Deal Or No Deal, Get Your Car on Your Terms

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As a Michigan resident, a state whose economy is very dependent upon the auto industry, I have witnessed first hand the demise of an industry due to lack of credit. It wasn't the quality of the vehicles, made by American auto manufacturers, but rather the demise of the dollar, consumer insecurity in spending, and the tightening of credit guidelines by the banks and credit unions.

The main restriction now with regards to auto loans is the credit score. I have spoken in various forums regarding the relative perception of the importance of the score. It is truly amazing the amount of weight the banking industry places upon a computer generated number.

I know of several companies that specialize in immediate credit score boosting. There are several techniques, but the bottom line end result is significant score increases in days. So, I ask you, if a person has a 619 score, falling below the general threshold lenders are looking for of 620; and one of these companies instructs them to pay down a credit card balance by $227, resulting in a 62 point score increase giving them a 681 score, above the threshold of 680 considered acceptable for most lending scenarios, are they now a more qualified or "safer" borrower?

The auto dealerships historically could make more money on the loan of a "credit challenged" borrower, and so did not seek out ways to help the consumer. It was easy to offer bad credit auto loans when there was plenty of credit available. Now, as 1/2 of most dealerships across the board have closed their doors due to low sales figures, it may make sense for them to explore the new options available for getting more people financed.

Car dealers need to try to help their potential buyers with the credit score before going to the bank with an application. Over 90% of the population could have a higher credit score immediately and not need much money to do it. The savings in the long term in lower interest rates, and just the fact that it is easy, even with bad credit, to get an auto loan, makes these "credit audit" services very appealing.

The end consumer, armed with the knowledge that they can, with almost 100% certainty, raise their current credit score in days should investigate this option. Not only will they be confident in getting the lowest rates available, but also know exactly where they stand before wasting time at the dealership. With a higher credit score, and confidence in their ability to get financed, the consumer will further have a fantastic negotiating position. Also, with a better credit profile, they are eligible for lower down payments, and with a lower rate, they can buy more car! See, it is still easy to get a bad credit auto loan!

Written by Thomas Richaard, Consumer Credit Advocate, Your Honest Agent, LLC, with 15 years experience in credit profiling, maintenance, and enhancement. Read more about articles like this on easy bad credit auto loans.

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