Bad Credit Car Loans in Washington

When you finance a vehicle you have certain rights, but so does the financial institution who gave you the loan. When you stop making your monthly payments, the financial institution may start the repossession process.

When this happens, a repossession company can come collect your vehicle from your property or wherever the car is parked. They are not required to obtain your permission, nor do they need your keys. If your car is repossessed, there is very little you can do to get it back, so make sure it doesn’t happen in the first place.

As soon as you know that you’re going to be late on a car payment, CALL THE BANK! Explain the situation and give them a definite date by which you can pay the bill.  Ask if they will allow you that time to pay without repossession. They may grant your request, or they may tell you there’s nothing you can do.

It is also a good idea to go back and read your contract as well as the laws regarding repossession in your state. Laws vary depending on where you live, and some states have strict rules about when and how a bank can repossess a vehicle. For example, if you can prove a financial hardship and the necessity of your car, you may have some leeway as far as making late payments.

If you are unable to avoid repossession and the vehicle is taken, you still have some rights.  First, you have the right to collect whatever personal property might have been in the car - CDs, after-market equipment, clothes, maps, etc. Call the lot to which your vehicle has been towed and make arrangements to pick up your things.

Remember that banks hate repossession. They have to auction the vehicle to recoup the money they lost in the transaction with you, and they would almost always rather make a deal to let you keep the car in exchange for a payment arrangement. Find out what they are willing to offer, or try to negotiate a deal for yourself. For example, you could offer to pay a smaller payment each month and extend the length of the loan.

The best plan is to be sure you never miss a payment.  If there is nothing you can do to avoid missed payments, be sure to be proactive about calling the bank ahead of time.

Ford just unleashed the best incentives ever on new F150’s! I’ve seen 0% interest before and I’ve seen good rebates, but this program beats them all.

Usually you need to give up all rebates and choose a short term loan to qualify for 0% financing. Not any more. For a limited time you can get 0% for up to 72 months AND a $1000 rebate on new 2008 F150’s *On Approval of Credit*! There are additional rebates available for active Military and others, but everyone qualifies for the first $1000. This is something everyone should consider taking advantage of.

0% has a good ring to it, but it didn’t used to mean much when you broke it down next to the other options. You would give up as much money in rebates as you would potentially save on the interest, and you had to go short term meaning higher payments and no real savings. Now, if you act quickly, you can realize actual savings and do it over a longer term so the payments aren’t tremendous!

We don’t see offers like this often. If you are considering buying a truck in the next year you should really look into doing it now while there is still a good selection of the 2008 models available. If you act quickly you can get an amazing deal on a truck you want instead of having to settle for the one no one wanted.

To inquire about this and other incentives and financing options you may call us toll free at 1-888-300-3502 or apply online with our Online Auto Loan Application.

What does the government do when the economy slows down during an election year? Give money back to the hard working people of the country. Car Loans are not the only thing we could think of to spend the money on. With only a couple of weeks or so until the money starts going out, many people have already started to think about what they will do with the money. The staff at WashingtonAutoCredit.com has outlined some great ways you can spend your “free money”.

Some people think of a Bankruptcy as a last resort. I talk to customers all the time who are a few months behind on every bill they have (including their mortgage or rent) and still want to try to buy a car. It baffles my mind that someone can think that it might be a good time to get a loan that will have a $300-400/month payment when they have not paid the $25 minimum payment on their credit cards for 3 months. Better still, trying to trade in a car (that you owe money on) when you are so past due, the bank has let you know that the repo man is coming.

If you have found yourself in a situation like this, or if you simply have so much debt that you do not know where to start. You might consider talking to a professional about your bankruptcy options. Filing for bankruptcy can be just what your credit needs. CLICK HERE FOR FREE BANKRUPTCY CONSULTATION.

Did you know it is much easier for most people with really bad credit to buy a car with a recent bankruptcy filing than without a bankruptcy at all? It is really simple once you think about it. Most people that file bankruptcy have had a period in their life that they paid all of their bills on time. More often then not, people that are filing for bankruptcy are good people that want to pay their bills, but some unexpected circumstances put them in this situation. Now that you have no other bills, it is a great time to buy a car or truck because you probably have some extra money each month to afford the car payment.

In addition, there are several lenders with car loan programs specifically designed to help people that have recent bankruptcies. With bankruptcy car loan programs, your credit core does not matter. Things that do matter include: proven ability to make a car or mortgage payment in the past, steady PROVABLE monthly income (using pay stubs), and a good debt to income ratio. With those 3 things, almost all people with recent bankruptcies can be approved to buy a car through WashingtonAutoCredit.com.

You do not have to have BAD credit to see the benefits of credit repair on your credit. Let a trusted leader in Credit Repair help boost your credit score. Items such as Late Payments, Repossessions, Collections, Charge-offs, and even Bankruptcies have been known to disappear off of people’s credit reports with professional credit repair.

We recommend you try Legal Online Credit Repair to help you get a higher credit score, lower interest rates and lower monthly payments on your credit cards, mortgage, car payment and other debts.

It has worked for thousands, and it can work for you too.

It happened again. We had a couple apply for an auto loan at www.WashingtonAutoCredit.com exactly 2-months ago. We were honest with them about their vehicle options, and they decided that they wanted to try other dealers because we let them know that a seven passenger SUV was not going to be possible for them without A LOT of money down. You see these customers, we will call them Mr. and Mrs. Unrealistic, failed to realize that with their credit (they had recently filed for bankruptcy) their options will be limited by the lenders that would actually consider them for a loan.

A funny thing happened yesterday, the Unrealistics called us to let us know they were ready to look at their REAL vehicle options again. You see, another dealership had told the Unrealistics that they could buy a certain SUV. The other dealer even contracted the Unrealistics on the SUV, and even let the customers think they owned it for about 3-days. Then the dealer called the Unrealistics to let them know the car needed to be returned. The other dealer was not able to get the Unrealistics approved for an auto loan. By the time the dealer called to tell the customers the bad news, the Unrealistics had shown their friends, neighbors, and relatives the new car. Pretty embarrassing, huh?

I hate to say it, but a lot of the time it is better for customers like the Unrealistics to go through this. For many people, it takes this type of frustration, and embarrassment to appreciate the honest, straight forward technique we use at www.WashingtonAutoCredit.com.

When you have bad credit, you do not have all of the options that people with good credit do. It is important that you deal with someone that is willing to explain all of your options, and that you are willing to consider them. Even if the options are not what you were hoping for.

Paying your bills late is like triggering the trip wire on a land mine when it comes to debt management. A cash advance is one way to avoid a potentially expensive accident that is completely avoidable. When you pay a bill late, the lender normally charges a late fee of anywhere from $30 or more dollars and adjusts your interest rate upward on variable rate loans. That’s not the end, though, you will also potentially get a black mark on your credit report that can drop the score at a time when lenders are raising their score requirements. This can lead to problems getting additional credit or leave your profile with a ding. There are so many different people checking credit scores in the market, however, and not all of them are lenders. If you are looking to rent instead of buy, the landlord will take a peek too to decide if they will rent to you. If you are getting a sensitive job with cash handling, they often will check to see if you are having financial difficulties.

A cash advance is an easy way to avoid all these troubles. They only require that you are gainfully employed and they do not check your credit records. By not tripping the deadline wire, you can save the late fees and the additional increases in your rates. This can help you get out of debt by pushing your momentum forward instead of stalling out with bigger problems in the future. If you want to get out of debt and stay out of debt, then don’t pay your bills late. The payday lending industry fills the niche that allows people with poor credit to get a cash advance to keep them from triggering bigger expenses down the line, just because they missed a deadline. In good money management, you should know when all your bills are due and pay them on time, even if that means you have to get a little extra cash from a lender to do it.

Almost everyone does the same thing, we see nice things and we want them. We tend to stretch to obtain the newest clothes, the biggest house, the nicest car. Many people are often so concerned with buying the best in life, that they loose sight of the big picture. Trying for the most expensive vehicle a car salesman will sell you often leads to regret later.

Lenders today are financing cars for longer terms with less (or even no) money down. This makes it easier for us to buy more expensive vehicles while still affording the monthly payments. The current housing crisis is because of similar lending guidelines. I do not mean to say that these loans are necessarily bad things, but they are not ideal for every situation.

Most people trade their vehicles in every two to three years. If this is you, the longer term auto loan with no down payment may not be for you. When you trade, you will still owe more on your auto loan than you can get for trade-in value. Then you either need to put enough money down to cover the negative equity or roll the negative equity over onto the new car loan. Do that a few times and you will not be able to trade out of the next vehicle. In a shorter term loan, or with a significant down payment, you may even have positive equity when you trade it in.

On the other hand, if you keep your vehicle for six to ten years you will have it paid for by the time you go out looking for your next car. In this case, the longer term loan may work out for you.

If your income fluctuates and is unpredictable, such as commissioned sales, the longer term loan may make sense for you. In this case you should plan on making the larger payment associated with the shorter loans every month. Then, if something happens and you either make less or need to spend more one month, you can make the smaller payment and still be current with the bank. Be careful not to fall into the habit of paying the small payment too often or it will become all too tempting to only make the minimum payment every month.

Consider purchasing something you can pay off in four or five years (or less) and think about putting some money down when you buy. If you will only settle for a very expensive vehicle, please think about the big picture. Put some money down or plan on keeping it for several years so you do not end up trapped by your negative equity.

For help obtaining a great car loan, call our auto loan specialists toll-free at 888-300-3502, or visit us at www.WashingtonAutoCredit.com

For many people, the thought of getting a payday advance loan is probably right up there with going to the dentist and getting a root canal.

For many other people that have unexpected bills, they can be used as a short term solution to pay high priority debts.

If you could use a payday loan, or quick cash, APPLY HERE. No Faxing is needed in most cases. Money could be in your bank account in less than 24-hours.

Car breakdowns and Emergency Medical Care are 2 of the top reasons for needing a payday loan. If you have a job and a checking account, and need money fast, you could consider a payday loan.

Do you ever wonder why most people that have monthly payments on their car owe more money on their car than a dealership would give them for trade-in? Or why they owe more money than an insurance company would give them if they totaled the car?

Here are the two reasons:

1. Low Down Payment.

2. Low Monthly Payment.

Sure, everyone wants a really low payment with no money down when they buy a car, but does everyone understand the long-term consequences? With several years experience in the auto industry, I can say very confidently that most people do not understand the kind of hole they are creating for themselves in the long run.

In the car business, we say that people who owe too much money on their trade-in vehicle are “upside down” or “buried”. The difference between what you owe and what the car is worth to a dealer or insurance company is called “negative equity”.

Let’s start at the root of the problem. In today’s society, people want to have the nicest car they can afford, the biggest house they can afford, and the best toys they can afford. There is nothing wrong with having nice things. The problem arises when banks, credit unions, and finance companies make it too easy to buy the more expensive toys with no money down, and a low payment on an extended term. With the combination of an extended term loan (over 48 months on a car loan) and a no or low money down loan, people are not paying down the balance fast enough to keep up with the depreciation of their vehicle. A negative equity situation for at least half of the loan term becomes inevitable.

A few years ago, Mitsubishi motors ran a special on their new cars. They were offering no money down, now payments for a year, and zero percent interest. In fact, I can remember dealers giving away free gas for the year also. Assuming that everyone that bought a new Mitsubishi was going to keep it for 6+ years, it would be a great deal over time. However, in this country, most people only keep their car for 2-3 years. What do you think happened when people that bought the new Mitsubishi vehicles tried to trade them in after a couple of years? They were very upside down because they owed almost as much on the car as they did 2-3 years ago, and the car was worth much less. Many of the loans went to repossession because people either could not trade out of them, or they could not sell the cars for what they owed; the losses on those loans were high. I have not seen the same incentives offered by any other manufacturer since then.

The only way to be able to trade-in a car that you owe too much money on is to roll the negative equity balance over to the new loan, which gives you even more negative equity than you would have had. It is a vicious cycle that does not end until either you cannot trade out of the negative equity anymore due to lending guidelines, or you actually stick with a vehicle until near the end of a loan to get close to breaking even.

At WashingtonAutoCredit.com we try to help our customers see all of their options so that our customers can make an informed decision. Sometimes, our clients listen to us and sometimes they decide not to. In the end, we try to help everyone. If you are in need of an auto loan, please consider applying on our website or calling us toll-free at 888-300-3502.