Auto Credit Express Blog

It’s important to practice proper car maintenance all year long, but April is National Car Care Month. In honor of that, the Car Care Council provided a list of questions to help you find the right technician for your needs. They also asked Americans which late-night TV talk show host they would trust to work on their vehicle.

When it comes to budgeting for a bad credit car loan, there are a lot of factors to consider. Many times, people will throw some jargon around that may be hard to pick up on. There are some common abbreviations you’ll need to know about when you’re planning for an auto loan, and we'll explain what all the alphabet soup stands for.

If you know anything about auto financing, you know the longer you stretch a loan, the lower your monthly payments. A low monthly payment may sound great, but it’s not always the best option – especially if you have bad credit. Not only can you save money by keeping a loan term short, but you’ll be more likely to complete your loan before something unexpected happens as your vehicle ages.

When you’re getting an auto loan – subprime or otherwise – there are a lot of terms thrown around that you might not be familiar with. It’s good to know the basics of lending if you’re going to be getting a loan, so we’re going to help arm you with some words and phrases you’ll need when it comes to financing a vehicle.

Once you sign the contract on your car loan, it’s yours – return policies on vehicle sales are extremely rare. In fact, they’re practically nonexistent. If buyer’s remorse has you racing back to the dealership after striking a deal, you’ll find very little can be done to help this. Little, but not nothing.

There is no minimum income required to buy a car if you save up and pay cash. Financing, on the other hand, has many requirements, including income. Your credit plays a large part in what type of loan you qualify for and how much income you’re required to have.

Remember, if you still owe on a vehicle, the lender owns the car and, in most states, holds the title. Many states make it illegal to sell a vehicle without a title. If you’ve lost the title, getting a replacement is a relatively simple process. But if you don’t have a title because you didn’t pay off your loan, you’ve just sold a stolen car – which is certainly illegal.

When you’re dealing with bad credit, the only way to finance a car from a private seller is to get a direct loan. This can be difficult, but it’s not impossible. The best way to start is to go somewhere you're familiar with, before exploring your other options.

The car repossession process can really take a toll on you if your credit is already suffering. Fortunately, there are options for getting a repossessed car back. Be aware though, that keeping your vehicle may not be the best option for you. But if you feel it is, your options are time sensitive – so make sure you act fast.

“Maximum” is very subjective when talking about bad credit car loans. Just know it's not the time to try and finance your dream car if your credit is already suffering. Be realistic about your car buying goals and stick to a practical, reliable vehicle that meets your needs. Above all, remember, only a lender can say for sure, but there are many factors that determine how much you might qualify for.