Statistically it's best to invest into a vehicle that is 2 or 3 years old.
(PRWEB) January 27, 2013
There's nothing worse then trying to get an Auto Loan from multiple lenders only to find that none of them will accept an application. That's why Complete Auto Loans offers these four tips to help consumers not only get a car loan but raise their credit score.
First, Getting a Used Car Can Be a Good Choice
Statistically it's best to invest into a vehicle that is 2 or 3 years old. The price of a new car is not only significantly greater but decreases in value much faster then a car that is 2-3 years old. A 2-3 year old car is also at the zenith of quality and durability which makes getting a bad credit auto loan much more likely for a consumer.
The other advantage of buying a used car that is only a few years old is the availability of a service contract for that vehicle. A service contract is a great way to avoid unexpected expenses on a vehicle which will ensure repossession does not take place by missing a car payment. Any maintenance that is needed on the car can be taken care of with a service contract that will generally outlast the length of the auto loan.
Second, Having a Good Insurance Plan For One's Car Maintenance is like Having Peace Of Mind.
A Service contract is a smart insurance policy that can get one out of a bad fix. It's kind of like using AAA service for one's vehicle. If their car gets stuck on the side of the road not only will they have their towing needs taken care of but they will also have their mechanic problems taken care of as well.
It is true that cars today are vastly superior and more reliable with their computerized systems that can better manage overall engine efficiency and fuel mileage but that also means a car is much more difficult to repair unless specialized training has been given. This means that most repairs cost much more then in the past. So, having service insurance is an attractive commodity.
Third, Every Car Has a Maintenance Schedule
Whether or not one expects their car to break down or not every car has a maintenance schedule. Proper upkeep can keep a person driving comfortably while not having proper upkeep can land a car owner in the shop at the least opportune moment. Realistically, it's much wiser to spend a few dollars per month then to have to spend a large clump sum when one's vehicle breaks down or needs maintenance. Anything that can ensure that car repossession does not happen again means that a car owner's credit score will significantly increase over the life of their car payments.
Fourth, Overextending One's Budget For a Car Leads To Repossession.
It's important to feel good about a car purchase but don't let that car purchase rule the checkbook for the next six years. Don't make a decision based upon what the future might bring but what the current finances look like now. Consumers can find themselves in an even deeper financial hole if they purchase too much car for their budget. Set aside a monthly expense for a Bad Credit Auto Loan with a car that will be reliable yet affordable with a service contract and then peace of mind is not a problem at all.
About Complete Auto Loans
Complete Auto Loans provides loans to people with good and bad credit history. They provide consumer information to help everyone make the best choice for their next auto loan. Their mission is to help car shoppers find a reliable car at an affordable monthly rate. They offer a unique online lending portal that can get car shoppers approved for an Auto Loan.