New Start Auto Loans

As far as I can see, the “Making Home Affordable Refinancing Program or HAMP, is intended to allow mortgage holders to refinance their mortgage by missing several payments or only paying a portion of the balance to bring the mortgage to a near default stage.  Once these homeowners are in that magical near default stage, the lenders, by way of the Making Home Affordable Refinancing Program are highly encourage by Obama’s new policies to refinance at a much lower rate.  The result is a very lower interest rate reward for the homeowner.

Despite a bad taste in my mouth for the idea, the program can get you into a better interest rate and a lower monthly payment.  So everything is great then right?  Not so fast.  If you suspected that this may have other consequences you are correct.  A late mortgage payment is a giant problem for your credit.  A mortgage payment is usually the biggest influence on a person’s credit so poor payment history will be on your credit for quite a while.  I have seen people that had otherwise perfect credit that have used this program and ruined their chances of getting decent financing.  If you are planning on getting a car loan or any other type of financing, you might consider either avoiding this altogether or waiting until you’ve got those purchases out of the way.

At the current pace, with derogatory items falling off credit after seven to ten years, you can recover from, just about any credit problem.  Please use caution before you do anything that can be this devastating.  If you have already done this or are in the middle of this process their is still hope.  Don’t get carried away and default on other items.  Being behind on your mortgage is a big deal so you will need to talk to someone with the right skills to get a loan for a car.  If you are in need of a vehicle, look to a dealer who has a special finance manager.  Once you are linked up with a special finance manager, let them know everything you know about the situation; be prepared with mortgage statements that go back to before you started the process, make sure these have balance, last paid, next due, and your name on them.  Keep ALL of your paperwork handy just in case.

Find A Special Finance Program And Get A Car Here

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Trying to get financed when you have bad credit can seem like a daunting task. It can be next to impossible to know what to do and you may wonder what kind of cars are the easiest to get financed if you have bad credit.  I have personally heard this question many times and the answer may not be as simple as just calling out a make and model.  If you are considered part of the “bad credit” group, you have something on your credit that makes it more difficult to get a car loan.  The term “bad credit” could be any one of thousands of different scenarios and sometimes it makes a difference just what it is that’s on your credit report.  If you have “bad credit” because you were late on your car $795 a month car payment the lenders may want to see your new loan come out to be a much lower one this time. The best car to finance with bad credit depends on so many variables that it’s impossible to say this one or that one.  If you have a special finance manager that is familiar with sub prime lending enough he will usually be able to identify the cars that will work best for your scenario right off the bat.  The more flexibility you have the easier it will be to get your loan.  If you go in thinking you’ll only take a pink 2010 Honda Pilot, you may leave disappointed.  Realize that with a bad credit situation you should have an open mind and work with your finance manager to get a car.  If you’ll only take a very specific car, let them know right up front, you may save both of you some time.

Apply For Your Next New Car Here

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If you have a car that you won’t need after you get  your next car you may be considering trading it in.  If you are going to trade your car in you may have wondered how much can you get for your trade in. If you are going to trade your car in, please keep a few things in mind; One, if you owe more on your car than it is worth you aren’t using it as a down payment. This is called negative equity. To find out APPROXIMATELY what your car is worth go to kbb.com. This will give you some idea. Make sure you use the trade value and not Private Party value or retail. You cannot expect either of those values  from the dealer. Then don’t look at excellent value, it says that LESS THAN 5% of ALL cars are in excellent condition.  You can always negotiate your  trade allowance with the car dealer just be realistic.

Find A Car Dealer And Apply For A Loan Here

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If you have bad credit, you may have been told that you need some money down to get your auto loan.  The need for money down may be for several reasons.

First, the lenders may approve you for less money than if you have perfect credit.  If you have perfect credit and can barrow $15,000 on a $15,000 car you may only be able to barrow $14,000 on a $15,000 car.  Assuming you need to add tax title and license, you may need to put down $2,000.

Second, many times, lenders will want to have you, as the buyer personally invested in your car right of the bat.  They often call this participation.  Even if they will barrow you most of the cost of the vehicle they may want some money down to get you personally invested so that they feel more secure in getting all of the payments.  People that have put some money down are more likely to continue making payment because they have already paid some of the car off.

Don’t worry, all of the money you use as a down payment will go toward paying down your loan.  Even for people with perfect credit, it is a good idea to put money down; money down will lower your monthly payment, reduce the total of your loan, and lower the total amount of interest you pay.  Sometimes putting more money down will also give you better finance terms or open up a new program that you otherwise may not have qualified for.

Apply For An Auto Loan Here

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With bad credit, you may be worried if you can get a car loan.  If you have a low income, it may be even more tricky to get the financing you are looking for.  So how much money do you have to make to qualify for a car loan?  Their isn’t a clear answer to this question since their are a million and one variables.  First off, the lenders are only going to allow a monthly car payment that you can afford.  A bank will usually only allow between 12 and 18% of your gross monthly income for a car payment.  To calculate you income click here.  Each lender has slightly different programs and each dealership may have different lenders that they work with.  Some lenders will also assume minimum monthly expenses to calculate your budget.  If they assume $500 a monthly for rent, $500 a month for expenses, and then add any installment payments on your credit file you may not qualify for a car loan if you have a low income.  If you make less than $1,500 a month, you may have difficulty getting an auto loan because of the minimum budgeting many lenders use.  If you have someone that can sign on with you they may allow both incomes to be used.

Get An Auto Loan Here

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If you are looking for an auto loan you may want to talk to as many dealerships as possible and see who can offer you the best interest rates.  To the average customer this may seem like a logical process.  I have seen many people with the same idea, give their application to one dealer, and see what they can do, then, apply at the second dealer and find out what they can do and so on.  So does this hurt your credit? Is it a bad idea?  First of all, if you aren’t getting the best interest rates you are going to the wrong place.  There is no magic formula that will get someone with terrible credit a prime interest rate so if this is you, getting a bunch more inquiries on your credit won’t help.

Does this hurt my credit?  There are three main credit bureaus, TransUnion, Equifax, and Experian.  Each credit bureau has a slightly different scoring model that they use but each will reduce credit scores with new inquiries.  If you want to apply for an auto loan that’s fine, if you give your info to a dealer and they send your info to a few banks at the same time it will only affect your credit like it is one inquiry.  All of your inquiries within a short period of time will only affect your credit a little.  So what’s the problem?  If you stretch your “just looking” process out weeks instead of days your credit score will decline more than you may be able to afford.  The second issue here is that if you apply at one several dealerships it looks to the banks that you are getting declined at each and are desperate to get financing.  This raises a red flag most of the time and you can be declined for “excessive inquiries“.  I have seen people with excellent credit get declined because they shopped around so much that they had excessive inquiries.

Is it a bad idea to try to get the best deal?  Of course not, everyone wants the best deal when they go car shopping.  Avoid shopping your credit around by getting teamed up with someone who can help you accomplish what you need first.  In order for you to get the best rates and the best possible scenario you need to know who to turn to.  New Start Auto Loans only deals with dealerships and finance managers that have special finance programs.  If you complete a bad credit or no credit auto loan application with New Start we can match you with a program in your area that has programs for bad credit auto loans.

So what should I do?  Only apply if you are ready to buy.  It’s not fair to your credit, the banks that need to look at your application, or even the finance managers who need to make sense of your situation to bounce around and not buy.  One important thing to keep in mind is that if you want to rebuild your credit with an auto loan, the sooner you start, the sooner you can have rebuilt your credit.  If you shop around and decide you will wait for six months because you don’t like what you hear, you will be six months behind where you could be if you simply got serious and committed.



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If you have bad credit or no credit you may have searched far and wide for some good info on car loans.  I can tell you that I’ve seen first hand how much garbage their is out there.   If I had a nickel for every time I saw something  like this, “Apply For A Car Loan – Everyone Is Approved !” I would be rich.  The fact is getting a car loan with bad credit or no credit can next very tough and you can’t just look anywhere and get good info.

Any site that claims that it will be as easy as falling off a log to get a car loan with bad credit is just not telling the truth.  Yes, their are some reputable web sites out their and they may offer some good tips but you need to be fully armed with ALL of the info not just some of it.  Each situation is just a little different from the next.  Here at New Start Auto Loans we try to offer up as much information on bad credit no credit auto loans as we can.  Even we may not have all of the answers to all of the questions posted in our articles.  If you would like a specific question answered and don’t see an answer in our articles or blog section PLEASE ask us in the comment section and we will answer your question quickly.

Get A Bad Credit No Credit Car Loan Here

To Ask An Auto Loan Question Click Here Or Go To Comments

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When you set in to the auto loan arena, you may have a zillion and one questions.  One of the biggest questions for car buyers with bad credit or no credit is how much will I need to put down?  Getting an auto loan as someone with less than perfect credit sometimes requires a different approach to the auto loan structure itself.  Bad credit banks may want to see a certain equity position in your auto loan right from the start.  If a lender tells the dealer they want to see a 90% loan to value, this means that they will finance 90% of your auto loan and you need to come up with the rest.  To get this to happen the dealer will usually pick some vehicles that they’ve got a good deal on to lessen the amount that you need down.  If a car is worth $15,000 and they only paid thirteen thousand for it you might have to put less down on it to get to your 90% than if they paid all $15,000.

Let’s say they did only pay 13,000 for a car that will work for you.  Obviously the dealer needs to make at least a small profit to stay in business and to pay their sales guy.  Don’t go into this thinking that they can make profit off the next guy.  This job is how dealers support their family and it’s selfish of anyone to try to make them work for nothing.  If, at the end of your work day your boss came to you and said “we are going to keep the pay for Mondays to ourselves from here on out, don’t worry though, you can work overtime the rest of the week to make that up”.  You wouldn’t stand for it!  They can’t do it either.  Next, you have the tax, title, license, and fees.  Let assume that all together this comes to $2,000.  That makes 90% of $15,000, $13,500 so your difference is $1,500.  You may have guessed that this is a hypothetical scenario and each situation is different.

It is adventitious to save up as much money as you can in order to have the most options and bargaining power when it comes time to go to your dealer.  If you have a certain amount that you can put down let your dealer know so that they can help you find the best scenario and the best finance programs for you, right of the bat.  If you have little or nothing down it may be more difficult to get the right situation so you’ll need to be more flexible with your vehicle choices. If you want to get a particular vehicle just ask your dealer, how much will I need to put down?

Apply Here For An Auto Loan

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If you have bad credit or no credit and you are thinking about an auto loan you have probably wondered what your interest rate is going to be.  First of all, I will break down a common scenario.  First, you apply for auto financing on-line.  Next, you receive a call from a special finance manager verifying your info and then telling you that they want you to come in to get squared away.  The problem is you’ve already been to a few dealerships and they couldn’t help you.  This is probably the most common scenario.

If you have started your auto purchase quest by going to the first dealership with a pretty car you could experience a lot of issues.  For one thing if you have a difficult finance situation, they may not be set up to help you.  They will either go through the entire sales process then discover that your credit is less than prime and have you get a ton of documents only inform you later that they can’t help you or just blow you off right away.

The dealerships with a true special finance department are going to know what needs to be done in order to secure an auto loan for you.  When they ask you to come in with your documents they have a plan from the get go.  If you are wondering what your monthly payment or what your interest rate will be, you have wondered the same thing that someone with perfect credit has also wondered.  Before you get to far though, please realize that they can’t quote anyone an interest rate before they have a car and a deal structure.  Just because you have less than perfect credit, don’t assume that they are picking on you when they want you to come down to the dealership.  A dealer needs to take things one step at a time.  I know searching for a loan can be a frustrating situation but it will only be harder if you fight the process.  Car dealers can’t sell you a car over the phone; even if they could how would you know if that particular car was going to work for you?  Whether you have perfect credit or the worst credit in the world you owe it to yourself and to the finance manager that is working hard for you to go through the motions just like everyone else and find the right situation.

Once you have found something that will work for you, the finance manager can send over any info the lender in requesting, such as your check stubs and then find out what terms the bank needs to see to secure you’re financing.  Please keep in mind that each situation could lead to different interest rates, different amounts of down payment and even different loan terms.

Apply For An Auto Loan Here

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If you have bad credit and are hoping to rebuild your credit enough to qualify for a home loan you may have wondered if a bad credit auto loan can help re establish your credit enough to get a home loan.  First of all, a home loan is one of the hardest things that an average person will finance in their lives; hence this will usually be the biggest influence on credit history.  The good news is that an auto loan is usually the second biggest factor in determining credit history and since a bad credit auto loan is easier to get, you can get an bad credit auto loan and it will help re established enough to get a home loan. 

The next thing is How Do I Get an Auto Loan with Bad Credit?  This is a whole new subject and is covered in more detail in our other blog articles.  The main thing that will help you get an auto loan with bad credit though, is finding a special finance manager that works with situations like yours.  New Start Auto Loans has a network of finance specialists that can assist you in getting your auto loan approved to start re establishing your credit enough to get a home loan.  Once you have made about a years worth of payments on time, assuming that everything else is current you should see a big increase in your score and overall credit picture.

Apply Here For Bad Credit Auto Loan To Help Re Establish Your Credit

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