Welcome to Bad Credit Cars -- Your Resource for Buying a Car with Poor Credit
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Most Americans in need of a new car start the process by contacting a traditional lender for an auto loan - typically a bank, credit union. After all, most of us cannot buy a new car unless we can get a loan to finance it. But what should you do if you have credit problems arising from unpaid credit cards, medical bills, foreclosure, repossession, or bankruptcy? These financial calamities are becoming increasingly common in this era of recession. Poor credit affects 1 out of every 5 Americans, and statistics now show that 1 in over 70 households will suffer bankruptcy or foreclosure. Banks and credit unions are loathe to extend auto loans to such parties, as they work to minimize risk as much as possible.
For people who have been rejected for traditional financing, they have two primary methods of recourse:
1. Purchase a car outright from a private seller, family member, or used car lot.
2. Finance a car through a car lot that advertises Your Job is Your Credit car loans.
What Does Your Job is Your Credit Mean?
In general, "Your Job is Your Credit" means much the same thing as "Buy Here, Pay Here" and "Tote The Note" auto sales. Basically, the dealer acts as the lender, and is typically much more forgiving and accepting of bad credit.
But these types of car lots require customers to twice a month -- if not weekly -- and some even install devices that can remotely shut down an engine to aid in repossession if payments are missed. Sounds harsh, yes, but these car dealers must protect their investments -- after all, they are lending to high-risk shoppers that traditional lenders have already rejected.
As you might expect, these lots charge high interest rates. Always be sure to ask what interest rate you're getting. Some dealers have a tendency to lump the finance fees into the car payments, thereby masking how much interest is being charged. Having a trade-in or down payment -- or ideally both -- can help defray the cost of interest. Some dealers will require a minimum amount to be put down in trade equity or cash before approving you for credit.
When it comes to boosting your credit score, this type of auto loan can be beneficially ONLY if the dealership reports to credit agencies. Many DO NOT, and if they do not, it may not be a good option for rebuilding credit. Always be sure to ask if credit repair is important to you (and it probably should be).
Being in a situation where it seems impossible to get financing feels terrible. While these lots do have distinct disadvantages, they can help people out of what may feel like an impossible situation. To get pre-approved for financing online from a local dealer, visit Your Job is Your Credit car loans. This web resource offers a free, no-obligation credit application that takes less than 5 minutes to complete. They work with a comprehensive network of local dealers who cater to clients with credit problems of various kinds.
For people who have been rejected for traditional financing, they have two primary methods of recourse:
1. Purchase a car outright from a private seller, family member, or used car lot.
2. Finance a car through a car lot that advertises Your Job is Your Credit car loans.
What Does Your Job is Your Credit Mean?
In general, "Your Job is Your Credit" means much the same thing as "Buy Here, Pay Here" and "Tote The Note" auto sales. Basically, the dealer acts as the lender, and is typically much more forgiving and accepting of bad credit.
But these types of car lots require customers to twice a month -- if not weekly -- and some even install devices that can remotely shut down an engine to aid in repossession if payments are missed. Sounds harsh, yes, but these car dealers must protect their investments -- after all, they are lending to high-risk shoppers that traditional lenders have already rejected.
As you might expect, these lots charge high interest rates. Always be sure to ask what interest rate you're getting. Some dealers have a tendency to lump the finance fees into the car payments, thereby masking how much interest is being charged. Having a trade-in or down payment -- or ideally both -- can help defray the cost of interest. Some dealers will require a minimum amount to be put down in trade equity or cash before approving you for credit.
When it comes to boosting your credit score, this type of auto loan can be beneficially ONLY if the dealership reports to credit agencies. Many DO NOT, and if they do not, it may not be a good option for rebuilding credit. Always be sure to ask if credit repair is important to you (and it probably should be).
Being in a situation where it seems impossible to get financing feels terrible. While these lots do have distinct disadvantages, they can help people out of what may feel like an impossible situation. To get pre-approved for financing online from a local dealer, visit Your Job is Your Credit car loans. This web resource offers a free, no-obligation credit application that takes less than 5 minutes to complete. They work with a comprehensive network of local dealers who cater to clients with credit problems of various kinds.