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.

---

Have You Ever Opened a Checking Account?

Maybe some of you are saving it in your trusty... Read More

Bad Credit Credit Cards

Chances are you've gotten your share of offers like this... Read More

How To Protect Yourself Against Credit Card Fraud

In the high tech world of today, credit card fraud... Read More

Finding What is on Your Credit Report

A credit report is basically a file about you kept... Read More

How to Save Money on Your Credit Cards

Credit card companies make their money on the 85% of... Read More

Important Things to Know About Divorce and Credit

Joint debts remain joint debts.Both spouses signed a legally binding... Read More

Credit Repair Companies and Credit Counseling

Let's be crystal clear, right up front. Paying someone to... Read More

How Your Credit Rating Affects You, and How to Check It

You might not know it, but every time you take... Read More

Recognizing the Signs that You Might Need Credit Counseling

Most families in America today have a credit card; some... Read More

Understanding the Function of Credit

What is Credit?Credit is the backbone and the engine behind... Read More

Credit Card Shocker

Have you ever looked at your credit card statement? I'm... Read More

Building Good Business Credit After Bad Credit

Can you establish good business credit if you have bad... Read More

Choosing the Right Credit Counseling Agency for You ? Some Tips Part 2

Credit counseling companies come in all shapes and sizes. Whether... Read More

New Credit Advice: Dont Pay off Those Credit Cards!

Credit needed for real estate mortgage financing differs from credit... Read More

Stop Credit Card Offers

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

Credit Card Tips

Here are some useful credit card tips for you to... Read More

SuperCharged Secret 1 of 5 - Credit Card Utopia

I AM THE CONSUMER. AND I HAVE LOW-RATE SUPER-POWERS!Note: The... Read More

Are 0% Credit Cards Reaching Their End?

Are Credit Card companies starting to feel the pinch? We... Read More

7 Surefire Ways To Repair Bad Credit

Do you have a poor credit rating? If so, you... Read More

Credit Cards - Why Prepay?

With prepaid credit cards, you get the practicality of plastic... Read More

The Exact Action To Take When You Find Errors In Your Credit Report

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

Special Credit Information for Married Couples

If you are married, establish separate credit accounts.Try to finance... Read More

Two Things You Need To Know About Prepaid Debit Cards

According to the September 2004 issue of the Nilson Report,... Read More

Stop Struggling Because Of Poor Credit And Improve Credit Rating Now

Did you apply for a personal loan only to be... Read More

What Is A FICO Score?

A credit score is most commonly known as a FICO... Read More

Credit Scoring: What You Dont Know Can Hurt You

You've probably heard the term credit scoring. You may have... Read More

Five Credit Card Billing Problems and How to Fix Them

It goes without saying that your first and best defense... Read More

Finding the Right Credit Card

There are so many credit cards out there to choose... Read More

Credit Card Is Adding The Silver Lining To Your Pocket

In the new millennium plastic money or credit cards has... Read More

Credit and Loan Help for Mortgage Loans

Mortgage loans are some of the most difficult loans to... Read More

Choosing The Credit Card That Is Right For You

Credit cards represent an important part of our financial lives.... Read More

Bad Checks, Bounced Checks, & NSF Checks

Negotiable instruments like checks and drafts have become an indispensable... Read More

Bad Debt Recovery

Bad Debt IdentificationIdentifying bad debt is not as easy as... Read More