Bad credit can get in the way of you doing some of the things you need and want to do. If you have bad credit, it can be intimidating to apply for financing and stressful waiting for an answer. One scenario where it can be especially difficult to have bad credit is when you need to buy a car.
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There are several different types of bankruptcy in the United States. The two most common types of bankruptcy for an individual are called Chapter 7 bankruptcy and Chapter 13 bankruptcy. If you file Chapter 7 bankruptcy, your assets will be sold to pay off creditors and anything that did not get paid off will be forgiven.
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The process of buying a used car can seem intimidating if you are trying to buy a used car with no credit or cosigner. The typical way of buying a used car is not friendly for first-time car buyers because traditional financing is heavily based on credit score. Fortunately, there is another option for getting into a used car even if you are in the category of ‘first-time car buyer no credit.
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Sooner or later, we all hit a bump in the road. If that bump affects your income, your credit and you lose your car, as bad as it is, there is hope. Finding auto loans after repossessions is possible. It may take some time, but with a few steps in the right direction, you can bounce back and get a car loan after a repo.
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If you have ever wondered, “Can I get a car with no down payment?” the answer is, “Yes.” Though there are benefits of placing down payment, it is possible to get a car without one. In a perfect world, a 20% down payment on a new car offers a degree of lender confidence. Also, even if your credit score is low, in general, with a down payment, your monthly car payments will be lower.
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Buying a car with bad credit is a problem that no one wants to have. But things happen. Unfortunate circumstances such as prolonged unemployment or underemployment combined with a hefty medical bill may have landed you in debt and left you in the red on your bills. It’s not as bad as you think. Having bad credit should only be looked at as a temporary problem that you can fix! With that in mind, the good news is that securing financing for a car loan is possible even with bad credit. Here is some advice on how consumers with credit problems can still get a quality a used car.
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Getting a car loan after repossession can be a challenge, but it is not impossible. In most cases, having a car repossessed is due to unfortunate financial circumstances. Unemployment, underemployment, unexpected medical bills, increased rent or mortgage, and the like, can deplete savings and leave you strapped of cash. The result can lead to falling behind in paying bills and making car payments on time. If you fall too far behind, you open the door to a having your car repossessed. Repossession of your car will blemish your credit report for seven years following the date the loan went delinquent. At first, your score will drop significantly, making approval for a loan difficult. However, the impact on your credit score doesn’t have to last as long as the repossession itself. You can do something about it. How to get a car loan after repossession will depend on how well you
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Looking for good ways to build credit but not sure where to start? An easy, reliable way to help give your credit a boost has always been through a car loan. For starters, it will have an impact of both your credit report and your credit score. In the long haul, paying the loan on time will also help you establish or rebuild your credit, and improve your credit score. Repayment will also improve your eligibility to receive other types of loans, such as a mortgage, personal loan or credit card.
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How to finance a car with bad credit comes down to taking a few proactive steps. The fact is, you can find a car, finance it, and drive away no matter your credit woes. If you’re willing to do some shopping, be patient, with a little homework, you will certainly be able to finance a car that will work for you. Here are some practical tips and considerations for consumers with credit problems who are about to enter the car market.
... Read More.It’s fair to say that when in the market for a used car, the best used cars are the ones that are the most dependable and reliable for your money. Foreign brands generally top the lists of Consumer Reports and J.D. Power used car ranking for reliability, and most are great for high mileage, dependability, and affordable repairs. Overall, most cars these days are far more reliable compared to those made more than a decade ago. Still, in terms of reliable cars that last, your best bet is the Japanese automakers and a couple of other surprises. Below, we cover the best used cars that last.
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