5 steps to get the best car finance with bad credit | McKenneySalinas Honda in Gastonia NC

Finding a fair deal on car finance with bad credit isn’t like searching for a needle in a field full of haystacks. There is a logical order to things sometimes. Finding good bad credit car loans might take a bit longer but it’s entirely possible – and worth it. Just keep in mind that bad credit car loans will usually attract higher interest rates than “regular” or mainstream car loans. If you follow these steps, you could find a deal that will eventually reduce your debts in the long term.

1. Do your homework
Currently, you’re likely only about two or three steps away from something that can search the internet at any given time. Having that in mind, you can research bad credit car loan options using your computer, phone or tablet. Find as many brokers and financiers as possible and see what they offer. See which sites offer no-obligation quotes to get an idea of what you’ll pay.

2. Ignore the “zero percent” and “one percent” dealer finance offers
You might be tempted to take the “zero percent” finance or “low rate” finance offers that car dealers often peddle. Don’t fall for them! These “deals” have many hidden traps. You might not be able to negotiate the price and end up paying a lot more than you bargained for. If you want to get back into good credit, don’t take the “easy way out” – it often isn’t.

3. Check your credit history
This step is crucial – check your credit history so you are better prepared when you eventually settle on a broker. Your credit history is the first aspect your chosen financier will assess when figuring out your eligibility for a loan. Your credit history might have errors in it. It’s your responsibility to fix them if they occur. This could improve your credit standing.

4. Set a reasonable budget – and stick to it
Once you have a couple of brokers or lenders that you’re comfortable with, it’s time to go car shopping. Keep in mind that lenders see people with bad credit as higher risks. It’s worth your while to budget conservatively. If possible, you should provide rough estimates to your lender, showing you can comfortably take on a large debt such as a car loan.

5. Do your homework round 2: researching your lender
So you’ve picked a lender or two and you’re ready to apply. Before you do, check out your lender a bit more closely. Do they have positive user reviews on sites like WOMO.com.au? Have they been around in the industry for a reasonable amount of time? Do they have a current Australian Credit Licence? You can check using the ASIC website. You can never be too careful!

2016 Honda HR-V - First Drive Review | McKenneySalinas Honda in Gastonia NC

The SUV-ification of the automobile market continues apace, with buyers in even the smallest segment now deciding that they, too, want the higher seating position and (in all-wheel-drive versions) the bad-weather capability afforded by a crossover-type vehicle. Honda is showing more hustle than usual with the new 2016 HR-V, getting into this game in the still-early innings. The Nissan Juke, the Mini Countryman, and the Buick Encore were the pioneers but in the past year the size of the field has more than doubled, with new entrants such as the Chevy Trax, the Jeep Renegade, the Fiat 500X, and the upcoming Mazda CX-3. The HR-V crossover, which slots in below the wildly popular CR-V in size and price, promises to be a strong entrant in this burgeoning field.
Solid Feel

Whereas the CR-V is based on the Civic, the HR-V shares its platform with the Fit subcompact. The HR-V, however, is a whole order of magnitude more solid- and substantial-feeling than that waif-like little box. The cabin is much wider, the windshield isn’t miles away, and the interior design and materials are better. If you never looked behind you, you could easily be convinced that this is a new CR-V.

Indeed, the HR-V is substantially larger than the wee Fit. Its wheelbase is longer by 3.2 inches, its front track wider by 2.1 inches, and the rear track is up by 2.6 inches. Overall, the HR-V casts a shadow 9.1 inches longer and 2.8 inches wider than the Fit, and it stands 3.2 inches taller.

Those extra inches, of course, bring with them more weight. Compared to the Fit, the HR-V is nearly 400 pounds heavier by Honda’s measurements. Even so, its curb weight of roughly 3000 pounds is svelte for this class.

5 steps to get the best car finance with bad credit | McKenneySalinas Honda in Gastonia NC

 

Finding a fair deal on car finance with bad credit isn’t like searching for a needle in a field full of haystacks. There is a logical order to things sometimes. Finding good bad credit car loans might take a bit longer but it’s entirely possible – and worth it. Just keep in mind that bad credit car loans will usually attract higher interest rates than “regular” or mainstream car loans. If you follow these steps, you could find a deal that will eventually reduce your debts in the long term.

1. Do your homework
Currently, you’re likely only about two or three steps away from something that can search the internet at any given time. Having that in mind, you can research bad credit car loan options using your computer, phone or tablet. Find as many brokers and financiers as possible and see what they offer. See which sites offer no-obligation quotes to get an idea of what you’ll pay.

2. Ignore the “zero percent” and “one percent” dealer finance offers
You might be tempted to take the “zero percent” finance or “low rate” finance offers that car dealers often peddle. Don’t fall for them! These “deals” have many hidden traps. You might not be able to negotiate the price and end up paying a lot more than you bargained for. If you want to get back into good credit, don’t take the “easy way out” – it often isn’t.

3. Check your credit history
This step is crucial – check your credit history so you are better prepared when you eventually settle on a broker. Your credit history is the first aspect your chosen financier will assess when figuring out your eligibility for a loan. Your credit history might have errors in it. It’s your responsibility to fix them if they occur. This could improve your credit standing.

4. Set a reasonable budget – and stick to it
Once you have a couple of brokers or lenders that you’re comfortable with, it’s time to go car shopping. Keep in mind that lenders see people with bad credit as higher risks. It’s worth your while to budget conservatively. If possible, you should provide rough estimates to your lender, showing you can comfortably take on a large debt such as a car loan.

5. Do your homework round 2: researching your lender
So you’ve picked a lender or two and you’re ready to apply. Before you do, check out your lender a bit more closely. Do they have positive user reviews on sites like WOMO.com.au? Have they been around in the industry for a reasonable amount of time? Do they have a current Australian Credit Licence? You can check using the ASIC website. You can never be too careful!