Now that you’re aware that you can find a lender who will take a chance on you, don’t make the mistake of going with the first fish that bites. You have to be sure that you’re making a sound financial decision that benefits you in the long run. This means not getting distracted by the promises of lower monthly payments in exchange for a long term loan. If you have to take out a long term loan, you probably can’t afford the car.

Also, make sure that the loan doesn’t have a bunch of extras tacked on that you don’t need. This includes extended warranties, insurance or after – market services.

Finally, make certain that once you drive off the lot that that’s it. There shouldn’t be conditions afterwards. Some lenders have been known to contact buyers later telling them that their interest rates have increased or that they need to make a larger down payment.

If you make strategic steps ahead of time, you can totally get the car you need without having to pay an arm and a leg. Just remember to do the proper leg work and most importantly, don’t get caught up in desperation.

Read: Part 1 & Part 2

In part 1 of this series, we began exploring how to get a car loan even with bad credit. Bad credit is an issue many people have, but it doesn’t stop them from needing a ride. If you put in the leg work, you can definitely get the ride you need.  Here are a few more ways to get it:

Check out your bank or credit union first. It may seem like a long shot, but try applying at the bank where you have your checking account. You can also check out banks who are known for giving out auto loans. This may be national banks, regional banks and popular online lenders.

Also, get someone to go with you who can be your extra set of eyes and ears and who can be your partner. Their role is to not act too impressed and to help you stay neutral throughout the negotiation process.

Check out part 3 of “How To Get A Ride Even With Bad Credit”, for some final tips.

Don’t be intimidated into thinking you can’t get a car loan if you have bad credit. Chances are strong you can get one, it may just take a little more effort on your part. Will the interest rates be high? Most likely they will, but they may not be as high as you think. It’s definitely worth doing your part and checking out because no two creditors think the same. Here are a couple of tips for getting a car loan, even with bad credit.

Know your score: If you’re armed with your credit score and credit report, no one can catch you off guard. You may have the same score as someone else, but maybe your history is a  little longer. It’s important that lenders can see all the fine details.

Shop around: This can’t be stressed enough. One lender may be more lenient to your score compared to another. While one may think you’re too risky, another one may not think so.

Check out part 2 of ways to get a car loan even with bad credit.

Have you ever considered getting a loan modification? If so, you’re not alone. Many people who fall behind on their loans are quick to turn to them, hoping they’ll provide some level of relief. But, many soon realize that a loan modification wasn’t quite what they expected.

The Amount Owed Won’t Disappear:
A common myth behind loan modifications is thinking that the amount past due has disappeared. Yes, the payment may be lower, but that’s because the lender has changed the terms of how you’re borrowing for the current loan. This is in an effort to help you get back on your feet, but the amount owed has likely been tacked on to the end of the loan. You’ll notice too that the loan will take longer to pay off.

Don’t let this discourage you from getting a loan modification if you really need it. It’s still a great option for those who want to get a better handle on their debts.

Have you gotten yourself into hot water because of a payday loan? These loans may seem like the perfect solution to your problems at first. Especially, when you need it for an unexpected expense. But if you aren’t careful, you may find yourself falling into default.

The first time you’re unable to pay back your loan on time, you’ll be charged an additional fee. If that happens too often, the amount you have to pay back will become larger, making it nearly impossible to find relief.

Of course, the best way to avoid this is to handle it before it defaults. Here are a few ways to catch your payday loan before it goes it’s too late.

If you haven’t done so already, check to see if you qualify for an extended payment plan (EPP). Be sure this is done before your due date.   

If at all possible, try and pay it off completely as soon as possible. These loans are so vicious that you don’t want them lingering any longer than they have to.

Is your credit score 600 or above? If so, you may be able to take out a loan with a traditional lender or maybe even a credit card that you can use to pay off the payday loan. One of these options will give you more breathing room when it comes to interest rates and payment schedule.  

Talk to a nonprofit credit counselor. They may be able to help you negotiate something with your lender.

If you feel that your lender is acting unreasonable, you may be able to report them to the Consumer Financial Protection Bureau. Their number is 8554112372.

When you’re strapped for cash with nowhere to turn, taking out a payday loan may seem like a great quick fix option. But what most people don’t realize is that pay loans are usually the beginning to a vicious cycle of “catch up”. The borrower usually takes out a certain amount of money and in return they have to forfeit that portion of their paycheck. Because the borrower is already strapped for cash to begin with, they end up needing to take out another loan just to cover the amount they just lost.

Before ever taking out a payday loan, here are 4 things about them that you need to know:

  • They are usually for small amounts. This means you can only borrow anywhere between $100 and $1,000. This of course, will depend on income level and state laws.
  • They are due by your next paycheck. Unless you work something out in advance with a payment plan, you will likely have to pay the entire amount back– plus interest, by your next paycheck.
  • Lenders usually need to have access to your checking account. In order to ensure that you keep up with your end of the bargain, lenders may require you to have a checking account.
  • The loan usually costs anywhere from $10 – $30 for every $100 borrowed. That means if you borrow $300, you are likely to pay back anywhere between $330 and $400.