You may ask yourself if you’re able to purchase a car when your sole income is social security. The answer is yes, given the right circumstances. Like any income, social security is a set amount of money that comes in each month, so as long as your budget can support it, there are dealers willing to finance someone on SSI (Social Security Income).
The Shabana Motors Auto Blog
There are many reasons you may have to ask someone to cosign your auto loan. You might have bad credit and can’t afford a high interest rate. Maybe you have no credit, and need someone to help get you started. Other reasons include low income, a short employment history or a prior repossession. No matter the why, it’s important to choose the right cosigner—and a few tips can help you make the best choice.
We all know our credit score is important, but few actually understand why it is such a big deal. Nearly every adult’s financial life is heavily reliant on credit, making the health of your credit report extremely important. An understanding of how and why your credit score affects your financial life in noteworthy ways will give you increased motivation to improve and maintain your credit rating.
Identity theft can have a long term negative impact on all aspects of your life, especially your finances and credit report. The process of repairing bad credit in the wake of identity theft should start right away and be done with patience and persistence.
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.
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.
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.
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.
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.
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.