Credit is such a wide-ranging topic that many consumers get confused about what is true and what is not. We have grown accustomed to believing certain generalities and ideologies regarding credit, when they are often not true. Watch out for these credit lies that could be hindering you financially.
The latest report from TransUnion is certainly good news for borrowers with tarnished credit. But these consumers can also help their chances by having a down payment, choosing an economical vehicle and going with the shortest loan term they can afford in order to give themselves the best chances of success.
While many know that being late on credit card payments and bills can hurt your credit, there are still other, less obvious things that can affect your credit score and your chances of being approved for a loan.
Purchasing a new or used vehicle may seem like an intimidating task if your credit score isn’t as strong as it once was. However, thousands of people buy cars every year with compromised credit, and many use the purchase as an opportunity to improve their lives.
Understand your debt, make plans to address your debt issues, and eliminate your debt. You just need the right motivation and a little discipline.
The issues you encounter while searching for a car dealer during troubled financial times don’t just include reduced chances of approval and higher interest rates. It also narrows your options of which dealership will approve you.
We know that there are car buyers out there that would prefer to just avoid having their credit checked, while others try to stay “off the grid” by avoiding credit altogether. However, keep in mind that your credit factors into many more things than just auto loans and credit cards.