Consumer Car Buying Advice Blog

Be sure to pay attention while you sign the purchase contract of a bad credit auto loan

Where to go from here

A growing number of car shoppers are now finding themselves in the unenviable position of having to finance their next car with a bad credit car loan. Fortunately, at www.autocreditexpress.com, we have the experience of having helped thousands of applicants in the same position help themselves by filling out our online loan application for car loans with bad credit and financing a vehicle with auto loans for bad credit through one of our affiliate dealers. By paying off the loan in a timely manner as well as paying the rest of their bills on time, these buyers have a good chance of reestablishing their auto credit and regaining their good credit standing.

The alternative to this process, which is buying a vehicle from a tote the note car dealer, can be a problem because these dealers don’t report payments to any of the credit bureaus.

In addition to the credit application, our web site also features a resource section where you’ll find calculators, videos and other information that will help you understand the car loans with bad credit buying process. This information is there for a reason: a poor decision at this time could result in a loan you can’t afford. If this results in repossession, your credit scores can drop even further.

The purchase contract

Here at Auto Credit Express, our customer service department occasionally gets calls from consumers who “made a mistake”, went to the wrong kind of dealer and are now trying to get out of their finance contracts.

Remember, once you sign the finance contract, you are committed to the terms it contains. There is no “cooling off” period and you can’t change your mind later on. With this in mind, here are some tips to follow when signing up for your new vehicle:

Double check the contract to make sure the terms are the same ones that you agreed on with the salesperson including:
•    The Sales Price – make sure the sales price of the vehicle is correct. This figure should include the selling price of the car plus tax, title and license fees. The dealer may also charge a documentation fee to process the paperwork. This should all be outlined in this document and broken out as to the type of fee and amount.
•    The Amount Financed – this is the amount that you will be financing. It should be the sales price of the car less any down payment amount from cash or trade equity.
•    The Term of the Contract – this is the term in months of the sales contract and should reflect the terms you agreed to with the dealership and the salesperson/finance manager.
•    The Interest Rate – this is the interest rate that you will be changed. Again, it should be the same rate that you agreed to.
•    The Monthly Payment – this is the payment that you will be required to pay the bank each month for the term of the loan. It should match the amount that you agreed to.

If there is anything in the contract that you don’t think you agreed to, you have the right to walk away from it. If everything is correct and you sign the documents, the dealer will give you copies of the purchase agreement, finance contract, odometer statement, window labels and any other document that you signed.

The Bottom Line

You should be paying as much attention to going over the sale and finance documents as you spent researching your car purchase. If you blindly sign anything put in front of you and miss something, it’s your fault as much as the dealer’s. Taking a few extra minutes might save you years of misery.

At Auto Credit Express we have helped thousands of people with bad credit buy cars and reestablish their credit at the same time. Our nationwide network of affiliate dealers specializes in bad credit car loans. Unlike other sites, our toll free number is listed on every page in case you have any additional questions.

So why not begin the process right now by filling out our secure online bad credit car loan application to see what we can do for you.

Tags: auto credit, bad credit, credit, credit bureau, credit score, purchase contract, repossession, tote the note

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