Expectations of Auto financing for people with bad credit
Expectations of Auto financing for people with bad credit
When you apply for auto financing for people with bad credit, the first thing you want to do is to set realistic expectations for a number of things. First and foremost, choosing the right car is the most important part of a bad credit auto loans. Once the lender has a set budget for you, they should be able to give you a choice of 3 or more cars. Be sure you choose wisely even if you are looking for bad credit auto loans with no down payment.
Establishing or reestablishing your credit with the best bad credit auto loans is not the right time to get a big sport utility vehicle that you've always wanted. Even if your income qualifies you for one (which would be rare), the price of gas and insurance, plus your monthly payment just doesn't make sense. Allow room for any unexpected expenses in your budget and try to keep the car payment as low as possible. Instead of that big SUV, consider a more affordable sedan or even a Pontiac minivan (a minivan gives you the room of an SUV with better gas mileage).
The next thing to consider is the guaranteed auto financing. Keep the loan term as short as it possibly can be. Especially for your first subprime loan (the process to rebuild your credit could take at least one additional subprime loan at a lower rate), the interest rate even on the best bad credit auto loans will be high, so the shorter the term the less interest you will end up having to pay. This also relates back to your choice of a car, if you have picked the right kind of car, it will be easier to shorten the loan term.
If you have additional room in your budget once you've cut down on the term, you should consider purchasing GAP insurance and/or an extended warranty that will cover the length of the finance contract. GAP insurance will pay off the difference between the worth of your vehicle and what you owe on your finance contract should your vehicle be totaled in an accident, while an extended warranty will protect you from the possibility of damaging repair bills should a major mechanical system in your car fail. Window etching, rust proofing and fabric protection aren't recommended as add-ons, especially for auto financing for people with bad credit.
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