When you have bad credit and at the same time need a new car you can expect it to be difficult to get a loan approved and if you do, the interest rates will be high. A lender will always peg the interest rate based on what he sees in the way of risk; the riskier the borrow appears to be, the less money he can borrow and the interest rate will be higher. Some Tulsa OK bad credit car dealers see people that have a history of missed payments or a recent bankruptcy as high-risk.
However, in many cases things are not near as bad as you might think; there are understanding lenders that are willing to take the risk and lending to an individual with less than sterling credit.
Consider the following if you have bad credit:
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Face up to reality: If you have bad credit and yet you are looking to buy a car, chances are it is a matter of need, not want. There is no need to set your sights high, at this stage it is transportation that is important. Forget looking for a car that is loaded with extras; opt for a basic car that will get you from point A to point B. This is a perfect time to begin rebuilding your credibility as it will be easier to make the payments when the loan is small.
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Cash is king: If you have bad credit chances are you are also strapped for cash and making a sizeable down payment will probably be difficult. Look at it through the eyes of the Tulsa OK bad credit car dealers; from their point of view, the larger the down payment the better. If you can put down some cash it is a demonstration to the lender that you are liquid and you know how to save, both important considerations.
You may feel embarrassed about your position; don’t. When you go to buy the car take along pay stubs and a regular bill that shows your name and address, this shows that you are organized and ready to deal.
If you face reality and save at least some cash for a down payment you will be starting on the road to financial recovery. In the meantime, there are Tulsa OK bad credit car dealers that are there to help. The KEY makes financing easy for those with no or bad credit.
