http://www.mintvalleyfcu.org/ Interview with loan officer Amanda Owen from Mint Valley Credit Union and TBFS Host Kevin Hunter, Author of “13 Car Buying Mistakes.” Top 7 things to know on how to get pre-approved on a car loan before car shopping. Whether you have good credit or bad credit, always start with your own bank or credit union first!
Amanda Owen from Mint Valley Credit Union, located in Longview Washington discusses the top seven (7) considerations you will need to make when you’re car shopping. They include the following:
1. Know your Budget
2. Know your Credit Score – How to get a FREE CREDIT REPORT!
3. Documents needed: Drivers License, Proof of Insurance, Pay Stubs, Debt Obligations, and References.
4. Co-Signer: Identify a good co-signer of your credit has been hurt lately, or if you have bad credit. This will save you money on interest rates, and make it possible to get a car loan.
5. GET PRE-APPROVED! This move can save you hundreds and thousands of dollars because the office a car dealer makes most of their money in happens to be with their loan officer!
6. Know WHAT kind of car or truck you want, and know what the approximate market value is. Car buyers who are informed make smarter decisions and are much better negotiators.
7. Know your Trade-in value. You can call dealers to get an approximate value on your trade before you ever set foot on a car lot.
Amanda Owen from Mint Valley Credit Union was our special guest for this interview. A special thanks to Amanda and to Mint Valley Credit Union for allowing Amanda to participate and share this important information with car buyers! Many car shoppers have no idea where to turn when it’s time to buy a car. They worry about credit scores, or wonder if they have good credit or bad credit. How do you know? This simple advice video shares with you the steps you’ll take to get a pre-approval on a car loan, allowing you to car shop with confidence.
Why is a pre-approval so important? It’s simple: If you are no longer worried about what type of financing you can get approved for, you can put your attention to negotiating the best possible car deal for you. Once you have a price for your new car and your trade-in established, you don’t have to worry about the unnecessary hassle the dealer will put you through in the finance office. Did you know that approximately 50% of all dealer profits are made after the sale of the car? That’s right! It happens right in the finance office, and unprepared car buyers get taken advantage of while signing a car contract.
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So you need to get a car loan to help you get that car you’ve been dreaming about. But you got a little problem because it seems your credit score is a little low and maybe your debt is a little high.
But the truth is you can still get a car loan if you have bad credit!
There are just some things you need to know and do to make sure that even though your credit isn’t so good you can still get a loan that won’t take all your jack every month.
First, make sure you know your credit score so you know where you stand. Generally speaking, the lower your score, the more difficult it will be to get an auto loan.
Also check your credit report to make sure there aren’t incorrect items showing that might make your credit score look worse than it really is. Essentially, the more problem areas on your credit report mean that lenders are going to be less likely to want to loan you money.
But that said even if you’ve gone through bankruptcy you can still probably get a car loan. So don’t get upset because that can lead to all sorts of health issues like indigestion.
Once you know your particular situation then find a good and reputable lender.
You can find out how good a lender is by checking with the Better Business Bureau as well as searching out other places on the web that can tell you about businesses that can help keep you from getting ripped off.
There are a lot of lenders that specialize in getting car loans for people who have bad credit, even if you’re in bankruptcy, these lenders can help you get an auto loan. You just need to find the good ones.
Web sites like CarLoanMarket.com can help people find these types of specialist lenders. Once you have a good lender, don’t just talk about your monthly payment on the car loan. Make sure you know your interest rate and how long you’ll be making payments for!
Your interest rate is how much a lender will charge you for the use of their money when they give you a car loan. A low interest rate is good. A high interest rate, not so good. And the longer your payment terms, the more you’ll pay over the life of the loan.
You also want to watch out for hidden fees and other costs that can get added onto your loan. These can drive up your payment and cost you money! The good news is that even if you have bad credit you can still get an auto loan!
It just won’t be as good of a deal than if you had good credit. In the end, you’ll probably pay a higher interest rate on your auto loan if you have poor credit. And you may have to make payments over a longer period to be able to afford the car you want but that may be the only way you can get a loan and get a car if your credit isn’t so hot.
Again, if your working with a good lender, especially one that specializes in bad credit car loans, your more likely to get the best deal for your situation. At CarLoanMarket.com, we want to help you get an auto loan even if you have bad credit.
CarLoanMarket.com. Drive your Dreams!