Three of the top reasons why many consumers end up having to finance a vehicle with a bad credit car loan
Why me?
If you’re reading this, you may be one of a growing number of consumers who find themselves in the position of having to finance their next car with a bad credit auto loan. In our business at Auto Credit Express, we have helped thousands of applicants raise their credit scores and reestablish their car credit by filling out the online bad credit auto loan application on our web site and financing a vehicle with car loans with bad credit through one of our affiliate dealers. By paying off the loan in a timely manner, these buyers have a good chance of starting a new chapter in their lives.
Our web site also features a resource section where you’ll find calculators and other information needed in order to come to a decision about the kind of loan you should choose (such as a tote the note loan versus a bad credit car loan). The reasoning behind this is simple: a bad decision at this time could result in a loan you can’t afford which could turn into in a repossession that could lower your credit scores even further.
The alternative, buying a vehicle from a tote the note car dealer, can be a problem because these dealers don’t report payments to any of the credit bureaus.
But before you begin the credit repair process, you may be wondering how you got to this point. And while some of the reasons may be obvious, there are three big reasons why many car buyers find themselves applying for a bad credit auto loan instead of qualifying for a conventional vehicle loan.
Paying bills late
Late payments will negatively impact your FICO score in a big way. If you can’t pay all your bills on time, prioritize them and start paying them off by working from the top down.
Maintaining high credit card balances
Lenders don’t like to see credit card balances maxed out. In fact, it’s a good idea to only use 30% or less of your credit line. If you are using more than that, and especially if the balance remains high, banks see it as a red flag that you have too much debt.
Applying for a lot of credit at the same time
If you apply multiple times for the same type of loan within a short time frame, the credit bureaus look upon this as one instance. But if you apply for different types of credit at the same time, it could lower your credit score.
One good decision
If you do have bad credit and need a car, we want you to know that here at Auto Credit Express we have helped thousands of people with bad credit buy cars and reestablish their auto credit at the same time. Our nationwide network of affiliate dealers specializes in bad credit car loans. Our web site, www.autocreditexpress.com, will help you determine how much car you can afford and, unlike many sites, our toll free number is listed on every page, in case you have any additional questions.
So why not begin the process right now by filling out our secure online bad credit car loan application to see what we can do for you.
