When it comes to a dealer:
• the best time to buy is near the end of the month. That's when salesmen are under the most pressure to hit quotas.
• don't be a hurry. More than half of all car buyers do not make a purchase within the first 30 days of starting to shop.
When it comes to getting approved for a bad credit car loan:
• If you've been turned down for credit recently, stop applying. Each rejection lowers your score even more.
• If you're trying to rebuild credit, a great place to show positive momentum is with a secured credit card.
• Lenders use a mathematical formula when it comes to deciding on a loan called debt-to-income ratio. This is the percentage of your monthly pre-tax income used to pay off debts such as car loans, student loans, and credit cards.
The front-end ratio is the percentage of monthly pre-tax earnings spent on house payments; the back-end ratio includes all other debts. For years the back end ratio was topped at 36 or 38 percent; nowadays you can see it as high as 50.
Think you're okay? Apply today!
One piece of advice
above all else -- pay
your bills on time!
Protect your credit!
