Car buying can be a tricky thing when you have damaged credit. If you go to the wrong place, you could end up overpaying for a car that will give you nothing but problems.
Are you thinking of buying a new or used car, truck or SUV? If so, you may be checking out vehicle prices online in order to determine exactly what you can afford. And while you’re doing this, don’t forget to factor in a realistic estimate of what your interest rate might be. This rate will be largely determined by your credit score, so you will want to find out just how well or how poorly your credit is rated.
According to a report from Experian, 2014 saw an increase in 30 and 60 day auto loan delinquencies. While at first this may seem like a bad sign for lending, the spike is something that lenders have been expecting for a while now. “While we have observed a rise in delinquencies over the past few […]
Most lenders who work with borrowers with poor credit scores will require a down payment for a car loan. These down payments can be in the form of cash or real trade equity (in other words, the vehicle must either be paid off or the value of the trade-in must be more than the amount owed on the loan).