Finance Roll

Obtaining an auto loan with bad credit is do-able if you are smart and take a few precautions. First, find out what exactly your credit score is, and what your credit report looks like. Print it out and memorize it or bring it with you to the auto dealership (but never, ever show it to anyone other than yourself or your co-signer!). Also, do research on what type of car you would like and can afford, and find out what the Kelly Blue Book value of these cars are. Again, memorize it or-better yet-print this information out and bring it to the dealership with you. This time, feel free to show the salespeople the print-out if they give you a price that is too high.

Furthermore, either you, your co-signer or a third party that is knowledgeable about cars should inspect the car you are interested in very, very carefully. Look for signs of rust/corrosion (paying particular attention to rocker panels, floors, wheel spaces/wells, the interior of the trunk and around the roof), accident repairs (uneven doors, panels, fenders, and shades of paint are all telltale signs) and odometer rollback. Check the tires-if they are bald but the odometer shows low mileage, that is a sign the odometer may have been rolled back.

And why all the precautions? Anyone looking to purchase or lease a car should do this, but if you have bad credit then the salesmen may most likely try to take advantage of you by selling you lemons, or telling you that your credit score is far less than it really is, or charging you more for the car than it is worth-interest rates, included. Be smart, look after yourself, and don't take anything the salesman says to heart-educate yourself beforehand.