Okay, so maybe the title is a bit dramatic, but we take car finances pretty seriously around here, and make it our job to learn and evaluate trends in the automotive industry. So, while we know plenty of folks who have had great success buying a car from a franchise car dealership, we've seen enough of the hard numbers to know that that's not always the best route for a lot of people--and can ultimately cause great financial disasters and financial stress.
Raise your hand if you like going to the DMV. How about the post office during the holidays? Calling your Internet provider during an outage? Yeah, us neither. If there's one thing that drives us nuts it's having to wait for things that are important or vital to our well-being or quality of life. Long lines and busy signals can hold up our entire day, and force us to alter our schedules--which is why when it comes to how we do business, we're pretty picky about making sure we streamline your credit application as much as possible.
If you're eagerly searching for ways to restore your credit, it might be tempting to buy a new car. New cars typically (though not always!) break down less frequently than used cars, usually require less up-front maintenance, and don't come with a pesky monthly car payment. But just because you might have lucked into some unexpected cash, doesn't mean that buying a new car--or any other large item--outright, is the way to go. In fact, to rebuild your credit, you're actually going to want to take out a loan.
- Set a reasonable expectation for the car you can afford right now--not your dream vehicle. With time, and cosistent payments, you'll work your way toward that shiny SUV, truck, or hybrid you really want!
Buying a used car is nerve wracking enough, but buying a used car when your credit is poor or suffering from an unexpected financial set-back, can be even more frustrating. Most banks and credit unions won't lend to you because you're considered too much of a financial risk, but without someone taking a chance on you, there's no way to rebuild your credit and your financial reputation.