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Are you tired of hearing the word ‘No’ when it comes to a car loan? I set up auto bad credit financing loan specifically so that you could hear the words ‘yes’. Who am I, you ask?

I spent 14 years in the automobile business as a Finance Manager so I believe it’s fair to say that I know a thing or two about getting a loan financed, irregardless of your past credit history.

Remember, regardless of your past credit history, you still need a car, want a car and most of all, you deserve a car. You should also be treated with respect and given choices. I’m going to teach you how to have a choice with auto bad credit financing loan.

I know what you’re thinking here: this lady has lost her mind! But, I know a few insider tips about Ford Motor Credit and some other big name lenders that may help you here. First of all, all lenders now purchase deals based on what is called a beacon score, which is the same as your credit score. There are three credit bureaus that make up the package. Each lender will choose whichever credit bureau(s) they prefer when looking at your credit or a combination of bureaus.
I highly advise everyone to have all three credit bureaus pulled when checking your credit and to pay for the credit score. If you only look at one bureau, you’re only seeing part of the whole picture. Bad credit financing is an art and there is a skill to it.

If your credit score happens to be around 600 or higher, Ford Motor will look at your deal with the intention of purchasing it; there are a few exceptions. They are as follows:
1- You cannot have had a previous Ford Motor repossession-
2- If you have had a repo, it needs to be a year or older; if you have had 2 repo’s, forget it and move onto another lender.
3- You can be freshly discharged from a bankruptcy, have a high enough beacon score and qualify for a loan with Ford Motor. You just can’t have any negative credit after the bankruptcy was discharged.

With the exception of these three things, beacon score will play a large part in your approval. Staying within your financial means is another, so be realistic. If you make $2500 per month and have $1200 going out, don’t walk in all high-and-mighty and tell the Finance Manager that you will only have an Expedition or nothing. You’ll end up with nothing.

In order to effectively use auto bad credit financing, you are going to have to know what your credit looks like and what your credit score actually is. Otherwise, you are working in the dark.
Pay for the credit score or it’s just almost useless. With the credit score, you will know whether or not you qualify for a lender such as Ford. Also, the higher the score, the lower the interest rate. Got it? With an auto bad credit loan, the higher the beacon score, the better.

Let me explain websites like cars.com and the such: They collect applications for car loans online. They then have a network of dealerships that PAY them for the leads. These are generally dealerships that have departments that specialize in getting you financed, regardless of your credit. These departments pay for these leads, so most take them very seriously, as they are their bread-and-butter, so to speak.

If you have a lower than usual credit score, a current repo or just plain, all-around bad credit, this might be the way to go. If your credit is really that bad, remember that you are going to need some cash or a paid-for trade in thats actually worth something.

O.K., now for the step-by-step system that I promised. First, take control of your car deal! You need to be in the drivers seat, if at all possible. Go online and run a copy of a tri-merge, which is all three credit bureaus, plus pay for your credit score. You can get a FREE copy of your credit report once per year HERE:
http://www.annualcreditreport.com

This is the new Federal law that actually entitles you to receive a FREE copy of your credit bureau once per year and with some other exceptions. This is not a credit monitoring site. You have to run each bureau separately; Experian, Equifax and TransUnion. Then, you have to pay for the credit score.
So as to hold down on confusion, heres the scoop: Each credit score for each separate bureau will be different. Thats why a Tri-Merge is called what it is called. You can run a specific bureau called a Tri-Merge from one company (there are many-just do a Google search) and you actually get one bureau (its actually all three combined but the credit score is also one credit score). Its more expensive and generally runs around $34.00 but it just depends on your preference.

Now, with your credit score in hand and a copy(s) of your credit bureau, look at your credit. Do you have anything strange on there that is not yours? If so, its time to fix it. You should review your credit bureau at least every 6 months to a year. Plus, if your identity has been stolen, you will know quickly. P.S. you can also have a liner placed on the bottom of your bureau that simply states Do not extend any credit on my behalf without contacting me first. Work # (111)222-3333 Home#(222)333-4444 Cell# (333)444-5555. Call or write the credit bureaus and request that this is done. You can now do this online for free. Again, do a Google search for all three bureaus listed above.

How do you fix your credit, you ask? I give away a totally FREE book that I wrote on the subject simply for the asking. Email me with Free Credit Repair Book in the headline and Ill email it to you.

Next in line: Know what you want to buy BEFORE you even go out shopping! Let me make this very clear. Car dealers jobs are to sell you a car on your very first visit. A salesman/woman and their sales manager believe that if you walk into their dealership and do not leave with a car, you will never come back again. They are going to hammer on you until they either A) Make you mad and you get up and leave or B) Sell you a car. Its the nature of the beast. Accept it ahead of time.

What do you want to buy? Where can you get unbiased information on the auto? Again, Google for Kelley Blue Book or NADA and you can get cost, warranty repairs, recalls, and information on problems and tons of info beforehand. Limit your shopping to three models. Keep it simple. Those will be the ones that you will shop for.

Can you afford the car? You may think you can afford the car, but the bank may think otherwise! I have seen this so many times in my career. Automobile economics 101: Take your gross income (what you make per year BEFORE Uncle Sam taxes you) and remember, this income needs to be provable-tax returns, check stubs with taxes taken out or a W-2. If you are self-employed, you will need two years of tax returns with Schedule Cs. This is the income that you actually paid taxes on. Being self-employed can be tough. You may need to combine a spouses income if you are self-employed.

Now with your gross income figured out, find out what all of your debts are that are going out each month. Include everythingits listed on your credit bureaus. Example: Car note=$450.00 + House note= $560.00 + Credit card debt= $425.00
Boat note= $310.00 Charge-offs=$1200.00 (yes, charge-offs; these are bills that you never paid and they were written off). Add all of your debts up. With just your obvious debts (including the charge-offs), you have $1805.00 per month going out. I arrived at that figure by adding up all the monthly notes and taking 5% of the charge-offs. 5% of $1200.00 = $60.00. Were not through, though. Now we have to figure in cost of living-utilities. Each lender has their own algorithm for utilities but a good range to estimate would be to add $300.00. Now we have a total outgo of $2105.00. This is what you have to have to pay your current bills before you take on any other debt.

Almost all lenders will not allow your new car note to exceed 20% of your current income. For our example, lets assume that your gross income is $5300.00 per month. Lets take $5300.00 and subtract your debts, which are $2105.00. That leaves you with $3195.00. To make it easy, take $2105.00 and double it. That would be $4210.00. That would leave you with disposable income of $1090.00. What the lender is looking at here is referred to as debt-to-income. They want to know if you have more going out than you can handle. This is strictly a case of numbers and provable numbers. If your gross income was $4500.00 and you had $2105.00 in debts each month, you need to be prepared for one of two things; add your spouses income and your spouse to the deal or trade in the other auto. If your debt-to-income is running too close to 50%, youre going to have a hard time getting a loan for anything. Make sense? The way the bank looks at it is this: you cant afford both cars so they assume that you are going to let the other (older) car go back to the lender-repossession. Thats their take. Debt-to-income is a HUGE deal.

In this case, your disposable leftover income is $1090.00. 20% of that would be $1060.00. Whoa! Let me be the first to inform you that you are NOT getting a car payment of $1060.00! Why? Well, you only have $1090.00 left over for starters. Lets be realistic here. Most lenders will slice that in half which will equal $530.00. Your payment call should be around that figure, give or take a few dollars.

How expensive of a car can I buy on a $530.00 payment? Good question and one that you absolutely need to know so that you can pick out the correct car. One answer depends on the term of the loan. You can finance for 36, 48, 60 or 72 months, as a for-instance. That equates to 3 years, 4 years, 5 years and 6 years. I will tell you this: the worst thing you can do is extend the note out the longest amount of time in order to get the payment where you can afford it. That creates a syndrome that now affects over 75% of car owners called being Upside Down. It means that you owe more on your car than its worth. It also means that you need more money down when you go to trade it in. The only way around that is a lot of money down or a short-term loan.

You can again do a Google search for a car loan calculator. You will punch in the loan amount you want to borrow, the term (48,60, etc.) and the interest rate. If you have not gotten approved already and know the rate, you will have to guesstimate. Heres a rule of thumb for you-its not an exact science without knowing your credit, but it is a guide you can follow to get you close. Lets base the rate on your beacon score: thats what most of the lenders are going to look at. If your beacon (credit score) is in the 400 or lower range, you will need to figure your interest rate on a new car at 21% (state maximums differ-it could be 18%). If you are looking at a used car, figure on 33%. If your beacon score is in the low 500 range, figure your new car loan as you would for the above-mentioned 400 beacon. If your beacon score is in the mid to high 500-range, figure a new car at 18% and a used car at 27%. If you have a beacon of 600 to 649, figure a new car at 16% and a used car at 20%. If you have a beacon score of 650 to 699, figure a new car rate at 12% and a used car rate at 16%. I may be hitting too high on a few of these, but I live in a state that has the highest rates in the nation. Better safe than sorry.

Get Pre-Approved BEFORE you start shopping. This is the easy part, in a way. Remember I told you at the beginning of this article to take charge of your car deal instead of letting the dealer lead you by the hand. It all boils down to financing. If you can walk in with a check in your hand, you are in control. I will recommend a few companies that are reputable, have a proven track record in sub prime loans and all mail the check to you at home. You then go into a dealership and pick out your vehicle, negotiate and buy like a cash buyer! These companies are Household Finance, Capital One Finance, Americredit and E-Loan. You can do a Google search for all four, apply online, and get either an instant approval or one really quickly. When you are approved, they mail the contract to you and then the check. Its that easy.

On the final decision for the car-work smart here. There is nothing more valuable than time and nothing more rewarding than piece of mind. Please dont go running from dealership to dealership. Wrong. Pick out the 3 models of auto that you can afford. If you are looking for a program car (rental), call dealerships and inquire as to whether or not they have any. If you want a new, ask other people that are driving that model where they bought theirs and would they purchase there again. If you start hearing a lot of Ill never buy from them again, move on. Something is wrong. Your new car is only as good as the service you will get AFTER the sale.

Negotiating-Most people hate this. I have only met 2 people in 14 years that enjoyed it; they were both retired and had nothing better to do. One did it for the fun of it and never even bought if you agreed to his price. Dont waste other peoples time. If you dont like the car, dont negotiate on it. When you do find a car that you would own, tell the salesman youd buy it right then if the price was right and if they provided you with a Car Fax. The keyword here is: If the price is right. How do you know what a good price is? Wellglad you asked. If its a new car, Kelley Blue Book will have dealer cost. Go to: http://www.kbb.com
If its a used car, compare used car figures at http://www.kbb.com
And
http://www.nadaguides.com

Whats the difference? Most dealers (with the exception of the West coast) will use NADA as their guide.

Before you ever drove the car, you went by the dealership on Sunday, when there are no salespeople and you got the Vin# of the car and the equipment, year model and had a good look at it. You already know if you like the car when you drive it, that you would buy it. The list price is in your pre-approved check category, to boot. Youve already gone online and gotten wholesale, trade-in and retail values for the car.

Retail is what the dealer should ask for the car. This will help you to know whether or not the salesman is trying to add money to the car, or if the dealership is. Trade-in is a figure to gauge approximately what the dealership traded for the car for. It will give you an idea of what the dealer paid for the car, before reconditioning fees and any ticket from service. Now, not every make of car will bring trade-in value. Two that will at this time are a Honda and a Toyota. Those cars will bring trade-in value. Domestic cars generally will not bring trade-in value, with the exception of new, hot models. Other models will only bring wholesale. As an example, Kia makes a great car, but most will not bring close to trade-in value. Mitsubishi is going through changes and also wont bring close to trade-in value. There are exceptions to the rule: Katrina and Rita-two hurricanes that created a short supply of used cars. If you live in the south, that will be the case for a while. With the exception of a Honda and a Toyota, you can probably be safe offering less than trade-in. Not thousands, mind you, but less. Take into consideration the other costs of trading for a car. Also, ask the salesperson how long theyve had the car. If the salesperson slips up and tells you theyve had it a while, your negotiating should be easier. The reason behind that is that the dealer is paying interest on the car every month it does not sell. The book value is also dropping every month so it needs to go.

Throughout the car deal, make sure they know you are paying cash. Dont mention that you have a check from Americredit or whoever. Thats none of their business. When you make a deal, insist on the Used Car Manager running a Car Fax before you sign any paperwork. A Car Fax will show if the vehicle has been involved in a serious wreck, was bought back from the original customer or is salvaged. This will put your mind at ease. If you dont like the Car Fax, dont buy the car.

Throughout your shopping, I cant stress this enough-Do NOT fill out credit applications at each dealership. Every time you sign a credit application, the dealer pulls your credit report and your beacon score goes DOWN. Thats why I advise on getting approved ahead of time. There are numerous advantages to getting approved ahead of time. The main advantage is that you are in control, not the dealership. Thats worth a fortune in itself. Their job is to take control of you from the start of every meeting. Believe me; I know what Im telling you. I lived that life for a long time.

For some reason, should you not be able to get pre-approved because your credit is extremely bad (a discharged bankruptcy is an instant-approval, by the way), and you have to go through an online clearinghouse like cars.com, dont despair. Continue to follow my previous steps and advice and negotiate and insist on a Car Fax report.

When you do decide on a car and go into the Finance Office to sign the papers, I would like for everyone to know that you do not have to purchase any products in order to get the loan. If anyone in Finance tells you that you have to purchase a warranty and credit life to get the loan, which is a bold-faced lie. Why would a Finance Manager do that? Because they work on commission, also. Surprised? Dont be. Thats the way dealers set up Finance Offices from the start when they realized how much money could be made. The Finance Manager makes money off of the rate they quote you, the warranty they sell you, the gap insurance and the credit life and disability you buy. Thats how they make a living.

Im not saying that any of these products are bad, though. I believe in extended warranties. Im just telling you to shop around first. If you find a cheap warranty, check out the company and make sure they will give the dealer a credit card over the phone immediately when in need of repairs in any state. All in all, I will say this-A manufacturers warranty is always better than an after-market warranty. Always. Just negotiate on it if you want it. The only reason why you would not want gap insurance would be if you literally paid cash for the car. Otherwise, gap is cheap (should retail around $495) and will pay the portion that insurance wont pay if its totaled. Just remember what I said about the book dropping on a car every month. It will never be worth what you owe unless you put down a lot of money at the time of purchase.

Credit life and Disability insurance are a personal matter. If you have a life insurance policy, it can be used to pay off the car in the event of your death. If you are single, why do you need Credit Life? The only benefit would be if you are married with a family, it cuts down the payout time. In this situation, your spouse would not lose the car. Disability Insurance pays out for a specified amount of time. It will not pay out for the entirety of the loan. It also has a specified start date from the time you are disabled. It doesnt just kick in immediately.

This is a lengthy article, but the gist of it is this: do your homework at home first. Then get approved online. Then shop on Sunday. Then go get your car and negotiate on everything. It will be the easiest car-buying experience you have ever had. Regardless of your credit situation, if you follow my steps, youll have a car in no time and youll be an educated and informed customer during the process. Good luck!

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Should you arrange for private auto loan financing when you have bad credit? The simple answer is yes, if you want to save money. Relying on dealership financing makes you the victim of high rates and limits your car buying options. By securing your car financing before you shop for a car, you get the chance to find the best available car loan.

Limited Options With Dealership Financing

Dealerships would have you think that there are very few financing options if you have poor credit. They let you pick a vehicle at what you think is a reasonable price. Then they turn around and charge you excessively high rates and fees to finance the purchase. Dealerships make thousands with these poor loans.

With dealership financing, you dont have the power to negotiate a better deal on your car or loan. You have to take what they give you, which isnt very good.

Take Control Of Your Financing

To get the best deal on your auto loan, check out private lenders ahead of time. Use the internet to search across the country for lenders who are willing to work with your adverse credit rating.

You can also request car loan quotes, so you can better compare lending companies. Without hurting your credit score, you can ask for estimates on a number of loan terms, helping you decide what is your best option in regards to loan terms.

Getting pre-approved for your car loan also gives you more control during the car buying process. You can go to any dealership or person to purchase your car. Sellers treat you like a cash buyer since you have a blank check ready to sign over to the dealership or individual. So not only do you get a better deal on your loan, but also on the cars price.

Quicker Results Online

Shopping for car financing only takes a few hours. And the loan
application just takes minutes to complete over the internet. In just a few days, your application can be approved with a blank check and contract express mailed to you. For the savings youll see, time spent searching for online car loan lenders is well worth it.

Even if you have bad credit, you can still qualify for a bad credit car loan. When you are ready to begin shopping for your car, there are a few things to consider. Do not take on a car payment that you know in your heart that you cannot afford. A bad credit car loan is a tool to help rebuild your credit ratings thus purchasing a car that you know you cannot afford can be more detrimental to your credit rating.

In order to qualify for a bad credit car loan, you will need to have a job or sufficient income to pay your current bills, the loan payment you are about to commit to and the costs of maintaining and insuring your car. A steady and sufficient income could get you that bad credit car loan even if you have a bad credit. Your lender would like to see that you have had your current job for at least a year and this could make them overlook your bad credit hence increase chances in approving your bad credit car loan. Try to maintain your address for a while, as well, for this can keep your bad credit at bay and help in the approval of your bad credit car loan.

Having a large down payment will also help in financing your new car with a bad credit loan. Your down payment will depend on the car model you wish to buy. It could range from hundreds to thousands of dollars.

Belonging to a credit union is advantages if you are trying to finance a car. The credit union criteria for applying for a loan is often more relaxed compared to banks and finance companies. The longer you have been a member in a credit union, the more positive the response is for your bad credit car loan despite a bad credit rating.

Applying for your loan through a bank is another option. Should you have had a previous loan with them, they could still want to take a chance with you on your bad credit car loan. If by any chance you have paid off a previous loan, they could consider your bad credit car loan application even if you have bad credit history in other banks of finance companies.

You could consider a co-signer for your car loan. Although your co-signer must have a good credit rating and meets all the necessary requirements of the bank, credit union or finance company.

Bad credit will indeed affect your bad credit car loan application, but you can still explore other possibilities. A large volume car dealer can negotiate a car deal and possibly offer financing too. A finance company can also work with you and get the bad credit car loan you need. The trick to financing is to see an aggressive finance manager who will overlook your current bad credit and help to rebuild your credit rating with a bad credit car loan.

Myth: I can get arrested for continually transferring my credit card balances.

Legally, you can transfer your credit card balances as often as you want. So long as you are making your payments and not attempting to defraud your lender, the law does not concern itself with how you choose to handle you finances. It is, however, a bad practice to continually move your balance transfer credit card to another. This is because, in order to do this, you need to open up several credit card accounts. When it comes to your credit rating, having a large number of open accounts can lead to a bad credit rating.

Credit cards utilize what is known as “revolving credit.” This credit is different from something such as a car payment, which is paid back in installments. Too much available revolving credit puts you in the high-risk category. The basic thought process behind this is that it would be too easy for you to acquire a great deal of revolving credit, use it all up, and then default on your payments. Therefore, using balance transfer credit cards to consolidate bills one time is a good idea, but it shouldn’t be a routine practice.

Myth: The best balance transfer credit cards have a 0.00% APR.

While it is true that the best balance transfer credit cards should offer a 0.00% APR, there are more factors to consider when choosing the best card. For starters, you need to learn more about this special APR. Do you need to complete the balance transfer at the time of application in order to qualify for the 0.00% APR, or do you have a window of time during which you make transfers? Does the 0.00% APR last for the lifetime of the balance transfer, or will it rise to an above average APR within a few months? Does the balance transfer credit card offer other benefits, such as travel insurance and fraud protection? Does the card offer a low APR for purchases, as well, or is it best to use the balance transfer credit card only for transfers?

Myth: Balance transfer credit cards are the key to getting out of debt.

While balance transfer credit cards can assist you in taking control of your debt, they should not be considered your primary means of getting out of debt. Instead, you should look at the balance transfer credit card as one tool in your tool belt of obtaining financial freedom. You can consolidate all of your higher interest rate credit cards onto one balance transfer credit card, thereby paying less in finance charges. It also makes it easier for you to keep track of your debts and your bills because all of your payments will be made to just one credit card. Nonetheless, it takes responsibility, diligence, and proper planning to get out of debt – not just getting a balance transfer credit card.

Myth: Balance transfer credit cards are hard to find.

Many people mistakenly believe it is difficult to find a great balance transfer credit card, but this is not true. Many credit card companies offer special introductory rates in order to entice people to apply to their card. After all, the more money you transfer to their card, the more money they can potentially make on the finance charges you have to pay. In fact, you might even be able to make a card you currently have into a balance transfer credit card by calling the credit card company and asking them if they would be willing to give you a special deal. Many companies will waive fees and lower interest rates to keep you with them.

1. A charge on your credit card is the same as taking out a mini loan! Keep track and make sure you dont overcharge on your credit card, as you have to be able to pay back all whatever amount you have borrowed.

2. Watch the balance on your credit card and keep a record of the balance from month to month. Keeping track of what you have already spent will help you make the decision of whether you can use your credit card for any additional purchases. Even the small $5 purchases you make here and there can add up on a credit card if you dont watch outand then the interest will also add to your balance owed.

3. Keep your credit card receipts until the end of the month and compare them to your monthly credit card statement. This practice will allow you to catch any incorrect charges, or sometimes you may catch a purchase you never made! If you do find discrepancies between your receipts and your statement, call your credit card company right away.

4. Neither a lender nor a borrower be! That is a good motto when it comes to your credit card or credit card number. Dont give these out to anyone! Even though you may trust your family and closest friends, you cannot keep track of purchases you are not making.

5. Make it your habit never to charge more than you can pay back. When you do charge more and dont pay it back, it can hurt your credit rating and will affect your future chances of getting credit approval. This can include important purchases you may make in the future, like car loans, home mortgages and other kinds of loans.

6. Pay your bills on time! When you pay on time, you will save on accruing interest and extremely high finance charges for late payments. If you miss a payment, finance charges and interest just keep adding up, making your balance get higher and higher.

7. Try to pay all of your credit card balance in full each and every month. Put credit card payments into your monthly budget, and dont purchase more than that allotment each month.

8. Remember you are responsible for $50 of any unauthorized charges on your credit cards.

9. Keep your credit card for new purchases only. Dont pay off other household bills with your credit card. This will inevitably lead to more charging and higher balances.

The first thing you should do is receive a copy of your credit report. There are three primary credit bureaus, Experian, Trans Union and Equifax that supply credit reports. It is advisable to get a credit report from all three. You will then need to analyze your report to see if it is accurate and what it says. If there are items on there that you are unaware of, now is the time to clear it up. With identity theft so prevalent today, even though you may not have credit, someone else may have gotten something in your name.

Then, you will need to open a bank account. Navy Federal Credit Union (http://www.navymoney.com), NFCU is a good place to start for United States Navy service members. It is advisable to open both a checking and savings account. This will show stability and allow you to pay bills and function much easier. Deposit your paycheck into your checking account and take a portion every pay period to put into your savings account. Do not touch the money in your savings account. Instead, let it grow and accumulate interest. Keep an eye on your checking account and do not let the balance get too low. Always balance it and make sure you do not bounce any checks.

You will want to apply for a revolving charge account. Types of credit that are good to get in the beginning are major credit cards like MasterCard, Visa or Discover. These will allow a lower interest rate and will help start you on a history of good payments. The trick is to not charge more than you can afford to pay off completely. Use the card for small purchases and pay the majority off each month. However, do not always pay it off entirely. You want to establish a good credit rating so be sure you do not pay late. Not only will it increase your interest rate and add finance charges but you will reduce your credit score.

Establishing good credit takes discipline, something you should be familiar with in the military. Taking the time to build it now will hold you in good stead throughout the years and will enable you to get bigger loans when you need it. Eventually you will need a car and a home. If you have good credit you will be able to get approved for a loan more easily and get lower interest rates.

Platinum business credit cards work best for those business credit card holders who prefer to carry a balance on their account and who have the ability to effectively manage business expenses. Platinum business credit cards are usually only granted to persons with excellent credit histories.

Platinum cards make many exceptional perks available to their cardholders, perks that are not available with regular business credit cards. One of the reasons is that businesses that qualify for platinum business credit cards have high, if not sterling, credit scores.

Some of the advantages that you get from having a platinum business credit card may include: a waived annual fee, higher credit limits, lower interest rates, and more benefits, rewards and savings (fraud protection service, frequent flier miles and cash back programs). The travel-related benefits you get from a platinum business credit card also include travel accident insurance, car rental insurance, lost luggage insurance, and a number of travel and emergency services while you are traveling in another country.

Platinum business credit card users receive generous business-related special discounts from participating merchant accounts, including hotel rooms, office equipment and car rentals. All things being equal, the extent of benefits you get from each participating merchant will vary, as described in their disclosures regarding limitations and restrictions.

The credit card company does not have much control over these terms and conditions that the merchants impose on business credit card holders. They make every effort to negotiate the best possible terms on behalf of its business credit card customers though. This is why it is also important for you to give feedback to the business credit card issuer regarding particular service areas where you, as a business credit card user, would like to see improvements.

Business credit card companies often provide a low-cost program to platinum business credit card customers, knowing that platinum business credit card holders are more willing to charge business expenses as long as they can carry a balance without paying too much in finance charges. Remember, business credit card companies make their profits from those business credit card users that carry balances on their accounts.

They also offer a 12-month introductory period at zero percent APR and zero annual fees. After the introductory period expires, the subsequent APR is usually reasonable. However, the platinum business credit card holder should realize that the APR on transactions is indexed to the highest prime rate within a specific time frame. The business credit card issuer retains the option to choose which rate within that period of time. For this reason, you can be sure that the APRs may approach, but never quite reach, the lowest possible rate within the period.

If you are not a platinum business credit card holder yet, but have been diligently paying your bills every month, credit card companies will most likely offer you a platinum business credit card. This is to encourage you to keep your business with them and to reward you for being a responsible borrower.

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If you are thinking about purchasing a new car with bad credit, timing is important. Sadly, millions of people are living with bad credit. Unfortunately, it takes time to improve or boost credit rating. Still, if you need to buy a new car, there are options. Before buying a car, carefully consider whether now is the right time.

Can You Buy a Car with Bad Credit?

Buying a new or used car with bad credit is very possible. Of course, there are some disadvantages. Because of a bad credit rating, many lenders consider bad credit applicants a huge risk. Thus, they are likely to increase the interest rate on the auto loan. This way, if and when a loan defaults, the auto lender is able to recover some of their money. Furthermore, some dealership will not approve a bad credit loan application unless there is a co-signer or down payment.

When is Buying a Car with Bad Credit a Good Idea?

If you are hoping to quickly improve your credit score, buying a car with bad credit is a wise move. Rebuilding or re-establishing credit is challenging. However, if you obtain an auto loan, and make regular payments, your credit will improve in as little as six months. Increasing your credit score opens the door for lower rates on future auto loans and credit account.

Because bad credit auto loans have higher interest rates, you must be in a position to afford higher monthly payments. If possible, finance a low amount. You may choose to buy an inexpensive car, or purchase the car with a sizeable down payment.

Purchasing a New Automobile after Bankruptcy or Repossession

If you experienced a recent bankruptcy or repossession, consider postponing buying a new car. A bankruptcy or repossession is extremely damaging. Hence, if financing a new vehicle, you may obtain an interest rate 18% or higher.

To avoid excessively high rates, consider rebuilding your credit first. You may apply for an unsecured credit card or store credit card. After 12 months of timely payments, your credit score will have likely improved. Make a habit of reviewing your personal credit report. Once your credit score has improved, now is the time to finance a new vehicle.

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If you have recently filed bankruptcy, you may wonder if its possible to get auto financing again. There are more and more loan companies all the time that have new programs to help finance people with bad credit. An auto loan is easier to get financing for than a personal loan or an unsecured loan because the lender can use the car as collateral against the loan, in case the borrower ever defaults or doesn’t make the loan payments.

Here are some tips to help you when getting financing to purchase or refinance a vehicle after a recent bankruptcy.

1. Get Financed To Re-establish Your Credit – Getting a new car loan can help you re-establish your credit when you make your payments on time. Once you have made payments on time for about 6 months or longer, you should be able to refinance your car at a much lower rate. As you make your payments on time, your credit score will increase.

2. Buy The Lowest Priced Car You Can – When financing a car after a recent bankruptcy, you can expect to see interest rates as high as 14-19% or more. It is not wise to buy a car that is more expensive than you need because, initially, you will be paying such a high interest rate on the amount you are borrowing on. If you do want a more expensive car, wait until you have made payments on time for a year or two, after your credit rating has increased. Then, you should be able to get an interest rate of around 9-10% or less.

3. Get Multiple Offers – There are many lenders online that will offer you up to 4 offers from one application. Most of these loan companies will not even pull your credit with the initial application, they will just ask you to describe your credit. This way, your credit score will not drop from being pulled too often.

Getting credit for a big purchase works in the same way as the credit card does. With this credit you can purchase anything without actually having the money for it because a bank or other lender shall believe that you have that much of financial capacity to pay off certain amount of bill. When you have a strong financial standing to deserve credit then you are allowed to make large purchases without the cash in hand. The first step is to find out whether you are eligible to receive credit for a purchase is the filling of an application form or you can also do it online.

As the name suggests, a credit application checks whether you qualify to receive credit for the thing you are applying for. Many times people dont know how to go for the process to qualify for credit and they dont even understand what it is actually a process for which you need to apply. But one should be aware that the process of receiving credit is not always as easy and it requires that you fill in a whole credit application and also report any previous credit if you have.

Lenders and banks should also be careful so that they dont lend to people who are insufficient to pay back and this is the main reason why a credit application is needed and there are seemingly strict requirements to receive credit as such.

For more information, visit our recommended website credit-card-debt-consolidation-guide.info