Bad Credit Car Loan Lexington

Bad Credit Loans - 9 steps to a car loan on damaged credit

Here are some tips for you.  You can always contact me at 859-492-0936.  I will be happy to help!

Bad credit doesn't mean you can't buy a car, and doesn't automatically mean you can't get a car loan with terms that don't break your monthly budget.
Like everything else, "bad" is a matter of opinion and degree. If the score is borderline, some lenders might still smell a good prospect while others, with slightly different criteria, would see more risk.
Most important: Shop around. "Some car loans are being made at 18 (percent) and 20 percent," says Phil Reed, senior consumer advice editor for Edmunds.com. "You don't want to have the attitude of 'just get me a loan.' There are still deals to be made."
It's also a good time to be looking, says Jack Tracey, the executive director of the National Automotive Finance Association. Credit is loosening up and, for borrowers searching for a nonprime auto loan, "It's become easier than it was earlier this year and late last year," he says. "The economy is improving, and some of the financing sources are coming back into the market."

Here are nine strategies to help you find the best subprime auto loan:

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1. Don't assume the worst

Don't take someone else's word that your credit is bad. Pull your three reports for free at AnnualCreditReport.com. Then go to MyFICO.com and pay a few dollars for your one-time Equifax and TransUnion FICO scores. Even two candidates with an identical score might not be the same in the eyes of a lender, says John Van Alst, staff attorney for the National Consumer Law Center. "Even if your score is tarnished, you may have a better chance than someone with the same score and no (credit) history," he says.

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2. Shoot high

Keep in mind: Because auto loans involve less money over a shorter period of time -- and a car is easier to repossess than a house -- the same credit score that might have put you in a subprime mortgage loan could bring you a prime or near-prime auto loan. If you actually have good credit and apply for a subprime loan, it's likely that you will get less favorable terms than you deserve.

3. Shop around

Some lenders will see your tarnished history in a more positive light than others. "That's where it becomes more important to shop around," says Reed. But be careful if a lender or lot caters specifically to subprime customers, he says. "Seeing places that are appealing specifically to subprime is a little bit of a warning flag."

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4. Start close to home

"Even if you don't think you can get a loan, go to your bank, go to your credit union first," says Van Alst. Apply at the bank where you have a checking account or your credit union. And see if your employer or insurance company offers auto financing.

5. Seek out car-finance lenders

Check out sources known for auto loans, rather than lenders known for catering to low-credit clients. This can include name brand national banks, local and regional banks, and well-known online lenders.

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6. Don't go it alone

Ask someone to go with you, says Massachusetts-based consumer attorney Yvonne Rosmarin. Not only does it help to have an extra set of eyes and ears, but you can give your partner a role to play -- such as acting unimpressed, dubious or critical of the loan terms.

7. Shop loan terms, not monthly payments

Look for the cheapest money -- the lowest APR over the shortest period. Don't be distracted by promises of a lower monthly payment over a longer period of time, says Van Alst. And if you need an 84-month loan, "you can't afford that car," says Anthony Giorgianni, associate finance editor of the Consumer Reports Money Adviser newsletter.

8. Look out for add-ons

Nonprime buyers are more likely to encounter lending contracts stuffed with nonessential goods and services, says Josh Frank, senior researcher for the Center for Responsible Lending in Durham, N.C. Never allow the loan to be contingent on purchasing any add-on, such as extended warranties, after-market services and even insurance, says Frank.

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9. Beware of the 'yo-yo.'

If you finance through a dealer, make sure the terms are final, not contingent or conditional, before you sign and drive away. All too often buyers are told days or weeks later that their monthly payments or the required down payment has been increased. It's sometimes known as a "yo-yo sale," Frank says. Among the general population it happens to about one in every 22 buyers, according to an April 2009 survey from the Center for Responsible Lending. Among buyers with bad credit it's one in nine.

2013 Hyundai Elantra - Gail Dallalio

Learn more about this car today!  Call Barry Albritton at 859-492-0936!

 

Gail Dallalio just treated herself to this new 2013 Hyundai Elantra!  She picked a car that was North American Car of the Year in 2012 and recently rated as a Best Buy in Consumer Reports!

Thank you Gail and congratulations!

By the way, check Gail's talent.  She built this joggling bench.  What a great looking bench!

 



 

New 3rd row Hyundai Santa Fe!

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Chris and Christina Swafford just bought this brand new 2013 Hyundai Santa Fe Limited AWD.  This Santa Fe comes with the 3rd row and it has 2nd row bucket seats.

Thank you Chris and Christina and congrtulations!

Come check this vehicle out today!

Toler's Hyundai Veloster Turbo

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TJ and Tina Toler are now riding in style in their new 38mpg Hyundai Veloster Turbo!  Thank you and congratulations!

2013 Hyudai Tucson - De Young

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Keith and Christina De Young just bought this new Hyundai Tucson on Saturday!  This is a great small SUV that gets great gas mileage and is great for a growing family such as theirs!  They are expecting their secind child!  Thank you and congratulations on the vehicle and the baby!

2013 Hyundai Veloster - Limited Edition REMIX!

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MUST-HAVE MIX.

LIMITED RELEASE.

Looks like your cool-seeking radar is in good working order. This special edition unites the features that the most ardent fans of Veloster desire and puts them into a roadgoing version under the RE:MIX banner.

New Sprint Gray Finish

Add this new color, Sprint Gray, to the five other available head-turning shades and you’ve got a decision to make.

18-inch Dark Alloy Wheels

Understated and positively inky, these unique 18-inch wheels make a big statement. They fill up the wheelwells nicely and deliver plenty of style.

Light Transforms The Night

When the sun goes down, projector headlights and their LED accents, along with fog lights offer you optimum visibility. At the rear, a pair of LED tail lights flanks the convenient glass hatch. Look inside and the light show continues as LED lighting glows softly in the footwells.

Aero Bodykit

Like the cut of a custom suit, this bodykit sculpts and reveals a muscular attitude. The effect is impressive and unique to the RE:MIX Edition. It features substantial lower side skirts, an aggressive front spoiler and distinctive rear diffuser.

Advanced Audio With An 8-inch Sub

However the plot goes, you’ll have an epic soundtrack underneath it all. The 450-watt Dimension^® audio system drives 8 speakers and a thumping 8-inch subwoofer. Power it up and never miss a beat.

Distinguishing Marks

Showing off its own version of body art, each RE:MIX Edition features an exterior insignia on the rear hatch and RE:MIX-embossed floor mats to complement the cabin.

Premium Touches

Take a quick tour of the interior and you’ll find Veloster signature embossing on the seatbacks, plus a leather-trimmed steering wheel and shift knob. There’s also a Proximity Key with push button start.