How to buy a car with bad credit part 1

This is part 1 of a many part resource on buying a used car with bad credit

You can’t mess around at all when you are trying to decide whether or not you are going to buy a car, and setting out to buy a car with bad credit is probably the most serious of all. People who are struggling with their finances and want to buy a car must recognise right from the off that they are going to be putting themselves under even more debt weight, and as such they are going to need to watch every single step that they take.

It’s a hard call, but unless you really have your head on straight, the excitement of buying a car is just going to overwhelm you. Being under more debt and trying to find the cash to pay up on time on a regular basis is going to be hard, and if you don’t you will lose your car, get more red marks on your credit report, and possibly lose other property that you have.

The reality is that if you have bad credit then you are also going to be facing higher interest rates than those people who don’t have a poor credit rating.  And when you get out there into car-land the one person who is going to be most eager to grab the money from your pocket is going to be the car dealer.  He knows that you are financially in a weaker situation and so he is going to be offering you special deals, insurance, warranties.  And all these are going to be added to your monthly instalments.  It’s going to cause you even more problems. 

If you go into the showroom with your eyes open to these two facts – that all cars are shiny attractive beasts that will get your heart pounding and the car salesman is interested in making as much money from you as possible – then you are more likely to be able to stick to your budget.  Remember, every dollar or pound you save is a dollar or pound less interest and payment risk.

If you are serious about buying when you have bad credit, then knowing what your current situation is will be very important.

The next part of this multi-part hub on car loans for people with bad credit will deal with the steps you can take to establish your credit score.

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Disclaimer: this hub is for information/entertainment purposes only, and is not intended as professional advice.

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SUSIE42 5 years ago

Thanks for this good informaiton.

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