Financing a used car with bad credit or a low credit score can leave you wandering around in a daze trying to discern what that crazy car salesman was trying to explain to you. When numbers get thrown around like a pinball machine, used car finance terms can get really confusing. Although it may take an MBA to understand the exact details of how it all works, it?s very simple to understand the basics and get a reasonable deal.
If you don?t understand what?s on the paper, don?t sign the paper!
Don?t feel pressured to sign whatever is put in your lap when you?re explained the numbers. Nothing aggravates me more than for a salesman somewhere to not fully answer my question and just ask me to sign. I want to know what?s on the paper that I?m agreeing to. There?s so much fine print on a used car finance contract. The most important numbers that you need to look at are the numbers in the top row that are under the full financial disclosure.
By law, dealers and finance companies have to openly reveal to you what your exact APR, interest rate, payments, finance charges and default terms are.
This is usually listed in big bold boxes at the top of the finance contract. That helps to simplify things a bit ? but the most important part is that you need to READ what is on the contract and not take the salesman?s word for it. It doesn?t matter what you THOUGHT was on the contract? all that matters is what IS on the contract when you walk out the door.
Financing used cars when you have bad credit is so much simpler and easier when you just get approved through an online lending source. Then, you?re not limited to the inventory of just one dealership and you can in fact, get approved based on your monthly income and car shop ?til you car drop wherever you feel like.
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Source: http://www.best-consumer-finance.info/financing-a-used-car-with-bad-credit.html
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