Buy A Car With Bad Credit - When Is The Right Time To Purchase A Car?If you are thinking about purchasing a new car with bad credit, timing is important. Sadly, millions of people are living with bad credit. Unfortunately, it takes time to improve or boost credit rating. Still, if you need to buy a new car, there are options. Before buying a car, carefully consider whether now is the right time.
Can You Buy a Car with Bad Credit?
Buying a new or used car with bad credit is very possible. Of course, there are some disadvantages. Because of a bad credit rating, many lenders consider bad credit applicants a huge risk. Thus, they are likely to increase the interest rate on the auto loan. This way, if and when a loan defaults, the auto lender is able to recover some of their money. Furthermore, some dealership will not approve a bad credit loan application unless there is a co-signer or down payment.
When is Buying a Car with Bad Credit a Good Idea?
If you are hoping to quickly improve your credit score, buying a car with bad credit is a wise move. Rebuilding or re-establishing credit is challenging. However, if you obtain an auto loan, and make regular payments, your credit will improve in as little as six months. Increasing your credit score opens the door for lower rates on future auto loans and credit account.
Because bad credit auto loans have higher interest rates, you must be in a position to afford higher monthly payments. If possible, finance a low amount. You may choose to buy an inexpensive car, or purchase the car with a sizeable down payment.
Purchasing a New Automobile after Bankruptcy or Repossession
If you experienced a recent bankruptcy or repossession, consider postponing buying a new car. A bankruptcy or repossession is extremely damaging. Hence, if financing a new vehicle, you may obtain an interest rate 18% or higher.
To avoid excessively high rates, consider rebuilding your credit first. You may apply for an unsecured credit card or store credit card. After 12 months of timely payments, your credit score will have likely improved. Make a habit of reviewing your personal credit report. Once your credit score has improved, now is the time to finance a new vehicle.
Features: Displays cover cars manufactured from 1900 to 1935, and include most major American marques as well as some seldom-seen ones such as the '52 Henry J seen here. Facility also is an antiques center.
Features: More than 250 cars are displayed in the 125,000 square foot showroom. Among some of the models on display: Elvis Presley's 1929 Duesenberg J Derham Phaeton, Marilyn Monroe's 1959 Cadillac Fleetwood, and such rarities as a 1933 Pierce Arrow Silver Arrow and a 1961 Aston Martin DB4/GT Zagato valued in excess of $3 million.
Features: An esoteric collection of such unusual display models as Frazer, Willys, Jeep, LaSalle, Hudson, Crosley, Dual Ghia (seen here) and other models along with the usual Ford, Chevy, Chrysler and other familiar makers' works.
Features: More than 100 Chevrolets, all erstored or in original condition, are shown in this collection located about 10 minutes west of Kearney.
Features: This new museum is scheduled to open in 2007 adjacent to the Tacoma Dome, housing more than 3,000 vehicles. That would make it the world's largest auto collection, according to the Guinness Book of World Records. Famed auto collector Harold E. LeMay put the collection together. It will be displayed in a 750,000 square foot building, on a 9-acre property, the total cost of which is estimated at $100 million. It will feature a spiral track in the soaring Great Hall, to display 150 cars at a time with the rest stored in facilities below grade.
Features: The museum, founded in 1965, is housed in the historic Biltmore Industries weaving shop. Cars on display range from a 1913 Ford Model-T to a 1928 Chandler to a 1955 Austin FX3 London cab. Also on display is a variety of horse-drawn vehicles.