1) The First Step
A credit report is a tool used by financial lenders to calculate the risk involved in loaning you money. Think of it as a character rating: An historical snapshot of your financial credibility, which is carefully analyzed and used to calculate a number called a credit score. Learn about this all-important first step.
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2) Your Credit Report
Your credit report and credit scores will be important tools in negotiating with car dealers. The credit report discloses if you've paid your bills on time, over-extended yourself, have derogatories such as past dues, judgments, charge offs, liens, etc. See your financial report card before you negotiate that new car.
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3) The Credit Bureaus
Before buying a car, you need to know your credit score at all three credit bureaus. Due to reporting differences, your credit score may vary from bureau to bureau and you need to know what's in each report. That will help determine who will lend you money, the interest rate you qualify for and how much you can borrow.
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4) Reading Your Report
You ordered your credit report online or by mail. Why? Because you're wise enough to know it's vital to know where you stand before you make any large purchase. Should you expect to receive the best rate and terms? Is there room to negotiate or will you have to take whatever you can get?
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5) Your Credit Score
The final determination on your auto loan is in your credit score. And the credit score needed to get a car loan depends on the lender. This credit score is typically known as your FICO Score. It discloses what kind of borrower you will probably be, according to www.bankrate.com.
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6) Dealer Interpretation
The first thing you should know is that the dealer is going to use your credit report as a weapon against you, even if you have great credit and a great credit score. The sales manager is going to look for your score first, hoping that it is at least 700 or above.
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7) A Negotiating Tool
Using your credit only applies to people with perfect credit. In the car biz your credit is graded as A paper (credit score above 700), B paper (699-675), C paper (674-649) and D paper (below 600). Where do you fit in on this scale and what are the implications of your score?
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8) Dealer Credit Terms
The dealer will call a person with bad credit a number of different things... And that's not all: Unless you read this article, they could be talking about you behind your back. Are you a roach, a BK, a bag, a slug or none of the above? You'll never know until you read our cheat sheet.
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9) If You Have Bad Credit
Are you in need of a car loan, but you have bad credit? Don't let bad credit keep you from owning your dream car! How do you even know if you have bad credit? When applying for credit of any kind and you're turned down time after time, this is usually a very good indication that you have bad credit. The best indicator is...
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10) Bad Credit Auto Loans
Whether you have just started college or you are only a few years away from retirement, chances are you will need a car to drive, at least a used car. Even with bad credit, it is possible for you to get the car you want. It just may take more knowledge of your options.
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11) 5-Step Credit Repair
Easy does it every time: These days it's very easy to get instant credit and very easy to get into debt. And yes, it's almost just as easy to repair bad credit! Today, everybody has easy access to credit. Has easy credit wrecked havoc with your credit? Get help now. Get help here.
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12) Improve Your Credit
If you want a car loan with good terms, it is important to have the best credit score possible. The first thing anyone offering potential financing to you will do is to check your credit report. Start here to improve your credit standing so that you can get the very best terms on an auto loan.
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13) Financing and Credit
A majority of Americans know the basic definition of a credit report but don't know how to use it when buying a new car or buying a used car. Three major credit bureaus are responsible for generating credit reports and credit scores: Experian, Equifax and Trans Union. Learn more.
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14) Need Credit Counseling?
One thing we can agree on is that buying a car can be very difficult if you have bad credit or if you're buying a car after bankruptcy. The choices seem limited and the process overwhelming and impossible. Here's a secret: Credit counseling can help you turn it all around.
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