Unless they report all of their income, credit-challenged consumers who get paid under the table will find it very difficult getting approved by a subprime lender. But there are acceptable alternatives including paying cash as well as getting financed with a BHPH dealer that reports to the credit bureaus.
The New Year brings with it, in many cases, additional requirements for subprime auto loans. This means that borrowers with credit issues should typically be prepared to furnish the previous year’s W-2 in addition to their most current pay stub.
Although the MojoMotors study is a broad look at vehicle value, it’s interesting to see how the various manufacturers stack up against each other and how closely the results match up with the perceived value of each brand.
We agree with the Illinois CPA Society that the New Year is a good time to take the following advice: step back and assess your financial situation for the coming year and resolve to make it as good as you can.
Two free credit scores are more than twice as good as one and should give borrowers an idea of where they stand, credit-wise. This plus the ability to view two credit reports at any time makes an even stronger case for consumers to sign up with Credit Karma.
If you’re involved in an accident, be sure to check with the police and/or contact your insurance company before authorizing anyone to tow your vehicle.
Borrowers with bad credit would do well to choose one of these affordable cars – vehicles that are also fuel efficient and inexpensive to insure – if they’re buying new. Opting for the shortest loan term possible, once they’ve reestablished their credit they’ll be in a much better position for their next loan.