The two major expenses consumers have relate to housing and commuting. Everyone needs to live somewhere as well as commute to and from work, school, and leisure activities. Most Americans are not able to purchase their houses and cars for cash and therefore require financing. The record foreclosure rate in the United States has displaced numerous families and damaged their ability to secure finance. Additionally, the record unemployment rate has employees in a fragile position if they are late to work due to transportation issues.
One of the easiest ways for a consumer with bad credit to improve their credit score is to secure car loans with a bank or finance company that reports credit to the major credit bureaus Equifax, Experian, and Transunion. The reason for this is as follows:
Car purchases are the second largest purchase an individual can make, after housing, and demonstrates the ability to qualify for such financing.
Car loan payments are recurring in nature, therefore if paid consistently on time; demonstrate a favorable payment history.
There are various finance companies from which individuals with bad credit can secure a car loan. These finance companies exist because the traditional banks and financial institutions will not service this market. Finance companies often work with a network of independent dealerships and can be found by walking into the car dealerships and asking if finance is available for car loans with bad credit. Some finance companies can be found online. These online companies can pre-approve a car loan based on the make, model, and number of miles already driven on the vehicle that you intend to purchase.
When securing car finance with one of these finance companies, it is important to determine whether they report credit to the credit bureaus. If they do not, this benefit repairing bad credit with a car loan will be lost. It makes sense to repair bad credit while securing your transportation needs.
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