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Bad Credit Auto Loan Applications On The Rise As The Economy Falls

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Bad credit auto loans have become a more common term to car buyers considering the economic down to in the United States economy. To compound the problem of the economic down turn more and more banks the use to lend auto loans to car buyers with bad credit are getting out of the auto lending business because they have become cash strapped as a result of their lending policies in the sub prime mortgage industry. In light of the fact that there has been a mass exodus of auto loan lenders getting out of the business and a large influx of newly burdened consumers with bad credit seeking auto loans it has become a trying time for car buyers in need of help obtaining a bad credit auto loan. Many car buyers are looking for alternatives to the conventional roads that they normally travel down to get a bad credit auto loan. What a large number of car buyers are finding is that walking into there neighborhood auto dealer that they are accustom to when apply for an auto loan just doesn’t work anymore. The problem that car buyers find is that there normal auto dealers can no longer help them. There are other car buyers that used to having good credit and now are new to having bad credit; these buyers are finding that they are not even sure where to start when they going looking for there first bad credit auto loan.

The world has not come to an end because of the credit crunch or the fewer options when applying for a bad credit auto loan. It has become more difficult to get a vehicle if you have bad credit but it is not impossible. The key to finding a bad credit auto loan without spending days of frustration going from dealer to dealer getting the embarrassing "I'm sorry sir we cannot get you approved because of your bad credit" or "I'm sorry but you have been turned down by all of our banks." going to the right dealer or the right bank when you apply for that bad credit auto loan.

For years many dealers have dealt with a little bad credit here and there when they would have the occasional customer with bad credit walk into the showroom. Some dealers have managed to fair ok because of dumb luck and plenty of banks out there that lend to car buyers with bad credit. The days of dumb luck for dealers have ended and it requires the dealer to be prepared and educated on the banks that are out there that lend to car buyers with bad credit.

The good news in a dark economic time for car buyers looking for a bad credit auto loan is that there are auto dealers that have special finance departments that have been established, trained and have the connections with the banks that still lend to consumers with bad credit. The fact is that there are dealer that have always specialized in helping car buyers get bad credit auto loans. These dealers are aware of changes in the car buying market and have made preparations and arrangements to insure the success of the special finance departments ability to obtain bad credit auto loans for there clients. The problem that car buyer’s face is finding the dealers the have these type of special finance departments.  Shotcredit.com has done the lag work for car buyers with bad credit and has established a nationwide network of dealers that have made the preparations to help car buyers get bad credit auto loans. To obtain a bad credit auto today you can submit a request to our auto loan network now.
Last Updated on Thursday, 04 December 2008 19:19
 

Low Fico Scores Auto Loan Information

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So you think that you have a low fico credit score, but what does that really mean? Well the meaning of a low fico score is different depending on who you might ask or be applying for a loan thru.         
As far a fico scores go if you have fico score over 800 then you probably need to read no further because your credit is awesome. A 700 plus fico score is still a great credit score to have and you also should possibly save your time a stop reading this article. A 600 fico and above means that you probably should pay attention to what the rest of this article is about because chances are if you are not careful you’ll  have the low fico score that we are going to talk about. A fico score from 520 to 600 should take notes because you’ll need them. Anyone with 520 and below well you are the one with the really, really low fico score.

Last Updated on Saturday, 15 November 2008 14:15 Read more...
 

Credit Bureaus and Bad Credit Auto Loans

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A big part of why consumers have bad credit or think that they have bad credit is because of what is reported by the Credit Bureaus. The perception of most Credit Bureaus is that they are this big bad black hole and that when something goes into thier credit report the information can never come out; or at least for ten years. The thing is that Credit Bureaus are definitely big, but they are only big companies. They just collect a ton of information about consumers from lending institutions, banks, credit unions and collections agencies. Credit Bureaus put all of the information together; put all the information into a math problem, assign a score and spit the information back out in the form of a credit report to all of the same lending institutions, banks, credit unions and collection agencies that gave the information. The source that most auto dealers get your credit from is not from the Credit Bureaus but through a Credit Reporting Agency (CRA).

Last Updated on Saturday, 15 November 2008 14:25 Read more...
 

How Many Credit Inquiries Is To Many Credit Inquires?

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Most people know that if you have to many credit inquires it can effect your credit score. But the rest of the story about credit inquires is not so clear. Here are some things to consider when having your credit run.
Not are credit inquires are created equal. What does not all credit inquires not being equal mean to you? When having your credit run take in to consideration who is running your credit and you will better understand how it is going to effect your credit. It is generally assumed that each time you have your credit run it drops your credit about 5 to 10 fico score points, it would be closer to 5 points. The fact is that when your have your credit run your score may drop 5 points depending on who runs it.
The exception to the rule of your credit dropping the supposed 5 points each time is when an auto dealer, auto lender, mortgage broker, or lender runs your credit. You might ask why would they get a pass on dropping your score and not everyone else?
Last Updated on Saturday, 15 November 2008 14:14 Read more...
 

Credit Reports and Scores 101

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Learn The Basics About Credit, Credit Scores And What It Takes To Get An Auto Loan With Bad Credit!

A Fico Score is a three digit number that appears on your credit report and is used by banks, lenders, and some insurance companies to determine what rate and programs that you qualify for.  Your Fico Score can range from 900-300 -- 900 being the highest and 300 being the lowest. Your score is figured by a mathematical algorithm which takes several aspects into consideration.

Last Updated on Saturday, 15 November 2008 14:26 Read more...
 
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