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Every car shopper’s position is different and planning your car-buying process may help you understand what’s right for your situation, and how best to achieve it. Here’s how to approach car loans when you have bad credit.

Make a budget

Before you shop for a car, find out how much you can afford to spend each month by making a budget. Write down your net income (how much you have after deductions). Then, list all your expenses. That should tell you how much you can afford


Check your credit report

You may have earned your lower credit score by perhaps not paying your bills on time, by maxing out your credit cards, or by defaulting on a loan. However, your score might be lower than it should be due to mistakes on your credit report

Once you review the reports, you may be surprised at what you find. Here are some examples:

·         A name, address or Social Security number that isn’t yours

·         Your ex-spouse’s credit that is still mixed with yours

·         Information that was yours but that should now be removed since it’s past the cut-off date of seven years

·         Inaccurate information regarding your payment history


Understanding auto loan rates and loan terms

APR and loan term are closely related in these calculations and to how your auto loan may take shape.



APR includes the interest rate to be charged on the principal loan amount (the sum borrowed to buy a vehicle) and any transaction fees that are rolled into the loan. Together with the loan term, APR will affect the size of your monthly payment as well as how much you pay for the car in total over the life of the loan. A car buyer’s APR may be affected by a range of criteria, such as credit history, current interest rates, competition, market conditions and special offers, according to the Federal Trade Commission (FTC).

Loan terms

By changing the length of the loan term on the auto loan calculator, with APR unchanged, you will see how it affects the monthly payment. A longer loan term, with a greater amount of time to pay back the loan amount, reduces the monthly payment in the calculation, while a shorter loan period results in a higher monthly payment. Depending on the APR, you may end up paying more for a vehicle over the life of the loan with a longer term, when interest charges are considered, than with a shorter term. Both loan term and interest rate are often negotiable for qualified applicants.


Finding A Local dealership

Few car shoppers enjoy spending hours at a dealership. Finding the right dealer with the right vehicles from the start could make buying a car with bad credit quicker and easier. Rome Pre-Owned 949 Floyd Ave | Rome NY, 13440 works with you during the finance process, offering solution to helping you understand the finance process.

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