Houston! We have a problem!
A majority of Houston residents use car to
commute daily. It is a means to earn their daily bread and butter. However,
Houston seems to have a problem with car buying and the reason behind it is bad
credit score. Many car buyers in the Space City are staying away from making a
car purchase because of a damaged credit score. However, there is a way in
which you can buy a car with bad credit. Let’s learn how to go over the moon
with an easy purchase.
How
to make an Easy Bad Credit Car Purchase in Houston?
Buying a car with cash has become once in a
blue moon event. With rising cost of vehicles and reducing savings, it is
nearly impossible to buy a car with cold-hard cash. If you have set your heart
on a car, do not wait for getting together the total price of the car. It may
take too long to save the amount and you may end up losing the car. When you
have a bad credit score, it is best to work with a subprime lender who can help
you sail through the process easily. To
obtain guaranteed auto loan approval in Houston, you need to follow a few
simple rules. The bad credit auto loan rules are not set in stone. But, it is
essential that you keep them mind while preparing for the process.
- Check Credit Score
Did you check your credit score a couple of
years ago? Did a lender tell you about your terrible credit score in the past?
Do not sulk in the past. Your credit score may have improved considerably after
the July 1, 2017 rule. The credit bureaus no longer consider tax liens and
civil debts that have inaccurate and incomplete information. In the past, many
credit seekers were forced to suffer with a bad credit score because of
inaccuracies in their credit reports. However, with the change, your credit score
is bound to rise. So, it is essential to check your credit score before moving
on to the car buying process.
- Cash Matters are Serious
The median income for a household in
Houston is $37,000. The per capita income is $20,000. Although Houston is considered
as a rich city, about 19% of the population lives below poverty line. And, it
makes buying a car in cash nearly impossible. Do not worry if you cannot buy a
car with cash. No one really does it anymore! But, you still need to manage at
least 10% of the total cost for a down payment. Remember when your credit is
bad, a little bit of down payment can help you to get guaranteed auto loan
approval.
Consider selling your old car or seek a
loan to get together money for down payment. If you want to avoid down payment,
you must find a lender who is willing to offer you no money down auto loan in Houston. Most traditional lenders require down payment so, search the web for
online auto financing companies.
- Cosigner helps a LOT!
A car can become a source of lifeline in
Houston. The city has so much entertainment to offer in the form of theatres,
music centers, parks, sports and more. When you are in a dire need of car, do
not shy away from asking help. Ask your family or friends to become a cosigner
for your Houston bad credit auto loan. Having a cosigner will provide assurance
of regular payments to the lender. It will help you to create a positive image in
the mind of the lender. It means getting low interest rates will become a
reality for you.
So, ask your parents to help you with the
car buying process. Find someone with a good credit score to become your
cosigner. If your cosigner has had a few late payments and bankruptcy in the
past, the lender will not accept his application. In such a situation, you can
rely on a no cosigner auto loan.
Buying a car with a damaged credit score
doesn’t mean saying yes to any loan term. Many bad credit borrowers avoid undergoing
the process of buying a car in Houston because they believe no lender, under
the sun, will help them make a purchase.
Remember buying a car with
bad credit is no rocket science. It is simple when you work with the rules.
Follow the rule of 3 C’s to obtain a bad credit auto loan in Houston easily.
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ReplyDeleteHello everyone, I am Jennifer Robert, currently living in New Jersey . I am a single mom at the moment with two kids and i was stuck in a financial situation in May 2019 and i needed to refinance and pay my bills. I tried seeking loans from various loan firms both private and corporate but never with success, and most banks declined my credit ,do not full prey to those hoodlums at there that call them self-money lender they are all lies , all they want is your money and you will not hear from them again they have done it to me twice before I met Mr. Anderson Raymond. I will advise you to contact Mr. Anderson if you are interested in getting a loan and you are sure you can pay them back on time you can contact them No credit check, no cosigner with just 2% interest rate and better repayment plans and schedule if you must contact any firm with reference to securing a loan.
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