When it comes to improving bad credit scores, it’s important to understand that improving your credit requires commitment and that may take several months or years to actually improve your credit in a meaningful and long-lasting way. However, by getting started with the process of improving your credit today, you’ll be setting yourself up to have a better financial situation for years down the road. Remember: most meaningful actions take time to see to fruition – and improving your credit is no different!
Here are 4 important steps you can take today to start improving your credit for the long-term:
Take out a Car loan
Even if you have to take out a high interest rate loan, take out a loan and commit to repaying it. One of the best ways to improve your credit is to get started developing a track record of financial responsibility, which means repaying loans and other debts on time and in full. However, in order to repay those debts, you have to actually take one out!
If you’re like many people, you probably have several different credit cards and loans at any different time. You probably also have a balance on these debts. In order to increase your credit score, it’s important that you minimize the amount of money that you owe to lenders. Therefore, make a plan to repay these debts as soon as possible. For many people, fully repaying these debts may take several years. However, by starting today, you can turn your financial situation around in a way that will last for years to come.
Review your credit report
A startling number of people have false information on their credit reports that negatively impact their credit scores and credit history. Therefore, it is recommended that you review your credit score on an annual basis in order to ensure that all of the items on your credit score are accurate and true. Contact us for more information about how to review your credit report.
If you have assets that you own, you will be improving your overall wealth and financial situation. An asset is any larger item with value, such as a home loan or car loan. By acquiring these assets, you will be able to improve your financial situation. Contact us today for more information about how buying a car can help to improve your credit score.
Just about everyone will need a car at some point in their life, so understanding the best way to secure a reliable vehicle is important. There are a few choices when it comes to getting into a new vehicle. Car loans can be a viable option to consider. Here are a few reasons why.
Do What You Want to You Car
When comparing financing a car to leasing it, think of renting a home or apartment to owning one. When you own a home, you’re free to make changes to it as you please, but when renting one, you are restricted. Same goes with cars. With car loans, you can make any modifications you see fit without facing any penalties. This gives you the freedom and flexibility you want to make your car look and feel more like your style and preference without worrying about potential consequences.
Drive All You Want
When a person leases a car, he or she will have limits on how many miles can be put on the car each month. If the driver exceeds those miles, the person has to pay a penalty. But with car loans, the owner can drive as little or as much as he or she pleases. This way, if you lease, you can take that cross-country road trip without stressing out about going over on miles.
Sell the Car When You Please
So what happens if you find you don’t like the car you’ve recently purchased? With car loans, you’re at liberty to sell the vehicle anytime. However, with a lease, you must adhere to the terms of the lease and return it to the dealer when the terms have been satisfied. Again, this is another example of the freedom and flexibility car loans give you.
Obtaining financing for your next car purchase just might be right for you. Use this guide as you make this decision.
Purchasing a vehicle isn’t something to take lightly or just do on a whim. This should take careful consideration. After all, your car will serve many purposes, hopefully or a number of years to come. Buying a used car doesn’t have to cause panic or anxiety, however. With car loans, it can be easier than you may think to own a vehicle, whether it’s your only car or if you plan on it being an addition to what you already have. Here are some benefits of obtaining a loan for your next used car.
Won’t Drain Your Bank
Securing a car loan can often be done with very little up front. Sometimes, you can finding lending that won’t require anything down. While you’ll have monthly payments for the life of the loan, you won’t be out a large sum of money at one time. This means you’ll keep your hard-earned cash for yourself to spend on your needs, including upcoming car maintenance and repairs. Purchasing the vehicle outright will take away from what you currently have in your account.
Easier Than You May Think
One thing that keeps people from using car loans for their next automobile purchase is the worry that the lending process will take too much time or will involve more paperwork than is wanted. But actually, many dealerships can handle the lending aspect of the transaction, making the process smoother and painless. You can obtain a loan for your car quite easily without having to wait for the keys.
Helps You Get a Car You might Not Otherwise Buy
The price tag of even a used car can look out of reach or daunting. You might not have that kind of cash on hand, but with a loan, you can map out a plan to afford the monthly payments and ultimately own the car outright.
For your next purchase, consider a car loan. You can drive off in a reliable car sooner than you thought was possible.
Very few people can afford to pay cash up front for their next vehicle. Most buyers must finance a car through the dealership. Buying a car can be a significant expense, but car loans don’t have to break your budget. With a few minor tweaks to your car payment habits, you can save hundreds or maybe even thousands on your car loan.
It just makes sense that the best way to save money on a car loan is to borrow less money from the start. Lowering the principal of your loan means you never have to pay interest on the amount you don’t borrow. You can lower your principal by making a large down payment or by trading in your old car. It is also a good idea to only purchase the add-ons that you really want so that you don’t have to borrow as much money for things that seemed like a good idea at first but that you won’t ever use.
The longer the term of the loan, the more interest you will pay in the long run. It may be tempting to opt for the lower monthly payment, but it will cost more over the life of the loan. As long as you can afford the higher payments that come with shorter terms, that choice is in your financial best interest.
When discussing the terms of your loan with your dealer, make sure there is no penalty for early payments. That way, if you have extra money one month, you can make an extra payment. Making a regular habit of paying extra any time that you can cuts down on the interest you will pay over time.
Car loans are an added expense, but they don’t have to be a stressful one. By making a few changes in the way you pay off the loan, you can save quite a bit of money.
When you have bad credit, it can sometimes seem like you will never get out from under the score, this is where we can help. Not only can we get you into a quality new or used vehicle, we can also help you get bad credit car loans. These loans can do more than just get you a new ride, however, they can also help rebuild your credit.
Get a New-To-You Ride
The most obvious benefit of bad credit car loans is that you can get a new ride for yourself and your family. This means that you can more effectively get to work and run errands. You can upgrade to a bigger vehicle, get one more fit for work and much more. We will help you find the right automobile for your needs and help you get the loan to afford it. You can find a variety of vehicles to meet your needs for seating and storage in new or used makes and models.
Rebuild Your Credit
The fastest way to rebuild your credit is to have a loan in good standing or a successfully completed loan on your credit report. By getting a car loan, you can also get a reliable ride to and from work or around town. This can give you the opportunity to restart or rebuild your credit because every on-time payment will add to your score and a completed loan will bump it up faster. This can help you get better terms on future loans and for bigger purchases.
You may think that the only benefit of bad credit car loans is getting you a new or used vehicle to get around in; however, the right loan can help you rebuild your credit. By dealing with us online or in person one of our finance specialists can go over your financing options to get you pre approved then we can choose your new ride.
If you are thinking about buying a car but are not sure whether or not to buy a car using a car loan, then we are happy to share with you some of the many reasons why we think buying a car with a car loan is a wise choice for many of our customers. When our customers apply for car loans, they are sometimes concerned about issues related to their finances, such as bad credit, the loan amount that they may qualify for, and interest rates. However, there are many other factors that go into determining whether a car loan is right for you.
Here are a few things that you may want to think about when determining whether or not to get a car loan:
It helps you get a good car now
Many of our customers tell us that they are trying to decide between getting a good car with a car loan or settling for a car that only meets their short-term needs that they can buy with cash. From a safety, long-term investment, and overall quality perspective, we generally encourage our customers to get a car loan that allows them to buy a car that will suit their long-term needs and current lifestyle. We can offer competitive interest rates that will help these customers to keep low monthly loan repayment amounts that they can easily afford – no matter how long they plan to keep the car loan.
You can refinance
One issue that comes up with many of our customers with bad credit is the fact that customers with bad credit generally have to pay greater interest rates and qualify for lower loan amounts. When customers have bad credit, we encourage them to go ahead and get the safe and reliable car – even if it means paying more for their cars now. A few years down the road, paying those loan repayments each month will result in a higher credit score. With that higher credit score, they can refinance their car loans in order to save money down the road – but they’ll still have that safe and reliable car.
Getting a car loan is easier than some people might imagine. In fact, getting a car loan can be done in the same day that you apply – and you can begin the process from the comfort of your own home or office. Simply complete the credit application online to get started right where you’re sitting!
We look forward to helping you get the best car loan for your needs. Contact us today to get started!
The best part about living in a society that likes everything fast is that you can actually get car financing today. With technology leading the pack, it has become so quick and easy to simply jump on the Internet, research the multitude of online lenders and financial institutions, apply for a loan, and get approved.
Thanks to the Internet, many people have found it possible to get financing for a new or used vehicle. If your credit is not in tip-top shape, there are various funding sources out there that can help to get you the money you need. Scour the Internet for different online lenders. These types of lenders typically have the fastest turnaround and will be your best bet in securing funds almost immediately.
After you have compiled a list of your top choices, conduct a thorough review of each one for legitimacy. If you are still unsure, you can always get a referral from your dealership. These online lenders will need to gather personal information from you, so it is always best to err on the side of caution and double-check anything you find suspicious.
Once you have done your research and narrowed down the final selections, you can start filling out the applications on the websites. Make sure to pay attention to the specific instructions of each lender as their requirements may vary. The application process is quick and usually takes no more than five minutes to complete.
After you have submitted your applications, you simply wait to be contacted. If your credit rating is good, you will most likely receive a response fairly quickly. As the offers roll in, compare them all to see which one is giving you the best deal. Try to take into consideration that the best deal is not necessarily the one offering the lowest interest rate. Make sure to factor in additional charges and fees as well.
Lastly, once you have found the right offer, accept it and get car financing today. It is just that simple.
A lot goes into getting a new vehicle. Aside from finding the right car at the right price, you have to know how to get the right financing. Not all car loans are created equal, and you should keep the following items in mind as you start looking for a lender.
Have Your Credit Score Ready To Go
If you show up at a dealership with no idea of your credit score and how that number might affect your loan, you’re already off to a bad start. Check your score before you even begin shopping for a car, and if the number doesn’t look good, see what you can do to improve it. No one is going to offer a decent loan to someone they can’t trust, so do whatever you can to show you’re an ideal candidate.
Read the Fine Print
Most car loans sound great at first, which is why so many people end up saddled with debt. To know whether or not you can actually afford the loan you’re acquiring, you need to focus on the total amount borrowed and any fine print that might lead to rate hikes down the road. Some lenders pray on uninformed borrowers, so it’s your job to make sure you know what you’re doing. Don’t get caught up in the excitement of buying a vehicle and cripple your financial future.
It’s not in your best interest to drive off with questions left unanswered. If all the good aspects of your loan are conditional, there’s a strong chance you’ll see the terms of your loan worsen over time. Establish the terms before you accept the money so you know what you can expect with your monthly payments.
There are excellent car loans out there if you know where to look. Educate yourself on the lending process and don’t settle for terms worse than what you deserve.
Looking to qualify for a car loan? Understanding your options will help you find the most competitive loan offer, adding up to thousands of dollars of savings over the life of your auto loan.
When searching for a lender, many begin by visiting their local bank. While this is certainly a viable option, shopping multiple locations to find the right deal can be an exhausting, time consuming process. Your best bet may be to begin with a company like ours that specializes in auto financing. We have strong relationships with all local lending sources, and can help you apply to a variety of car loans at once. Our livelihood depends on securing financing for our customers, which means we are experts in bartering with lenders on your behalf. Not only are you likely to find the best deal possible, you will cut out hours of paperwork and weeks of wait times that inevitably happens when you work with banks one on one. Within hours of arrival, you may be driving away with a new car.
You may also want to consider applying for a secured car loan. Under this payment model, your auto purchase is also used as collateral for the lender. This option allows the lender to repossess the vehicle in the event of nonpayment or default. Lenders will often drop their interest rates by as much as 10 percent when backed with collateral. If you are confident in your ability to make on time payments, a secured car loan will often offer the most competitive interest rates.
If you choose to work with a bank one-on-one, make sure you do your research beforehand to understand which type of loan may be a better fit for your particular situation, and allow for at least several weeks of additional car shopping to allocate enough time to visit a wide variety of lending and banking institutions. If you would like to simplify the process and qualify for a comparable loan in a shorter time frame, utilize the expertise of our finance experts at Drive it Now.
Buying a car isn’t always easy for some people. If you have bad credit, it may be especially hard to land a car loan that you can afford. One of the best ways to get a low rate car loan is to have a solid credit history. However, if you have bad credit or no credit, car loans are still possible, but they may be even more affordable if you are able to re-establish your credit.
In order to re-establish your credit, there are some simple things that you can start doing today to make affording a car easier a few months from now. Here’s how:
Pay Off Your Credit Card
When a lender goes to look at your credit history, the lender will be able to see a snapshot of your credit situation that is about a month old. There are three credit bureaus that hold your credit information. In order to get a loan rate that is as low as possible, it is important to pay off your credit cards (or pay them down as low as possible) so that when a lender accesses your credit history from a credit bureau, they will be able to see that you have a low amount of money that you owe on a credit card.
Dispute Credit Report Incidents
Many people suffer from bad credit because of a mistake in their credit report, such as a missed payment claim or even stolen identity issue. In order to decrease your risk that you will have a higher loan rate, it is important to dispute any incidents on your report that may hurt your credit score. Sometimes, you can even request to have incidents removed that you are responsible for, such as a late payment.
In order to dispute credit report incidents, you’ll need to contact each of the credit bureaus in writing. Re-establishing your credit after a negative incident can take time, so start today.
Develop a Loan History
When a lender looks at your credit report, it may help you if the lender is able to see that you have experience taking out loans and paying them back on time. Therefore, start small. By taking out a loan even on a credit card, your lender will be able to see that you have a track record of being responsible about paying back your loans.
Contact us at 705-474-6444, or visit us on-line at https://www.driveitnow.ca/ for more information about how we can help you get the best car loan rates possible for your credit history – or for advice about how to re-establish your credit before you buy.