Newnan and Coweta: Tips on helping your Credit Crisis

Bad or Poor Credit is viewed by many new car buyers and some dealers alike as the equivalent of “The Scarlet Letter”. But, in reality, there is a lot of misplaced anxiety when it comes to trying to get a new or used car. First, you shouldn’t feel bad or self-conscious if you don’t qualify for a standard or good credit car loan. The bottom line is that it’s been a tough several years and there are many more people with a bad credit score looking for loans than you’d think. In fact, almost 25% of Americans have bad or poor credit. The “bad credit” boat has a lot of passengers.  Thanks to this fact, there are actually several companies that could provide you with an auto loan regardless of how bad your credit is.

Before you go around randomly applying for used cars loans, think things through first. Do a little research on your credit ranking. Check your credit history at least annually for reports which are not yours or are certainly not accurate. Those would decrease your credit score and increase your loan percentage rate. So, it is worth your time to look at your credit report. You can get a free credit report once a year thanks to the Fair and Accurate Credit Transactions Act.

Now, figure out how much you really can afford to cover regular monthly payments on an auto loan. Do you have for a down payment and how much is it? If you’re not sure what the payment per month for a certain car would be, make use of a car loan payment calculator to help you in your search.

Before you drive to your car dealer of choice, be prepared, as if you are all ready to actually submit a car loan. Have your most up-to-date paystub from your current job, or proof of some other regular monthly income. Many car dealership websites allow you to submit an application on the internet, which means you do not even have to sit and fill out an application when in front of someone.

Now comes the fun part, when you get your car loan and enjoy the car you wanted, start getting your credit back on track. All you have to do is pay your credit and loan payments on time. It really can be that easy. Here’s just an extra word of advice: Don’t apply for every credit card that arrives through the mail. As a matter of fact, do not get one in any way.

To seek help from the right people to get your very own car with the best deals, you can always swing by and talk to us. Our guys at Southtowne are Credit experts and can not only get you a car, but also be the first step in getting your credit back on the road too!

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