In many parts of the country, a car or truck is a necessity. Unless you’ve managed to save enough to pay cash for your next vehicle, you’ll have to get an auto loan. But what if your credit is bad? Can you even get a loan?
There are car loans for people with bad credit, but you need to be careful when shopping for one to make sure you aren’t overcharged.
If you’re looking for a bad credit auto loan, the first step is to check your credit report and scores. This step is critical, because one of the reasons auto shoppers overpay for these loans is because they think their credit is worse than it is, and they settle for whatever they can get.
There’s another reason to check your free credit reports: you may find mistakes on your credit reports that, if fixed, will help boost your credit scores. If possible, give yourself at least thirty days to dispute credit report mistakes before you start car loan shopping.
[Offer: Once you pull your credit report it’s important to make sure that the information reported there is accurate. If you find that there are errors on your report such as late payments or charge-offs, the credit repair professionals at Lexington Law – our partner – may be able to help. They have a team of attorneys that are there to help you improve your credit by getting inaccurate, negative items removed. Their team can also help you understand your credit score and leverage your rights to help ensure that you have a fair, accurate and substantiated credit report. Get started today or call them at (844) 346-3295 for a free consultation.]
Be smart about your credit while you are shopping for an auto loan. Every time a lender pulls your credit report, it creates an inquiry on your file, and these inquiries can hurt your credit scores. Most scoring models will count auto loan inquiries with a certain window – usually 14 – 45 days – as a single inquiry. To be on the safe side, then, limit your auto loan shopping to a two-week period to avoid damaging your credit scores even further.
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