Bad Credit Loans For Those Who Seek Alternatives for New or Old Car

You can still save money on a Bad Credit Loan by comparing rates, checking out multiple policies, and negotiating with lenders.

Getting a Bad Credit Loan doesn't have to be like basic training. Someone with bad credit will more than likely have a tough time buying a brand new car at an affordable rate. Lenders are not willing to take a greater risk on a high priced vehicle if your credit has some blemishes.

Find the car you are interested in and try to figure out approximate monthly payments.

It's a Serious Matter-Need to Resolve!

Yes, it is possible to dig your way out of debt if you know how to wield the shovel. Certainly, you are far from unique. Millions of people rely on credit to help them buy homes, cars, vacations and more. Inevitably, even the most conscientious can encounter job losses, medical emergencies and other unforeseen circumstances that make repayment difficult. Late payments or defaults will be noted on Bad Credit Loan reports that follow you for years, squeezing your standard of living; so, it's imperative to convince the world that you're a dependable, debt-paying customer.

Moreover, a negative Bad Credit Loan report can do more than impair your ability to get a loan or a line of credit--it can cost you your job.

You don't have to sit back and let your Bad Credit Loan report wreak havoc on your life. If you're straining against your credit lines, there are a few points that you, as a consumer should understand.

Be patient and don't expect miracles to happen. Once you've accrued debts, there's no simple way to make them disappear, no matter what you hear from companies that "guarantee" you relief from your obligations.

An Important Caveat

Take your time and do you research and even if you do have bad credit, you can save money. Don't jump into a deal you are not ready for. It's not worth it. Be prepared for the negotiations and everything will work out well for you and your car buying experience.

Here are some more tips on how to save money when buying a used car:

ַ Check out the car's repair record, maintenance costs, and safety and mileage ratings in consumer magazines or online. Look up the "blue book" value, and be prepared to negotiate the price.

ַ Buying from a dealer? Look for the Buyers Guide. It's required by a federal regulation called the Used Car Rule.

ַ Make sure all oral promises are written into the Buyers Guide

ַ You have the right to see a copy of the dealer's warranty before you buy.

ַ Warranties are included in the price of the product; service contracts cost extra and are sold separately.

ַ Ask for the car's maintenance record from the owner, dealer, or repair shop.

ַ Test-drive the car on hills, highways, and in stop-and-go traffic.

ַ Have the car inspected by a mechanic you hire.

ַ Check out the dealer with local consumer protection officials.

ַ If you buy a car "as is," you'll have to pay for anything that goes wrong after the sale.

ַ The Used Car Rule generally doesn't apply to private sales.

To Avail

There are three major credit bureaus most lenders rely on for Bad Credit Loan reports: EQUIFAX, EXPERIAN AND TRANS UNION. Upon request, each of these companies must tell you everything that's in your Bad Credit Loan report, along with the sources of information that they used. In addition, you must be given a list of everyone who has requested your Bad Credit Loan report within the past year (two years for job-related requests).

Each Bad Credit Loan report will include an "investigation request" form and instructions that you can use to question any items you believe to be in error. Once you submit this form, the credit bureau must investigate your claims and Bad Credit Loan report back within 30 days. If an inaccuracy has been found, it will be removed from the record. If the issue can't be resolved, you'll be allowed to prepare a short statement (up to 100 words) giving your side of the story, to be included in future Bad Credit Loan reports.

Communicate with your creditors once you've fallen behind. The procedures described above should help if your Bad Credit Loan report contains mistakes. If you've failed to make required payments on your debt, that information stays. Auto loan problems may require early warnings to creditors.

Cut your craving for credit completely. The less you charge, the smaller the chance you'll wind up overextended. "Now," says Harrison, "I have only one credit card, which I don't use--it's just for emergencies. If I want something, I pay with cash or with a debit card."

James Marriott is a finance writer with more than 15 years of experience in writing financial content, including those related to credit cards, mortgages, stocks, investments, and funds. He has been with RNCOS, a premier financial writing services company, for 2 years as head of financial writing. He is also a regular financial columnist with renowned business journals. For your comments on the article and further financial assistance, please contact our staff writer at info@rncos.com.

---

Credit Repair Scams

"Erase Bad Debt !""Remove Negative Items From Your Credit Report"You've... Read More

What To Look For In A Credit Card

When you are deciding what type of credit card to... Read More

Credit Cards: How To Use Them

Credit cards can be a very quick way of getting... Read More

Credit Cards And Loans - So Many Options - So Little Time

Credit Cards and Loans sounds like just two things, but... Read More

Understanding Your Rights Under The Equal Credit Opportunity Act

It wasn't all that long ago that lenders blatantly discriminated... Read More

How A Prepaid Debit Card Can Help You Rebuild Your Credit

Consumers today are up to their eyeballs in debt. And... Read More

Have You Checked Your Permanent Record Lately?

As a young student I feared getting bad grades because... Read More

Avoiding ID Theft and Credit Fraud

Article excerpted from the new book, "How to Do Space... Read More

Shoppers Beware - Tis The Season

It's the number one complaint from consumers and it only... Read More

Guide to Credit Terms

Listed below is a useful guide to credit card terms.... Read More

Useful Tips When Choosing Credit Cards

Chances are you have received your share of "pre-approved" credit... Read More

Bankruptcy vs. Credit Counseling: What Should I Do?

Credit Counseling and bankruptcy are both ways to relieve the... Read More

A Cure for an Ailing Credit

Credit has become a much-used word, thanks to the various... Read More

How To Establish Great Credit

Building a good credit history is important. If you have... Read More

What Are The Most Common Credit Card Mistakes?

Now in a world with so many easy to get... Read More

Inflexible Friends and Plastic Assets, Why Money isn?t Buying Love Anymore

Consumers reject financial advice in favour of financial frivolityIt would... Read More

Identity Theft ? Guard Your Childrens Social Security Numbers

Identity theft is a growing concern among Americans, and rates... Read More

My Credit Card Application Was Rejected! Now What?!?

No doubt, you've probably gotten literally hundreds of credit card... Read More

Credit Cards - The Basics

How Lenders Operate ? And How They'll Make a Tidy... Read More

Myths and Truth about Credit Scoring

Credit score is the key factor determining approval of almost... Read More

What is on Your Credit Report?

Your credit report is a very important piece of the... Read More

Choosing a Credit Counseling Company

If you have considered credit counseling as an option to... Read More

All You Wanted to Know of Bad Credit

Martin Henderson is in a fix these days. Because of... Read More

Fair Credit Reporting Act: What You Should Know About It?

The Federal Fair Credit Reporting Act (FCRA) is designated to... Read More

Winning The Credit Game!

Everywhere we go, the word credit can be found, shining... Read More

Credit Report Hassles

There is no end to the amount of pain that... Read More

Choosing A New Credit Card

1. Choosing A new credit cardThere are many reasons for... Read More

Credit Worthiness

Credit Worthiness is an important business and personal asset each... Read More

Credit Reports: Find out why you have been refused Credit.

You may already have 2 or more credit cards in... Read More

Do You Know The Top Five Credit Card Mistakes?

When you're dealing with credit cards, you're playing with fire.... Read More

Five Debt Negotiation Facts

These five debt negotiation facts along with a few debt... Read More

Credit Card Rates - Negotiating Rates with Your Credit Card Company

Ok, let's face it, everybody hates high credit card rates,... Read More

Fight Credit Card Fraud with Common Sense

By now, you have undoubtedly heard of credit card fraud,... Read More