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How To Buy a Car With Bad Credit

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By Anne Zieger
ConsumerAffairs.com

Buying a car is hard enough without the handicap of a past bankruptcy, repossession or credit card default in your history. Even if you qualify for the best possible finance rates, high-pressure dealership tactics and sleight of hand can add thousands of dollars to the price of your deal.

If you're one of the millions of Americans whose credit falls in the lowest end of the rating scale, you're facing an even greater challenge.

Good Car, Bad Credit • Intro • Know your Credit Score • How Bad is Bad? • Bank vs. Dealer Financing • Look Forward to Refinancing • What NOT to Do --- • FICO At A Glance

For one thing, the interest rate on your loan is going to be dramatically higher than the rates enjoyed by customers with sterling credit. What's more, if the dealer knows you're scared, he may try to pile on even higher finance charges, warranties or insurances, hoping you'll be too cowed to reject them.

But you don't have to be a victim. Remember: dealers want your money as much as anyone else's, and that gives you bargaining power. Though it's easy to forget this in the heat of a sales situation, you have the ultimate trump card - you can walk away - and almost certainly get a similar deal somewhere else.

In this article, we'll arm you with the knowledge you need to get the best car finance deal for your credit situation. Just as importantly, we'll make sure you know where the danger zones lie in the financing process. Follow our suggestions, heed our warnings and you'll be ready to go get your wheels.

Step One: Get Your Credit Report

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