If you have made mistakes in your credit in the past it can be difficult to buy a new car now. Here are some car financing tips that may help you to reach that goal within two years.
If you have limited income and poor credit, you may need to start with a good used vehicle. Do not worry, we will get you into that new car in two years.
One of the first car financing tips is to finance a used car.
Since your credit is bad you may have to look to one of the used car dealers who specialize in financing to working people with poor credit. Since they do not always offer the best in vehicles, be sure that you have the one you buy thoroughly checked out.
Make your payment on time every month. If you can, pay more than the minimum each month. At the end of the year, you need to trade your vehicle for a newer one.
You now have one year of positive credit. The car financing industry calls this a year of good paper. You will also have a good credit reference.
While you may be tempted to buy a new car now, you really should wait. Instead, but a better used vehicle. Use you old vehicle as the down payment on the new one. Now for one more year, you will need to make your payments on time. Now you have two years of good paper and two credit references.
After just two years, you are ready to purchase a new car. You will have two very good credit references as well as two years of positive payment history. If the new car dealer offers you a rebate, tell him to add it to the down payment. This will lower your monthly payments significantly. Or you could consider buying vs leasing a car with your new credit rating.
If you have limited income and poor credit, you may need to start with a good used vehicle. Do not worry, we will get you into that new car in two years.
One of the first car financing tips is to finance a used car.
Since your credit is bad you may have to look to one of the used car dealers who specialize in financing to working people with poor credit. Since they do not always offer the best in vehicles, be sure that you have the one you buy thoroughly checked out.
Make your payment on time every month. If you can, pay more than the minimum each month. At the end of the year, you need to trade your vehicle for a newer one.
You now have one year of positive credit. The car financing industry calls this a year of good paper. You will also have a good credit reference.
While you may be tempted to buy a new car now, you really should wait. Instead, but a better used vehicle. Use you old vehicle as the down payment on the new one. Now for one more year, you will need to make your payments on time. Now you have two years of good paper and two credit references.
After just two years, you are ready to purchase a new car. You will have two very good credit references as well as two years of positive payment history. If the new car dealer offers you a rebate, tell him to add it to the down payment. This will lower your monthly payments significantly. Or you could consider buying vs leasing a car with your new credit rating.
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