Credit Repair Tips for Poor Credit Car Buyers

 

The AFSAEF offers consumers with poor credit a number of tips on how to raise their FICO scores while getting their finances in order

 

Knowing the score

According to the experts, managing your money is the first step towards repairing your credit and a good way to improve your credit scores before applying for high-risk car loans.  At Auto Credit Express we’ve also the results of this because for the last two decades we’ve been helping car buyers with less than perfect credit find dealers for their best chances at approved auto loans. We even designed out website with a resource section so applicants can study topics such as buy here pay here (BHPH) dealers as well as today’s topic – the best place to begin your credit repair efforts even before applying for a bad credit auto loan.

Income Rules for Poor Credit Car Loans

Those high risk lenders that offer auto loans examine both the income and expenses of applicants with credit issues

Income and expenses

Car buyers that have experienced credit problems should have an understanding of how subprime auto lenders determine if the income of applicants will qualify them for an auto loan.

At Auto Credit Express we know how they do it because we’ve spent the last two decades helping auto shoppers with poor credit scores find dealers for their best opportunities at approved auto loans.

Poor Credit Sign and Drive Auto Loans

There is a reason consumers with less than stellar credit will typically not qualify for a sign and drive car loan program

Qualifying for cheap car loans

Applicants for auto loans with low FICO scores sometimes ask us if there is the chance they might qualify for a sign and drive car loan.

Here at Auto Credit Express we know why they ask this question (most of the time these loans require either little or no down payment) because we’ve spent the last two decades helping people with credit problems find dealers that can arrange for approved auto loans.

So why is it so tough to get a sign and drive loan if you’ve had credit problems?

Controlling Car Ownership Costs

Car buyers with bad credit that find themselves on a tight budget should check out what Kelley Blue Book has to say when it compared the ownership costs of compact cars

Budgets and poor credit

One of the keys to successfully completing a high-risk car loan and moving the credit repair process along is understanding the total cost of vehicle ownership.  At Auto Credit Express we have come to realize how important this is after spending more than two decades helping car buyers with credit problems find dealers that can offer them the opportunity of an approval for a car loan.

Clarifying No Credit Check Auto Loans

While no credit check car loans may solve the transportation problems for people with credit issues they will not help to reestablish car credit

Credit repair and auto loans

There are still many credit-challenged consumers that pick a tote the note car dealer because there is no credit check involved, but also because they believe it’s their only choice once they’ve been turned down for a conventional auto loan.

New Car Affordability Remains Good

Second quarter report from Comerica Bank shows there is more good news even for consumers with credit issues as it shows new vehicle affordability remains stable

 New cars

Even auto loan applicants that face credit-related problems ought to know if now might be the right time to finance a new car.

 

At Auto Credit Express we understand this because for the last two decades we’ve been helping credit-challenged buyers find dealers for their best opportunity at approved auto loans. It’s also the reason that our website’s resource section explains subjects such as guaranteed auto financing as well as today’s topic: the continuing affordability of new cars as reported by Comerica Bank.

Comerica discusses auto affordability

What FICO Does Not Consider

Car shoppers with poor car credit should also know the consumer information that is not considered when computing FICO scores

Our take

Here at Auto Credit Express, where we’ve spent the last two decades helping car buyers with low credit scores find dealers for their best opportunity for auto loan approvals, we very rarely have to explain what”s not involved in computing certain credit scores.

Loan Lexus CT 200h

 

 

The 2012 Lexus CT 200h comes in the following bodystyles: Sedan and has 2 styles for consumers to choose from. Engine options include 4-Cylinder; drive train choices are FWD; and fuel types available include Hybrid. 2012 Lexus CT 200h base price ranges from $29,120 to $31,750.

Avoid These Bad Credit Car Loans and Others

Car buyers with poor credit should stay away from any lender that requires an application fee

Loans requiring a fee

One way people with credit problems can tell if lenders are legitimate is if they ask for a fee up front to process the application.

We are aware of this here at Auto Credit Express, where, for more than two decades, we’ve been helping applicants with less than perfect credit find those car dealers that can give them their best opportunity at approved car loans.

Car Financing with a New Job

Car buyers with credit problems need to be aware of how their employment circumstances can affect whether or not they will qualify for an auto loan

Our experience

Here at Auto Credit Express, we’ve spent the last twenty years helping car buyers with credit issues find dealers that will treat them with respect while offering them their best opportunity for auto loan approvals.

Predicting High Risk Auto Loan Interest Rates

For car buyers with less than perfect credit it is usually difficult to predict an interest rate until the loan has been approved

Approved car loans

If they have any, usually one of the first questions we get from credit-challenged car buyers is what interest rate they should expect.

 

Unfortunately, after over twenty years of helping car shoppers with credit issues here at Auto Credit Express, we still can’t answer this question – even though we understand the frustration this can cause.

Meeting the Requirements of High Risk Auto Loans

Understanding a few of the basic requirements consumers with credit issues need to meet in order to qualify for an auto loan

Our own experience

If you need a car but have concerns about your credit, you should be familiar with some of the basic conditions that typically need to be met for most bad credit auto loans.

 

At Auto Credit Express we’re familiar with most of them because for over twenty years we’ve been helping car buyers with past credit difficulties by matching them with dealers who can offer them their best opportunity for approved car loans.

Auto Loans after Foreclosure

Having a home foreclosure is no longer the black mark it formerly was when it comes time to apply for a bad credit car loan

What we can tell you

Car shoppers with blemished credit histories due to home foreclosure will find that subprime auto lenders are more lenient about this than in the past.

 

At Auto Credit Express we know this is true because we’ve because we’ve spent more than twenty years helping consumers with credit problems find dealers that can arrange for approved car loans.

This includes providing an understanding of the bad credit auto loans process to prospective applicants. Not long ago, we discussed those situations that typically trigger an automatic denial from high-risk lenders. Today, we’ll touch on a situation that was formerly on the list that, for the most part, is no longer that much of an issue – depending on the circumstances.

Ford Steps Up Certified Used Car Program

Adding Carfax reports to all certified vehicles should help credit challenged Ford used car buyers

Certified used cars

Although the Ford certified used car program still does not include off-brand vehicles from other makers, the recent announcement that the company had partnered with Carfax to provide vehicle history reports is certainly a step in the right direction, especially for customers with credit problems. Here at Auto Credit Express we should know because we’ve been helping car buyers with low credit scores find new car dealers that can offer them their best opportunity for approved auto loans.

The Good and Bad of New Car Ads

Even car buyers with credit problems need to be aware of some of the more creative advertising practices of some new car dealers

 

Buying new cars with bad credit

   With the price of used cars approaching that of their new car counterparts as well as the possibility that they may qualify for one, credit-challenged car buyers need to be aware of the types of new car ads that can mislead shoppers.

 

   Most of these new car dealer tactics haven’t changed much during the past two decades. We know here at Auto Credit Express because that’s how long we’ve been helping people with low credit scores find dealers that can offer them their best chance at approved auto loans.

The Importance of Used Car Service Contracts

In which I pass on a lesson learned by someone I know that used to have bad credit

What we do

Here at Auto Credit Express it’s our job to help credit-challenged applicants find a car dealer that can give them their best opportunity to receive an auto loan approval.

 

We’ve been doing this for the last twenty years and, during that time, we’ve learned a number of things about car shoppers hoping to reestablish their auto credit.

Applying for Bad Credit Car Loans

Consumers with credit issues are faced with a number of challenges when it comes time to apply for a car loan

Our experience

   If you’ve experienced credit problems in the past or you have no auto credit – that is, you’ve never had a car loan – you should know that where you decide to apply for one can often mean the difference between a loan approval and a credit denial.

 

   At Auto Credit Express we know exactly what you’re faced with because we’ve spent the last two decades helping car buyers with credit issues. We started in the car business by training dealership personnel in the subprime auto loans process.

Looking at Rent to Own Autos

It may be transportation but consumers with bad credit will find that signing up for one of these vehicles will do nothing to establish their auto credit

We understand credit repair

Buyers with less than perfect credit out shopping for a car should know why dealers that offer a rent to own auto financing could care less about their credit situation while other dealers look at it a different way.

 

At Auto Credit Express we do know the difference because for the last twenty years we’ve been helping car buyers with credit problems find dealers that can arrange car loan approvals. So here is where we’ll try our best to explain the difference between the loans offered through our dealer network and those offered by used car lots that advertise rent to own cars.

Smart Cheap New Cars with Bad Credit

We take the list of the ten cheapest cars to own according to Edmunds.com and fine tune it for car buyers with less than perfect credit

What we can tell you

If you have credit issues but you’ve qualified for a new car it’s especially important to play it smart if you’re given a choice of vehicles.

At Auto Credit Express we know what’s at stake at this point because for over twenty years we’ve been helping car shoppers with low FICO scores find dealers that can give them an opportunity for their best chance at approved auto loans.
Cost versus price

Tips on Preventing Auto Insurance Fraud

Tips from the National Association of Insurance Commissioners can help credit challenged consumers avoid being victimized when shopping for car insurance

What we know

Here at Auto Credit Express we’ve spent the last twenty-plus years helping car shoppers with credit problems find dealers for their best opportunity at auto loan approvals.

Because these bad credit auto loans typically come with higher-than-average interest rates, we also try to educate applicants on the need to reduce expenses wherever they can – and, in particular, paying attention to, and shopping around for, the best possible auto insurance rates.

But according to the National Association of Insurance Commission (NAIC), looking only at the bottom line while ignoring the signs of possible insurance fraud can cause car owners more than just headaches as “taking a shortcut when it comes to your insurance could prove catastrophic and costly.”

Stepping Up Your FICO Scores

In which we pass on some advice from a government web portal that car buyers with bad credit should find especially helpful

Car Credit Repair

Here at Auto Credit Express we’ve spent the past two decades helping credit-challenged car shoppers find dealer for their best chance at approved auto loans. Along the way, we try to pass on to them advice concerning the subprime auto loans process as well as other tips on how they can improve their credit scores.

Not long ago, we came across an article posted on the U.S. Government’s web portal that sums up quite well the process of improving personal credit.

Here is some of what it had to say:

5 Steps to Help You Improve Your Credit Scores

So what should you do if you want to improve or maintain a good credit score? The following tips might help.

1) Request a free credit report

You can request a free copy of your report every 12 months from each of the three main credit bureaus: Equifax, Experian and TransUnion. 
The official website to get your free credit report is www.annualcreditreport.com.

2) Understand Your Credit Report

Understanding your credit report will help you make better decisions when it comes to your finances, because your credit score is based on your credit report. It includes personal information about you such as:

• Your payment history.
• How many loans you have and how much you owe.
• If you have ever filed for bankruptcy.

3) Check Your Credit Report

Sometimes information on your credit report might be incorrect or incomplete. That’s why you should check it periodically.

If you do find a mistake, these agencies must:

• Investigate the discrepancy usually within 30 days and correct it if necessary.
• Notify the company that provided the incorrect information.
• Provide you with a free copy of your credit report if changes are made.

The Federal Trade Commission has more detailed information on how to access free credit reports.

4) Pay Your Bills on Time

Paying your bills on time is an important factor in determining your credit score and showing your creditors that you are a responsible consumer. But there are other factors that might impact your credit score:

• Be selective when you apply for credit as too many applications may negatively affect your score.
• Don’t go over your credit limits. In fact, it is better to stay well below them.
• Pay down your debt with regular payments.

5) Get Professional Help

A budget might help you pay your bills on time. If you owe too much or are unable to pay your bills, you might want to consider a credit counseling agency. They can help you to manage your finances or figure out a plan to pay off your debt.

Be careful when seeking out these services, they might charge excessive fees and that can put you deeper in debt. The Federal Trade Commission has more information about credit counseling agencies and how they can help you improve your credit score.

The Bottom Line

One thing we’d like to point out is that, in some cases, simply improving your FICO scores won’t help you qualify for a traditional car loan. Many of these lenders require previous auto loan history. At this point, typically the only choice is a one of a group of lenders willing to take a higher risk. This is also where we come in.

Besides reminding people with credit issues that they probably have an alternative to a local tote the note dealer, Auto Credit Express specializes in placing applicants with franchised new car dealers that can offer them their best opportunity for approved auto loans.

So if you’re ready to establish your auto credit, you can begin now by filling out our online auto loans application.

 

 

Reference Conditions for Bad Credit Car Loans

Part of the typical auto loan process for credit-challenged car buyers is the requirement for a list of personal references

We know lenders

Take it from us: if you have less than perfect credit and you need a car loan, there’s a real good chance that, at some point in the process, you’ll need to furnish the lender with a list of personal references.

 

At Auto Credit Express we understand this is the case because, for over two decades, we’ve been helping car buyers with poor FICO scores find dealers that can arrange for approved auto loans for them.

Identification Rules for Poor Credit Auto Loans

 

What you will need in the way of identification needed in order to take delivery of a vehicle financed through a high risk auto lender

What we know

While it doesn’t happen often, we have witnessed it when a customer either forgets to or brings in the wrong type of identification at the time of delivery – not knowing that there are specific rules that must be followed in order to take delivery of a vehicle financed with a bad credit lender.
At Auto Credit Express we’re familiar with these requirements after spending over twenty years helping car buyers with credit issues locate dealers that can give them their best chance at approved auto loans.

Lender rules

Even with an auto loan approval in hand, there are a number of problems that can surface that could bring the entire loan process to an abrupt halt.
One of these issues concerns the proper identification car buyers need to bring with them at the time of delivery.
This means that in order to avoid either a trip back home or even the possibility of being unable to pick up your new car at all, this is what you need to know:

Identification

Prior to actually taking physical delivery of your new vehicle, you’ll need to present a valid photo driver’s license as proof of identification. This means that even though a copy of it may have been made previously – for instance, a test drive – you should still bring it with you because:
•    The salesperson might have forgotten to do this
•    Even if a copy was made, it could either have been lost or misplaced
•    You need it to legally drive your new car home
In any case, if you get asked and can’t produce a valid driver’s license at delivery, the process can quickly get complicated.
Other driver license issues
When you present you license, a copy will be made and placed in the deal folder along with the other loan documents.
The driver’s license you present must be current and valid (not expired or suspended) and issued by the state in which you reside. The address listed on the license also has to match the address that was supplied on the credit application.
In a growing number of states the dealer is also required to verify that a driver’s license is valid by checking with the department of motor vehicles (DMV). If the results of this verification process show that the license isn’t valid (due to outstanding tickets, fines, suspensions, etc.), than this situation will also bring the delivery process to a halt.

As we see it

When taking delivery, be sure to come in with a valid, current driver’s license that reflects the correct address – even if this means changing your address with the secretary of state beforehand. If it isn’t and doesn’t, chances are you’ll be unable to pick up your new vehicle.
One more thing to remember: if you’ve had past car credit issues, we want you to know that Auto Credit Express can help you find a dealer that can give you your best chance at approved auto loans.
So if you’re ready to reestablish your auto credit, you can start here by filling out our online car loans application.

 

Considering Credit Repair with Debt Settlement

 

 

According to the Illinois CPA Society one alternative to no credit auto loans may not be the best way for credit challenged consumers to turn their financial situations around

Credit repair alternatives

We are often asked by car loan applicants with less than perfect credit if there is an easier way to fix bad credit.

Here at Auto Credit Express we know that everyone’s credit situation is different but we also realize it takes time to do this. That’s because, for the past two decades, we’ve been helping car buyers with credit issues find dealers for their best opportunity for auto loan approvals.

Fixing Credit with No Credit Auto Loans

It usually takes more than just a credit card to reestablish auto credit

Consumers with past car credit problems may need to work with high-risk lenders in order to reestablish this type of credit.

Here at Auto Credit Express we know this rule generally holds true here because we’ve been helping car buyers with credit problems for more than two decades. Not only do we offer advice, but we can help locate dealers that can give these credit-challenged shoppers their best chance at approved auto loans.

Kelley Helping Credit Challenged Used Car Buyers

 

 

For more than two years consumers with bad credit have been helped by the Kelley Blue Book certified used car section on its web site

Helping consumers

At Auto Credit Express our job, for more than two decades, has been to help consumers with credit issues find the car dealer that can give them their best chance at an auto loan approval. At the same time, we try to educate them on the subprime auto loans process, which includes picking the right vehicle.

Shopping for Bad Credit Lenders

   Consumers should know that having less than perfect credit can limit their options of applying for a car loan

How we know

   If your FICO scores are low, how and where you can apply for an auto loan can often mean the difference between approved auto loans and being denied credit.

   At Auto Credit Express we are very familiar with this scenario because we’ve spent the past two decades helping car buyers with bad credit.

Smart Car Choices for Bad Credit Auto Loans

The car you choose can often be the key to successfully completing a car loan especially if you have less than perfect credit
Understanding the process
Picking the right kind of vehicle is one of the most important steps in reestablishing your auto credit once you’ve received a car loan approval.

At Auto Credit Express we understand this important aspect of the high risk auto loan process because we’ve been helping car buyers with credit issues for the past two decades.

How Inquiries Affect FICO Scores

The company that invented credit scores explains how yours are affected by inquiries
Our experience

Car buyers with bad credit who are in the process of applying for a loan should understand how this will affect their FICO scores.
At Auto Credit Express we believe this is important. We also have more than a little insight into this because we’ve spent over twenty years putting car buyers with auto credit issues together with dealers that can arrange for auto loan approvals. It’s also one reason the website we created features a resource section that contains information ranging from tote the note loans to today’s subject, the impact on your FICO scores when you apply for credit.

Compare loan for car

Bank of America Auto Loan has many different features and tools available for those who are considering an automobile loan. The site is secured, meaning that Bank of America Auto Loan has taken precautions to protect the information of those who apply with them. When an individual applies and enters their personal information, it is encrypted so that the information is scrambled and cannot be used to damage the identity or credit of the individual applying. This is very important as it keeps personal information out of the wrong hands.

In addition to that, Bank of America is a Better Business Bureau accredited auto lender. Companies have to apply for the accreditation, meaning that they will adhere to the guidelines set forth by the Better Business Bureau regarding customer service and satisfaction. This is an admirable quality in a company, because individuals who are unsatisfied can lodge complaints with the BBB.

Bank of America Auto Loan provides calculators that help individuals determine what their monthly vehicle payments might be, and offer a lot of information so that customers can make informed decisions regarding automobile loans.

Bank of America also offers ‘dealer checker,’ so that individuals can find a dealer nearby that will make it easier for them to find the kind of vehicle they’re looking for. They also offer the ability for individuals to receive the application decision in as little as a few minutes. There are many different features that make Bank of America a great choice for those considering receiving an automobile loan online, and their features certainly rival those of other online auto loan companies.

Help and Support:
10/10

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Support and customer service is very important when it comes to this type of company. Because applying for an online auto loan is a huge decision, individuals need to have their questions answered quickly and their concerns addressed just as quickly. Bank of America provides a few different ways in which this happens, starting with their Frequently Asked Questions section. This is where they post the most commonly asked questions regarding loans and how the process works, along with the answers. This allows individuals to get answers to their questions instantly without having to contact the company, and it’s a very convenient thing to have posted on the site.

For those questions that can’t be answered through the frequently asked questions section, there are other options. Phone numbers are posted so that customers can easily get in contact with a representative of the company and ask their questions or voice their concerns and have them addressed. For those who would prefer, there is the option of email as well. Individuals can send a quick email to the company asking their questions or voicing their concerns, and should receive a response fairly quickly.

Because customer service is so important, it’s important that an online auto company provide several ways that they can help their customers through the decision and with the questions they might have. Bank of America is at the top of their class when it comes to help and support.

Payments/Cost:
10/10

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As with most online automobile lenders, there is no cost to apply online with Bank of America Auto Loan. While there are calculators available online to help individuals determine what they might expect to pay each month with an automobile loan from Bank of America, these are all estimated figures and the real cost will not be revealed until the individual applies. The same goes for the example payment amounts on the site. Unfortunately, the site does not indicate the minimum and maximum automobile loans available, so individuals would have to go through the application process in order to determine this.

As with any type of loan, everything is subject to credit approval. There is no option with Bank of America for those with bad credit, and it’s a fact that those with less than perfect credit will probably be charged a higher interest rate if they qualify at all. That said, someone with above average or excellent credit should benefit from the lowest interest rates possible. In the area of cost, Bank of America seems to be very competitive.

Types of Loan:
8.8/10

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Bank of America offers loans for new and used vehicles, RV loans, boat loans and aircraft loans. They also have options for refinancing your current automobile loan.

Summary:

Bank of America Auto Loan is an excellent choice for those considering applying for an online auto loan. They offer a ton of information that individuals can use to research the process, the options this company offers and more. In addition to that, tools that are very helpful can allow the customer to find out what they might expect to pay for an auto loan, as well as where a dealer is in their area that they can utilize when it comes time to choose their actual vehicle. With the Better Business Bureau accreditation, customers feel more secure going with this company over others that may not have that accreditation.

The help and support for customers is excellent, with information and questions posted online as well as options for getting in touch with representatives of the company. Email and phone are among those options, and are the most popular choices for customers who need questions asked or concerns addressed. With the most popular options for automobile loans, including boat and RV options, Bank of America is a great choice for anyone who wants to apply online for an automobile loan. Because of the cost, features, and help and support, Bank of America Auto Loan is one of the best choices for an online auto loan company.