Bad credit is the equivalent of a bad grade on your credit report card. (Remember how your parents made you feel? The banks make you feel the same way. )
For many consumers, it's just a fact of life. Sometimes you just can't pay your bills. Life happens, and our finances can't always catch up with the consequences of job losses, family emergencies, or illness. Bad credit happens - it doesn't make you a bad person. It's not a good feeling when you have had financial problems that caused nonpayment or late payment of loans, bills, mortgages, and services. The banks and credit card companies deem you "high risk" for financial transactions. Usually, this means that a person with bad credit is either denied credit completely or subjected to high interest rates.
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So, if you have poor credit, should you apply for a car loan? Probably not, but don't stop reading... Let's look at the consequences of that application.
• First, your application for the car loan may be rejected.
• The lender may charge you a high rate of interest that makes the loan unaffordable.
• The seller may offer you a car at a higher price than its actual price.
If a special "bad credit" lender approves your application for a car loan, this does not mean that it's smooth sailing from here on out. You will have to repay the amount you have received as loan and also a higher interest rate.
People with decent credit ratings can get financing at rates as low rate as 10% for 7 years. On the other hand, an individual with a low credit score ends up with a finance ranging from 5% to 26% -- and you're usually expected to repay that in 2 to 4 years. You may also be required to pay 50% of total amount as down payment.
Find a Better Solution
Car financing is not a good idea if you're trying to get out of debt and rebuild your finances. If you are very serious about buying a car, ask yourself these questions: . Are you capable to pay high rate interest? Are you ready and willing to give up a large chunk of your salary to pay for a car every month?
The best way to prevent bad debt is to stay away from these kinds of loans, period.
Instead, trade in your used car for another used car and save your money for next year. Or, if you live in a major city and don't need a car to drive everyday, then check and see if ZipCar (www.zipcar.com) or FlexCar (www.flexcar.com [http://www.flexcar.com/]) are available in your area. They let people with good driving records prepay a car rental at the fraction of the price a rental company charges, and you don't have to pay for gas, either. If you need a ride to get to work, go to Craigslist (www.craigslist.org) and post in the "Ride Share" section.
Work on paying off your debt and reestablishing your credit rather than taking one of these hefty loans. You can survive without a mountain of debt and a shiny new vehicle. There are alternatives if you can just be a little creative and patient, no matter what your situation is.
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