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Bad Credit Loans

Written by: RNCOS

You can still save money on a Bad Credit Loan by comparing rates, checking out multiple policies, and negotiating with lenders.



Getting a Bad Credit Loan doesn't have to be like basic training. Someone with bad credit will more than likely have a tough time buying a brand new car at an affordable rate. Lenders are not willing to take a greater risk on a high priced vehicle if your credit has some blemishes.

Find the car you are interested in and try to figure out approximate monthly payments.

It's a Serious Matter-Need to Resolve!Yes, it is possible to dig your way out of debt if you know how to wield the shovel. Certainly, you are far from unique. Millions of people rely on credit to help them buy homes, cars, vacations and more. Inevitably, even the most conscientious can encounter job losses, medical emergencies and other unforeseen circumstances that make repayment difficult. Late payments or defaults will be noted on Bad Credit Loan reports that follow you for years, squeezing your standard of living; so, it's imperative to convince the world that you're a dependable, debt-paying customer.



Moreover, a negative Bad Credit Loan report can do more than impair your ability to get a loan or a line of credit--it can cost you your job.

You don't have to sit back and let your Bad Credit Loan report wreak havoc on your life. If you're straining against your credit lines, there are a few points that you, as a consumer should understand.

Be patient and don't expect miracles to happen. Once you've accrued debts, there's no simple way to make them disappear, no matter what you hear from companies that "guarantee" you relief from your obligations.

An Important Caveat

Take your time and do you research and even if you do have bad credit, you can save money. Don't jump into a deal you are not ready for. It's not worth it. Be prepared for the negotiations and everything will work out well for you and your car buying experience.

Here are some more tips on how to save money when buying a used car:



Check out the car's repair record, maintenance costs, and safety and mileage ratings in consumer magazines or online. Look up the "blue book" value, and be prepared to negotiate the price.

- Buying from a dealer? Look for the Buyers Guide. It's required by a

federal regulation called the Used Car Rule.

- Make sure all oral promises are written into the Buyers Guide.

- You have the right to see a copy of the dealer's warranty before you buy.

- Warranties are included in the price of the product; service contracts cost

extra and are sold separately.

- Ask for the car's maintenance record from the owner, dealer, or repair

shop.

- Test-drive the car on hills, highways, and in stop-and-go traffic.

- Have the car inspected by a mechanic you hire.

- Check out the dealer with local consumer protection officials.

- If you buy a car "as is," you'll have to pay for anything that goes wrong

after the sale.

- The Used Car Rule generally doesn't apply to private sales.

To Avail



There are three major credit bureaus most lenders rely on for Bad Credit Loan reports: Equifax, Experian and Trans Union. Upon request, each of these companies must tell you everything that's in your Bad Credit Loan report, along with the sources of information that they used. In addition, you must be given a list of everyone who has requested your Bad Credit Loan report within the past year (two years for job-related requests).



Each Bad Credit Loan report will include an "investigation request" form and instructions that you can use to question any items you believe to be in error. Once you submit this form, the credit bureau must investigate your claims and Bad Credit Loan report back within 30 days. If an inaccuracy has been found, it will be removed from the record. If the issue can't be resolved, you'll be allowed to prepare a short statement (up to 100 words) giving your side of the story, to be included in future Bad Credit Loan reports.



Communicate with your creditors once you've fallen behind. The procedures described above should help if your Bad Credit Loan report contains mistakes. If you've failed to make required payments on your debt, that information stays. Auto loan problems may require early warnings to creditors.



Cut your craving for credit completely. The less you charge, the smaller the chance you'll wind up overextended. "Now," says Harrison, "I have only one credit card, which I don't use--it's just for emergencies. If I want something, I pay with cash or with a debit card."



James D. Marriott

Staff Writer

February 2005. RNCOS



James is a regular finance columnist with RNCOS (www.rncos.com). He writes on a wide range of topics, including mutual funds, taxes, credit cards, and IRAs. For further suggestions and comments on the articles and bad credit loans, feel free to question our staff writer at [email protected]


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