low Interest Credit Cards: A Thing of the Past?

With interest rates rising, low or zero percent credit cards... Read More

The Truth About Credit

What you might not know about credit.Some people don't know... Read More

How A Prepaid Debit Card Can Help You Rebuild Your Credit

Consumers today are up to their eyeballs in debt. And... Read More

A Cure for an Ailing Credit

Credit has become a much-used word, thanks to the various... Read More

What is a Credit Report?

Ever wondered what is a credit report? If you've ever... Read More

Credit Scores and Loan Applications

Keep Your Credit History Clean - Remove A Negative Credit... Read More

Credit Cards - The Top 3 Things You Need To Know

Today there are so many different credit cards available, student... Read More

Free Credit Reports Now Available From the FTC

The Federal Trade Commission (FTC) has set up a new... Read More

Credit Reports Inside and Out

The Credit Report is like your scorecard in the lending... Read More

What To Look For In A Credit Card

When you are deciding what type of credit card to... Read More

Is Your Credit Score Costing You Money?

Most of us want a good credit report to obtain... Read More

Credit Card Entrapment - The Secrets are Out

Have you ever wondered why your credit card bill is... Read More

Credit Help for Real Estate Financing: Five Categories of Your Credit Score

1. Payment History -- 35%The number of accounts paid as... Read More

How to Order the Right Credit Reports to Repair Your Own Credit

In this week's article, I am going to offer some... Read More

Credit Card Companies Are Out for Your Money

You're probably thinking "Tell me something I don't know" but... Read More

Tackling Bad Credit

The first time I heard the term credit history was... Read More

How to Deal with Hire Purchase Debt

WHAT IS HIRE PURCHASE/CONDITIONAL SALE?Although people often talk about "buying... Read More

Like It Or Not, You Have A Score To Settle!

Like It Or Not, You Have A Score To Settle!... Read More

It Takes Credit To Build Credit

Using a credit card wisely is an important step in... Read More

Beat Credit Card Companies at Their Own Game!

Have you ever wondered how much money a credit card... Read More

Everything You Always Wanted To Know About Your Credit Report

Your credit report is a very powerful report that essential... Read More

Credit Cards for Home Business

It is wise for you to have a company credit... Read More

Saving Money with Credit Cards

Having a credit card is a wonderful convenience for those... Read More

Which Citi Mastercard Is Right For You?

You've decided to apply for a Citi MasterCard, but with... Read More

Good Credit is King, When Qualifying for Mortgage Programs

If you want to purchase a new home or refinance... Read More

Credit Cards and How To Choose Them:

It may seem like a simple question but its important... Read More

Secured Credit Cards- Consumer Tips

Whether you have no credit or damaged credit, secured credit... Read More

Errors on Your Credit Report: What You Should Do

There are times when you may be turned down for... Read More