Is It A Good Deal ?

So you’ve probably heard of Carfax, but have you heard of Autocheck? Autocheck gets exclusive data from car auctions… data that Carfax doesn’t have. Data that includes accident and frame damage data. Did I mention Autocheck is cheaper too?

Sure it is! We deal with hundreds if not thousands of people who come in with past bankruptcies, repossessions or collections left and right. Truth of the matter is don’t think you can walk in with $500, on the job for six months, horrible credit and walk out with a $20,000 car for 6.9% interest. Your credit report is like a report card of past performance on paying off debt, if you pay bills late or worse just stopped paying a large bill like a car or furniture, don’t expect finance companies/banks to make it easy for you to get another loan. 

There are a few things I would highly recommend people in this situation to do. First off, obtain a copy of your credit report, preferably all three credit-reporting agencies, Trans Union, Equifax and Experian. Obtaining a credit report may even be free for you, go to www.AnnualCreditReport.Com to see if you qualify. After obtaining your credit report look for anything that isn’t accurate like accounts you didn’t have or accounts that show your past due even though you aren’t. It’s very easy to dispute items and many times you can do it online. After you have your credit report you can see what accounts are past due and which you are in good standing. If you are past due, pay those immediately and it will reflect on your next credit report update. 

Sometimes it is best for you to obtain your own financing. If you, for example, have a mortgage with Chase Bank then I always suggest going to your own bank first and trying to get a vehicle loan. Your own bank generally tends to give you an easier time to get a car financed. 

With bad credit its always best to try to get a car loan after you’ve been on the job for about a year, cleaned up any past dues or collections and walk in with about 15% down payment based on the vehicle price. Another great thing to do is bring in a co-signer with good credit, something over a 650 credit score is the best.

As always if you have any questions regarding buying or selling your next car e-mail us for free advice. Just follow the link at the top of the page

This entry was posted on Saturday, December 16th, 2006 at 11:24 pm and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.