Consumers with damaged credit need to know that they’re really not alone and that there are lenders out there willing to work with them – they just have to know where to find them – which is where we come in.
Even if your credit scores are less than perfect, the smart move is to buy the safest car you can afford. Checking out the list of vehicles tested by the IIHS can go a long way to steering you towards the right vehicle.
The Castrol Protection Plus program can give used car buyers additional peace of mind. Buyers with credit issues, however, should keep in mind that it’s not available at all dealerships, oil changes will be more expensive, and it doesn’t take the place of a certified used car warranty or used car service contract.
The latest report from the NCUA shows that credit unions continue to increase their share of vehicle lending. The issue that buyers with damaged credit face is that credit unions, as a rule, don’t buy as deeply as subprime lenders. But having said that, it never hurts to give your local credit union a first shot for a car loan.
It’s not only important that consumers not only understand the different types of credit, but also the ways in which they can reestablish credit if they’ve experienced problems with any type in the past.
Although many borrowers are unaware of the advantages of auto loan refinancing, consumers with low credit scores need to realize that they may not quality for this loan option, especially if their loan is fairly recent.