Bad credit car buying is very high today.
Many times people with poor credit end up paying too much or can't get a loan at all.
Below we will go over several tips that you can use to buy a car with bad credit.
The first bad credit car buying tips is don't rely on verbal agreements with your credit or loan APR%.
Many times car salesmen and financial managers will skip important details or will offer empty promises.
Make sure before proceeding to get it in writing.
The next tip is research the normal interest rate for your credit bracket.
Salesman might try and inflate interest rates to make more money and will try to convince you that it is the best they can do due to your credit.
This is a tactic many people fall for.
Interest rates are just as negotiable as the car price, so don't be afraid to negotiate the interest rate.
One of the best bad credit car buying tips is stay away from per-calculated interest rates.
Most people with poor credit take pre-calculated loans and they don't realize that interest rate is only for a little over half of the entire loan length.
If your credit is at the very bottom and can't get a loan after trying from many banks you may want to try buying a car from local car auctions.
This can be great for bad credit car buying.
Although the cars are used, they are often sold at below wholesale prices and sometimes for the price of a down payment you can purchase a newer car model.
A loan will also be much easier to get if you don't have the cash upfront to purchase.
This can be a great alternative to paying a high APR % and high retail prices at dealerships.