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The Shabana Motors Auto Blog - Expert Tips On Cars & Credit

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The Guide to Car Loan Credit Reports

  
  
  
  
Auto Loan

Your credit report is going to be checked by the dealership or outside lender when you apply for a car loan. Not only should you be prepared in terms of knowing your current credit rating, you should also have a grasp on how the credit check process will go and what it could mean for your used car loan

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Is Your Credit History Affecting Your Auto Insurance Rates?

  
  
  
  
auto insurance

Car insurance is a financial agreement between you and the insurer, much like how your car loan is an agreement between you and your lender. Insurance companies look beyond your driving record and the kind of car being insured, and your credit score could be taken into consideration. Before purchasing insurance, understand how your credit score is affecting your auto insurance rates.

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Are You Hurting Your Credit Score?

  
  
  
  
credit score

Credit scores are determined using complex formulas that draw information from every corner of your financial life. These formulas vary among the three major credit reporting agencies, but the general factors that affect the score are pretty much the same. You may be hurting your credit score without understanding why if you have one or more of the following common habits that negatively impact your credit score and how it's tallied.

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How to Fix Errors on Your Credit Report

  
  
  
  
credit report errors

There is a lot of information in your credit report that is gathered from nearly every official aspect of your life, from bankruptcy records to residency histories. Errors on your credit report can have a negative impact on your rating, which will affect your ability to finance a car purchase and qualify for loans. There is a solution to fixing errors in your credit report, and you should proactively pursue this solution if you notice inaccurate information.

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Rent-to-Own Cars: The Good, the Bad and Everything Else You Need to Know

  
  
  
  
rent-to-own car

Buying a car with bad credit or no credit history at all can be very difficult. Unlike financing the entire purchase of a car at once or signing a traditional lease, rent-to-own cars allow drivers to make smaller weekly or biweekly payments in the hopes of eventually paying for the car in full. As with every financing option, there are benefits and drawbacks involved with rent-to-own cars. Understand each before making your decision.

Will They Check My Spouse's Credit When I Buy a Car?

  
  
  
  
young couple

Marriage is a combining of two lives into one working towards a common goal. While it may not be the most romantic thing to think about, married couples need to remember that their individual credit histories affect their partner's financial standing. When buying a car, you need to know whether or not your spouse's credit score will be checked and how it will affect your ability to get approved for a car loan.

How to Prove Income With Bad Credit

  
  
  
  
cash income

When trying to finance the purchase of a car, proof of income is required for approval by nearly every financing company, both in-house with the dealership and through outside lenders. Proving income becomes even more important when an applicant’s credit score is lower than ideal. Be prepared to prove your income if you have bad credit and want to buy a car.

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Secured Credit Cards: How to Rebuild Your Credit Score Fast

  
  
  
  
secured credit card

A limited credit history or low credit rating can impede your ability to finance large purchases, get approval on a car loan, or even be accepted into a new job. Secured credit cards are a fast and easy way to start initiating or rebuilding your credit history.

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How Defaulting on a Car Loan Affect Your Credit Score

  
  
  
  
Defaulting on a car loan

A defaulted car loan will affect your credit rating in a negative way that can impact your ability to get financing in the future. While dealing with either an impending or already defaulted car loan, it is important to understand how it will affect your credit score and what you can do to help the situation.

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How to Get Auto Financing After Repossession

  
  
  
  
car repossession

Vehicle repossession on your record can make it difficult to get financing for the purchase of a new car. Many lenders consider applicants who have had a previous car repossessed extremely high risk and choose not to extend approval on a new loan. There are a few steps to take and things to consider that will help you get auto financing after repossession.

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