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Tips for getting a Car Loan with Bad Credit

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Tips for getting a Car Loan with Bad Credit
 
How to get a car loan with bad credit tips from NewRoads Automotive Group. We’ve come up with some tips for what to do, and what to avoid when getting a car loan with bad credit.
 
Be Prepared before you apply to get a Car Loan with Bad Credit
 
The best car loan tip you will ever get is to be prepared. Assemble any loan information that may be requested before you apply to get a car loan with bad credit. Even though you may not need to provide more financial information, it is best to be prepared just in case. Car loan lenders are more receptive when a customer provides them with requested information immediately. Being prepared gives a good impression to get a car loan with bad credit.
 
Possible information includes copies of pay stubs, current bills showing present balances and other documentation that verifies your finances. If you are not prepared with this type of information, it makes you look disorganized when you apply to get a car loan with bad credit.
 
Be Honest when you apply to get a Car Loan with Bad Credit
The biggest deal killer is when the car loan lender is lied to. In fact the 1% we turn down is usually when we encounter a customer who fabricates the facts. This is not how to get a car loan with bad credit. We all make mistakes and a lender appreciates the truth when you apply to get a car loan with bad credit.
 
Be Realistic about your budget BEFORE you get a car loan with bad credit
Before applying to get a car loan with bad credit, figure out your budget and be realistic about what you can afford. Having a budget lets the car loan lender know what your comfort zone is. There is no benefit to anyone if you buy a car and can’t afford the car loan.
 
For some people with bad credit, a car loan will enable them to make additional income or revenue. This is one of the best reasons to get a car loan. If applicable, be sure to mention this when you apply to get a car loan with bad credit.
 
Use supporting financial information to bolster your chances of getting better loan rates. If a car loan means you can make more money a, To Whom it may concern letter from your employer along with a ballpark figure on the revenue increase anticipated will help your cause. Something like this shows you are organized and a lower risk and a good example of how to get a car loan with bad credit.
 
Don’t procrastinate when it comes to getting a Car Loan with Bad Credit
 
Some people procrastinate getting a better car, even though they know their current car is on its last legs. This often results in panic when their car finally dies. This is not the best way to get a car loan with bad credit.
 
Instead of procrastinating give us a call or use our easy credit application on how to get a car loan with bad credit.
 
Used Car Prices
Used car prices are influenced by a lot of factors such as mileage, age and the general condition of a used car. High, low and average car prices for example are based on these factors and more. Carco has some tips on prices of used cars.
 
Condition and Used Car Prices
The condition of a used car directly affects the price. If the used car is in mint condition with low mileage then it will fall into the high price category for the particular make and model. On the other end of the scale, if a used car is a rust bucket then it may only have salvage prices.
 
Brand, model and year also affect used car prices
 
Tied in with condition and used car prices is the history of a specific brand, model and year. Some brand models have excellent reputations for safety and reliability. However, some models built during specific years are known lemons with a history of recalls and repair bills. Used car models with a reliable track record retain their value more and have higher used car prices.
 
Used Truck prices versus Used Car prices
 
Usually a truck will hold their value more than a car. There are more commercial buyers looking for used trucks as they can generate instant revenue. Just because a certain truck model holds it value doesn’t mean your car will even if it is the same brand. Used truck prices are higher than used car prices.
 
Regional demand affects used Car Prices
Used car prices are affected by where you live. If you live in the far north trucks are usually the preferred type of transportation. In this case used truck prices can be significantly higher than used car prices. If you are located in southern Alberta, cars are more in demand and have higher used car prices.
 
Have questions about used car prices?
Don’t hesitate to ask. The points above are just a few of the factors that determine used car prices. NewRoads Credit Manager Chris Kitchen can answer any questions you may have or request a call about used car prices.