Do you remember back in high school how there was a grade scale?
100-90 was an A
90-80 was a B
80-70 was a C
70-60 was a D
Below 50 was an F
Well that’s in many ways like your credit score. It has levels of great, good, fair, and completely bad.
Great Credit: 850-760
Good Credit: 760-680
Fair Credit: 680-620
Bad Credit: Below 620
So in a way you are still being graded, but instead of tests and papers, you’re being graded on how you spend your money. Doesn’t that financial class sound more and more like a good idea to have taken instead of skipping it? Yeah I know it was a boring class! But finding out how to manage your money would have been probably the most useful class to have taken throughout your high school years.
With bad credit there are so many things you can miss out on because
Unless you live in a place where the public transportation is top notch, you need a vehicle, especially if you have a family to support. Luckily for those of us who live in Denver, Lakewood, or Aurora we have light rail access. Gas prices are also plummeting so it will be easier for people to save up money to buy an auto, truck or SUV.
Car Loan for Bad Credit?
Just because you have more disposable income doesn’t mean that you should spend it. The good news is that if you have a damaged payment history and little cash down you can still get financed for a vehicle depending on what used auto dealership you end up going to. There are some bad credit car dealers to choose from in the Aurora, Denver and Lakewood area that will fit your needs.
If you’re buying a car with bad credit, no credit, baby credit or other credit issues and need an auto loan today we can help you get started. At Econo Auto Sales our program is stability-based. Your credit score doesn’t matter in this scenario.
How to Buy a Car with Bad Credit
To get a car loan with bad credit, you only need to bring three things:
Your down payment in cash (or credit card or certified funds)
Proof of income (recent paystubs)
Your drivers license
That’s it! Our financing program is fast and oftentimes you can drive off the car lot in under 2 hours. If you have any type of credit issues our program can help you get back on the right path to fixing them. Once you’ve established payment history with us, an outside company can buy your loan from
If you’re in a bad credit situation then there is a solution to your auto financing needs. All you need to do is find the right used car dealership. Not every auto dealer is a good place to go. There are certain parameters you need to look for. It’s the same as when companies use parameters to approve you for an auto loan.
The best thing about financing a car from a bad credit car dealer in your city is that they can also rebuild your credit profile. Find the bad credit dealerships that report your payments to all three major credit bureaus. Not all of them do it but the ones that do are the best ones to go to.
Bad credit auto financing has been around for a long time but has recently just picked up due to a bad economy. Millions of people fell into bad credit situations and need help getting
If you’re in a bad credit situation or haven’t had the opportunity to rebuild your credit history, then there is a solution. The biggest purchases you will ever make in your lifetime are a home and a car. Most people have to take out a loan to buy either, and if you’re in a bad credit situation it can be next to impossible to get financed for a car at a regular dealership.
Bad Credit Auto Financing to Rebuild
There is a way to not only get auto financing with bad credit but to also rebuild your credit profile. The solution is to buy and finance a car. Certain dealers will finance people in a bad credit situation and report your payments to all three major credit agencies. This was not standard practice in the past and it really isn’t standard practice today either. You have to find which ones do this and which ones
Having bad credit and no credit can be a very expensive proposition. Interest rates are higher and you most likely have both bills and bad debt to pay. This means that money can be extremely tight. If you have bad credit it doesn’t make you a bad person. Sometimes bad credit happens to good people but there is light at the end of the tunnel. When you have credit problems it’s best to keep all of your expenses as low as possible.
This means you should target cars that get good gas mileage, are low maintenance, are cheap to fix and are extremely reliable. You want as little cost as possible as you rebuild your credit profile. Once you establish a good credit score and pay down your bills you’ll get lower interest rates and save money over the long run. This means you may have to drive something for a while that you may
If you watch the news you’ll get the sense that the world is so bad that it may end any day now. This isn’t entirely true and if you take a quick look around you’ll see that things are actually getting better. With plunging gas prices and food prices likely to follow most of us will have a lot more disposable income to work with. This creates a great opportunity to start saving up and paying down the bad debt that some of us may have.
It’s also a great opportunity to start rebuilding your credit history. Buy here pay here dealerships are known for having higher interest rates and higher prices. This is because buy here pay here loans are much more high risk than regular auto loans. This doesn’t mean you’re a bad person. Some buy here pay here dealerships have decided to help [...]
There a few reasons why down payment is important, all to the customers benefit.
1. Uncle Sam: This dealership pays your taxes for you up front. This means that a chunk of your down payment has to pay taxes before hitting the balance. When you take out a loan you pay interest. The bigger your down payment is up front the more money you will save on interest.
2. The bigger they are the harder they fall: The larger your down payment, the lower your monthly payment will be and the more money you save over the long run. Let’s say your taxes up front are $500 on a $7,000 car and you put $1000 down. That takes the note down to $6500 because you’ve only put $500 down after taxes.