Bad Credit Car Loans in Washington

I bought a car, and I have changed my mind. I do not want it anymore. Can I get out of the contract?

Check out this commercial. It is like the unrated version of the one that really made it on the air where we live.

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.

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.

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