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Have Dealers Compete For Your Business

May 10, 2008
Get the facts before you buy a car. Buying a car is a daunting task. You've likely seen a great number of car commercials on TV and recall hearing phrases like "no down payment" and "APR." Although some of the terminology may seem confusing, once you break it down, buying a car is pretty straightforward.

It is extremely important, considering all the information that's out there, that you understand "car talk" before you go and try to make a deal with an auto dealer. So if you are well informed with not only what the terminology means but also with the pricing details you should be in good shape to negotiate a good deal for your next vehicle.

While most people know what their cholesterol level is and even their blood pressure, surprisingly enough most people don't know what their credits score is. And why not? This is probably the single most important piece of information that you can have after you graduate from college. Think of it as your report card in the real world, but even more importantly it dictates that type of interest rate the dealer might give you.

If you try to show up at a dealership without this information you might as well take a briefcase full of cash and give it to them. The person you're trying to negotiate with should never know more about your credit for your credit score then you. It is also quite so common that there may be errors in your credit report.

Even if you do have bad credit there are still some things you can do if you are wanting to buy a new or used car. One of the important things to consider it your credit score it is poor is to not applied to a bunch of places. This is bad news for your credit score because your credit can get damaged based on the amount of times that your report is pulled. There are some bad credit auto loan places that specialize in this type of financing and it will increase the chances of you getting a car loan.

Basically what happens is they take your financial information and brokerage and a number of underwriters that specialize in this type of risky vehicle loan. As long as you don't have bankruptcy on your report and your score is at least 525 you have a better chance of qualifying for bad credit loans.

Try to maintain no negative marks for at least 6 months. You can expect to pay more APR than someone with good credit, but this can help re-establish credit for you. After a few months of paying on time, you may be able refinance the car loan.
About the Author
Be sure to find out more information about edmonds.com . You can also see how to estimate the true market value of a vehicle in order to save the most money.
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