The State of Oregon has pure and ragged coastlines, green forests, rugged mountains, plain desert, breath-taking canyons and interesting cities. It’s simply great to work and live in a State that offers so much.
Like any other American State, a car is the most obvious option for travelling in Oregon. It has become a necessity for the common Oregonian. When you want to buy a car, it is important that you get it instantly. It doesn’t make sense to wait and save for months to buy a requirement like car.
Availing loans is as such difficult but having a bad credit score makes your loan application even more risky. Your bad credit allows you to trudge slowly instead of comfortably cruising in your dream car.
But, don’t think that bad credit score is bad for your car dreams. It is definitely an obstacle, but you can overcome it. In this economy, there are many borrowers with bad credit and so lenders see a market for bad credit car loans. You must be surprised to know that there are several lenders in and around the Beaver State to help you with bad credit.
“Well begun is half done.” – Aristotle
Before applying for a bad credit auto loan, it is essential that you do a thorough research.
First of all, be very sure of your credit score. For that, you must go to annualcreditreport.com and avail your free report. Federal Law has provided you the right to get a free report every year.
Check for any errors. It’s a known fact that credit bureaus often make mistakes while compiling your report. The Consumer Data Industry Association stated in 2007 that two percent of 52 million credit reports have been deleted because of error. So if you find any error, write to the bureau.
Once you are sure about your bad credit score, it’s time to ascertain your budget. Think of how much monthly payment you can afford. Calculate your monthly expenses and don’t forget to consider any huge future expenditure like college fees or a wedding.
How to Apply For Bad Credit Car Loan?
With the advent of internet, things have become very easy for you. All you have to do is log in to your computer and search for a reliable online auto lending company that offers bad credit auto loans.
Once you fill the online application form, the company will send it to its network of lenders. The lenders will bid for your application and the best one wins. The benefit of this process is that you get a local lender without even visiting his office. This means that if you are living in Beaverton, you will get a sub-prime lender of the same city and not Lake Oswego.
Tips for Quick Approval
Don’t consider yourself unlucky for having a bad credit history. Depression and rejection are not your options. You are like your State; you fly with your own wings.
You must understand that a good credit score is just one of the many requirements for getting loans. So if you are short on credit score, improve other aspects.
1. Down Payment
Generally twenty percent of the car’s value is required as down payment. But if you can manage more than that, it’s great. It will reduce the lender’s risk and increase your approval chances.
A co-signer is someone who will co-sign your loan agreement and in case of default will be held liable for the payments. Finding a co-signer with a stable credit history is difficult. But if you find one, your loan application will be easily approved.
3. Stable Income and Place of Residence
It is important that you have a stable income and employment for at least six months. Your recent pay stubs can be used as a proof of employment. In case of self-employment, your tax details can serve the purpose.
If you follow these tips, getting bad credit loans will become fairly easy for you. Remember that there is no failure except when not trying. So, go ahead and buy the car of your dreams.
All the best!