What to expect when buying a car with bad credit

I saw a great article on AutoTrader.com "5 Tips for Getting Financed After Repossession". After reading the article it made me think about the reality we live in today. A lot of good people fell upon harder times and faced a reality of buying food or paying bills. As it should, the food always wins. I mean you can't eat a car, right?! Have damaged or bad credit isn't the end of the world at least! You must take the proper steps to improve your credit, and I'll try and explain by doing so with a car loan. I'll cover the basic steps it takes in getting approved. I'll assume in this blog that you've already obtained a copy of your credit report (if not you can do so here free once a year) and that's you're working on paying your debts off.

• Forget any other car buying experience from the past. Not the level of customer service (generally) but the time it takes and what you can consider. 
• Be ready to look at several options that might be a shocker for you, or something you generally wouldn't consider at least. Be prepared (depending on your credit) to look at a car with higher mileage. Some cases you can use a new car, just depends on you. If you need a 4 door...stick with it! 
• Have your documents ready. Generally we will need proof of income (paycheck stubs), proof of residence (copy of utility bill), 3-5 personally references and your employment information. 
• You're going to be asked about how much you can put down today. No hold checks, not in two weeks, but today! Have cash or a cashiers check with you. 
• Know your budget and stick with it. How much can you afford to spend without putting yourself back in trouble. Be realistic. No $200 payments exist anymore! 
• Do you have a trade? If so, let's get the payoff and see where we stand. 
• Be prepared to wait until the bank has funded the loan before the dealer will allow you to take possession of the vehicle. Remember, it's not personal, but it's our butt on the line! 
• Remember this: Your documents will be verified by the lender. Do not lie. It will come out. 

A lot of places will offer, like us, to get pre-approved click here! The bank will dictate a lot of the situation, not the dealer, so be patient with us. It's not that we don't want to send you home in that nice 2012 Sonata, but we simply can't. A lot of factors depend on your individual situation. We will work with you 100% and will do all we can! We have dedicated finance managers to help in your situation. 

Email me any questions/concerns you have. You can also visit us online at www.glennautomall.com 

    Peace,

    Zach