How To Buy A Car With Bad Credit


You want to buy a car but you have bad credit. What do you do to pay the best rate on the credit you get and not get taken advantage of? We'll give you some tips and describe some of the most popular financing scams dealers try to pull.

Cars are expensive, whether they're new or used. Financing a $20,000 car over five years will cost you $334 a month-if you can get 0 percent financing, if you don't have to buy insurance, pay taxes or pay an annual licensing fee. There are a lot of options--and even pitfalls in financing a car.

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Fast facts about financing:people have learned that the sticker price on a car is negotiable, but they don't realize that they can negotiate the interest rate being quoted
don't accept anyone's first financing offer; negotiate
banks usually charge a higher interest rate for car loans than other lenders
pay cash if you can. It's the least expensive way to finance a car. Cash buyers are often asked if they're willing to make payment every month, because dealers make a substantial profit from car loans
front-loaded interest loans are better for the lender because the interest you pay is higher at the beginning of the loan. If you pay the loan off early or default on it, the lender has already received a larger portion of the total interest on the principal loan amount
most car loans are for 60 months, or five years. Generally, the longer the term, the higher the interest rate
the total loan amount is the single most important figure in your loan agreement, so work hard to get this down as much as possible. When you're working on your financing, you'll be focused on the interest rate and monthly payment, but don't lose sight of the total amount financed, because this is what your interest amount will be calculated on. (Spend some time at home looking at the difference in your monthly payment if you pay, for example $19,000 or $20,000 for the car you want, at an interest rate of 6 percent of 7 percent. The broader the range of numbers you run, the better you'll understand how important it is to get the price you'll be paying down as low as possible; this number is far more important than the interest rate you pay)
loans for new cars typically have a lower interest rate, but the difference usually is not enough to be a major concern. These two rates are usually within one percentage point of each other, and the extra interest you pay on a used-car loan adds only about $7 to $15 on a typical monthly loan payment
dealers will bend over backwards to sell you a car, and getting you financed is not only part of the process, it's also a huge source of profits; never forget this-even with terrible credit, most dealers will get you a loan because they want to make money off you by selling you a car, then getting you a loan
many lenders and dealers will work with buyers who are considered credit risks, but these loans have a much higher interest rate. Cleaning up any credit problems before you buy your next car should pay off with a lower interest rate.


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