In addition to our tip on taking out a bad credit car loan the AFSA Education Foundation offers eight simple ways to either maintain or raise your credit score.
What we do
The last 20 Auto Credit Express has worked with individuals with bad credit and has helped many of these consumers reestablish their auto credit by filling out our online bad credit auto loan application and financing a vehicle with a second chance auto loan. During this time, we’ve tried to provide our applicants with the information they need in order to understand this type of loan as well as the loan process, since a poor decision can trap them in a loan they can’t afford which could result in a repossession that could further lower their credit scores.
Unlike tote the note dealers, the bad credit auto loans our dealers use originate with lenders that report your payment history to the credit bureaus. This means that if you make all your payments on time and pay attention to the rest of your bills, you can raise your FICO scores and reestablish your car credit at the same time.
As with anything else, the key to successful car loans with bad credit, as with anything else, is focusing on the basics. According to the American Financial Services Association Education Foundation, there are a number of simple suggestions that you can follow to create a successful financial plan that will also help you manage your money and, in the process, improve your credit rating and raise your credit scores.
Here are some financial tips from AFSA:
• Keep track of your spending for at least one month to realize where your money is going. This exercise will help you identify unnecessary spending. Use your findings to create a realistic budget for the New Year, and review your budget monthly.
• Pay yourself. Designate a fixed amount of money from each paycheck to automatically transfer into a savings account or 401k.
• Collect change. This tried and true practice can provide you with a significant amount of money that you can deposit into a savings account or use to pay off balances.
• Obtain a copy of your credit report at annualcreditreport.com and review it to know where you stand.
• Comparison shop. In today’s economy, it is more important than ever to compare offers and allow extra time to make the best decision possible.
• Take advatage of automatic bill pay for loan payments, utilities, etc. to avoid missed payments and late fees.
• Make a commitment to pay more than the minimum payment on your credit cards if you cannot pay in full. Whether you pay an additional $5 or $50 each month, this strategy will help you pay off balances more quickly.
• Take advantage of free online financial education resources such as www.afsaef.org, www.ftc.gov/consumer, and www.mymoney.gov.
As we see it
It’s never too late to start taking charge of your finances. If you have seen your credit report and think that you will need a bad credit car loan, visit our web site at www.autocreditexpress.com. Here you will find a wealth of information on the subprime loan process.
At Auto Credit Express we have helped thousands of people with bad, blemished, bruised, and tarnished credit buy cars and reestablish their auto credit at the same time. Our nationwide network of affiliate dealers specializes in bad credit car loans. So if you are serious about getting your credit back on track, you can begin the process right now by filling out our secure online bad credit car loan application.
