The current lending climate for consumers with problem credit is the best it’s been since before the great recession. But while now is a good time to buy a car, buyers need to realize that using a large down payment and picking an affordable vehicle will maximize their chances of successfully reestablishing their credit.
There are several factors that could possibly cause you to be denied for auto financing; the good news though, is you can often correct these issues.
In as little as six months to a year, you can build your credit history; however, do you want a good credit history? That is going to take a little more time.
We previously looked at finding a lender as well as the income guidelines the majority of lenders follow, while today we’re going to go over the bane of people applying with no credit history: time in the bureau.
Though they may have some flaws that show up on their credit reports, even these consumers, in most cases, owe it to themselves to check out their local bank or credit union before going the indirect lending route.
Once you know for sure that you have issues with your credit, it’s important that you explore all your financing options to see which one makes the most sense for your current situation.