Consumer Car Buying Advice Blog

If you have been shopping around for a bad credit car loan, you’ve read the ads in newspapers and on the internet and you’ve seen the advertisements on television and on billboards. Many of them are saying that you don’t need a down payment for a high risk car loan.

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In a bad credit car loan or a high risk car loan, being able to prove the income that is listed on the credit application is very important. Since many employees in the food service industry don’t report all their tips, this can cause problems when it comes time to get a car if they have less than perfect credit.

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Many bad credit car loan customers assume that a subprime car loan can only finance an older, high mileage used car at a buy here pay here car lot. In fact, the opposite is true…

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When customers apply for a bad credit car loan, one of the first things that they notice is the way the dealer handles the process of finding a vehicle. Instead of picking out a car, the special finance manager will first wait to hear back from the bank and then show you the cars that fit the program.

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While a payday loan may seem like a good way to get cash when you need it, there are better alternatives out there, even for consumers with bad credit.

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If you don’t do your homework before you apply for a bad credit car loan, you could end up getting into a sales contract that you can’t repay. The result will be more bad credit, instead of improving your FICO score.

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The subprime credit crunch has caused many lenders to cut back on the number of loans they are making to consumers. Now, more than ever, it’s important that you locate the right dealer for your bad credit car loan.

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Unlike some of its competitors, the AutoCheck vehicle history report is more straightforward and consumer friendly. The web site even encourages consumers to have the car inspected by a third party.

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According to the FTC, legitimate credit counseling agencies are staffed by professionals who are certified and trained in credit, money and debt management as well as budgeting. Unfortunately, not all counseling agencies follow these guidelines.

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The good folks at Fair Isaac are hoping to make the credit scoring process more transparent to consumers. As part of this ongoing process, they have made available a series of articles. One article documents the items that are not considered when computing a FICO® score.

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