Since subprime lenders typically only do business indirectly through their dealership partners, applicants with less than perfect credit won’t know if they’re approved until after they’ve visited the dealership, been interviewed by the finance manager, turned over the required documentation and had their credit application submitted to a lender.
Account re-aging is a practice that not everyone is aware of, but it could affect your financial life if you have unpaid debt. It involves changing the dates that are associated with a delinquent account, and it can be beneficial or detrimental, depending on the situation.
Not everyone knows that debt has an expiration date, but it does. Old accounts are subject to statutes of limitations that vary from state to state. However, this won’t stop debt collectors from pursuing payment, even after the debt is too old to be legally claimed. Also, the clock can be reset on delinquent accounts if any new activity occurs.
Having bad credit doesn’t mean that you should expect unfair treatment from a car dealership. With the right knowledge and a little planning, you can put yourself in the right position to receive the best deal possible. And if you put your trust in the experts at Auto Credit Express, we’ll make sure that your auto buying experience is easy and enjoyable, regardless of your situation.
Given these facts, perhaps it’s not so surprising that many people experience financial problems, even in good times.
Trying to get back on track after a financial hardship can be difficult, but the good news is that it is not impossible. An auto loan can really help give your credit history the boost it needs, but it will take some time and effort to do so.
Having bad credit doesn’t have to mean that you’re limited to buying cheap cars from private sellers. You can get an affordable car loan to buy a safe and reliable vehicle, and start to rebuild your credit at the same time.