More and more people are waking up in a recession-based economy and wondering how to actually live their everyday, regular life. This includes getting things like new cars and even settling down to buy a house. If you’re ready for a new car, you might wonder if you can even get the financing that you might be used to. While it’s true that banks are tightening their belts on the credit front and preferring near-flawless borrowers, the reality is that there’s a completely different market for people that have credit problems.
It’s all about how you present yourself. If you’re someone that knows that they have a job that’s going to be around for a while, you don’t need to worry too much. Your steady record of employment speaks for itself. Lenders are very worried about whether or not you’re going to repay the money that they’ve let you borrow. So if you can prove to them that you have a steady job, this is a big positive in their eyes.
The bad credit car loans haven’t vanished. However, keep in mind that the worse your credit is, the more likely it is that you’ll need someone to co-sign the loan with you. You will also need to pay a higher interest rate than someone that has better credit.
That doesn’t mean that you’re stuck with the high interest car loan. You can always refinance later down the line when you have a better job and have had time to work on your credit. As we’re fond of saying, bad credit doesn’t stick around forever. As time passes, your credit gets better as long as you’ve been making your payments on time. It’s when you refuse to make payments on time that your credit score gets worse over time, not better.
What type of car do you really want? Be sure that you’re going down to the car dealership and test driving a few cars. You need to make sure that you’re looking around for a car that you really want to own for a long time. Generally speaking, owning works out better than leasing, but you might even find a car lease that really speaks to you.
No matter what, you should be finding a car that truly looks like it’s going to be fun to drive. After all, you’re going to be paying on it for a long time so it never hurts to look for something that really rocks your world!