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Tag Archive | "car finance"

Getting Guaranteed Car Finance

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Good credit is as necessary in today´s world has a good job because without it, no matter how much money you make, you will not be able to get any sort of loan. Even with a good income there are times when you have to buy something that you just cannot pay cash for and a great example of this is a car. Any car costing under $10,000 will wear out in a few years and well built longer lasting family cars can easily cost twice that. If you have bad credit however getting a car loan can be very difficult.

There are a number of guaranteed car finance lenders on the internet however. These lenders charge higher interest rates and you will need at least a 20% down payment but you loan will be approved and as soon as you start making regular payments you will start getting points on your credit score. These loans are given out with from one to five years repayment periods and can be refinanced later when your credit score reflects such a chance is rated. Usually you will have to raise your credit score at least fifty points to qualify for a lower interest rate.

When you get a guaranteed car finance loan you are putting yourself in a favorable position when you are dealing with the car dealer. Because you are paying cash for the vehicle you will have room to haggle and lower the price significantly. Before you apply for a loan however makes sure to get a copy of your credit report, it is free one time per year and low cost after that, and checks it carefully. There may be points that you can have removed and raise your credit score before you apply, which will lower both your interest and your down payment.