When you are trying to deal with having bad credit, buying a car has the potential to riddle you with anxiety. Will you be approved? Will it be too expensive? What if you don’t get approved? You really need that car! Sound familiar?
Negative equity is a very real problem for a lot of car buyers. This is what happens when your car depreciates in value faster than you’re able to pay down your auto loan. Also referred to as being “underwater” or “upside-down,” having negative equity means that you owe more on the loan associated with a vehicle than the car is actually worth. What can you do to avoid this predicament?
Picture this: You decide that it’s time to replace your current vehicle with a newer, more reliable model. So, you shop around until you find a vehicle that seems to fit your needs. You go to the dealership to look at the car, you like the car, so you apply for financing, only to be turned down for a loan because your credit score is so low. What can you do?
Whether you are in the middle of a bankruptcy case or you’ve recently been discharged, you may be wondering about your car buying options. Having turned to bankruptcy, you’re probably no stranger to dealing with negative credit issues, and you may have been turned down for auto financing before. How can you make sure that you’re never denied a car loan again?
If you’re thinking of buying a new or used car, truck or SUV, you may be tempted by “no money down” offers. However, if your credit is damaged, there is a chance that you may not qualify for these offers. Yet, even if you do, you may want to consider saving up a down payment anyway.