Some people may realize that they have a bad credit score and think, “Big deal. I just won’t try to get a loan any time soon.” But damaged credit can affect a lot more than just your ability to get financing.
They old saying goes “It takes money to make money.” Well, it takes credit to build credit as well. If you have no credit history or are looking to rebuild bad credit, you need to practice responsible credit management. And using a secured credit card to build credit may be the perfect jumping-off point.
There are certain purchase rules that bad credit lenders will have when it comes to the vehicles they finance. However, eligible vehicle requirements will vary from one lender to the next. Here are the typical guidelines subprime lenders hold for the cars they finance.
If you’re in your 20s and already have bad credit, the time to start fixing it is now. Good credit is within reach, but getting it will take some time and effort.
Beantown may also be known as “America’s Walking City,” but a car may be necessary if you commute into the city from one of Boston’s many suburbs. However, if you have bad credit, buying the vehicle you need may seem like a difficult task.
When you have bad credit, it can be tough to get approved for a car loan. Most lenders aren’t willing to approve applicants with poor credit, which can leave you looking for alternative options. Two of the most common ways is through either a bad credit auto loan or a buy here pay here dealership.