One thing we like to point out is that just because they’re typically less expensive, buying a used car is no longer just for consumers who can’t afford or qualify for a new car.
Consumers with bad credit that have applied for a regular car loan sometimes find the FICO reason codes in the “adverse action notice requirements” they receive confusing. But this is an improvement over the old system.
So we’ve decided to pass on some suggestions on preventing this from happening that we came across a few years ago from the National Insurance Crime Bureau
Car buyers including those with bad credit need to know how fraudulent sellers can affect an auto loan by using websites such as Craigslist.com.
Car buyers with problem credit should be aware of just what is and is not contained in all three of their credit reports before beginning the application process for a car loan.
By the time these applicants get to us, the first question most of them ask is “Can I buy a car with bad credit?” The answer, provided they meet income, debt and down payment requirements, is usually “yes.”
Car buyers with questionable credit are now able to pick from a larger number of certified used cars from different manufacturers at many Chrysler, Jeep, Dodge, Ram and Fiat dealers – that is, those that also offer auto loans from subprime lenders.