Financing a car for the fist time is typically a big step for Florida consumers. First, you should find a vehicle that suits your needs and budget. Then, you try to get the best deal possible on an auto loan. To ensure success with this second step, first-time Florida car buyers should do their research. Before applying for auto financing, these consumers should know their credit scores and the contents of their credit reports. This way, they know which lenders to approach and the interest rates for which they qualify. The truth is that there are car loans available for almost every type of credit in Florida, but where you stand with your credit dictates how much you’ll pay for financing.
Why First-Time Florida Car Buyers Should Start the Auto Financing Process by Checking their Credit Scores
Checking your credit score before starting the car financing process allows you to save time and frustration. When first-time vehicle buyers in Florida know where they stand with their credit, they won’t have to waste time at a dealership, only to be turned down or given an unfair deal on a loan. So, go ahead and pay a small fee for a FICO score.
Even though several websites offer free credit scores, most auto loan providers use FICO scores. Therefore, it is helpful to see what they see. Of course, some banks and credit card companies offer free FICO scores to their customers, so check with your financial institutions first. Otherwise, visit MyFICO.com to get your most recent credit score straight from the source.
Then, Florida consumers with good or excellent credit scores should start with their banks or credit unions when shopping for auto loans. Because of their credit worthiness, these car buyers should hold out for vehicle financing that comes with competitive interest rates and loan terms. Also, don’t worry about too many hard inquiries on your credit reports during this process. Fortunately, the credit bureaus understand that consumers may apply with several lenders when shopping for an auto loan. Therefore, during a certain amount of time, all credit checks related to the same purpose count as one hard inquiry.
Vehicle shoppers in Florida who find that they have less than perfect credit scores still have financing options available, but subprime auto loans normally come from different sources. Namely, these loans for buyers with bad credit are offered through special finance dealerships. Just be warned that this type of financing usually comes with higher interest rates and less than advantageous loan terms.
What First Time Vehicle Buyers in Florida with Bad Credit Scores Need to Know
Florida consumers with low credit scores who seek subprime auto loans from special finance dealerships should do several things before shopping for their cars. First, they should prioritize their needs. Because they likely face higher interest rates, it is important for these buyers to stay within strict budgets. Ideally, they should consider low-mileage used vehicles, so they don’t end up over their heads with overly expensive car payments.
Next, they should save up a substantial down payment in order to finance as little as possible and minimize high interest charges. Then, these Florida car buyers should gather up some necessary documents. To qualify for subprime financing, they’ll likely need a valid driver’s license, proof of residency (a utility bill), and their most recent paycheck stubs to verify their income. If they have recently been discharged from a bankruptcy, they will also need copies of their discharge papers. Finally, before seeking subprime auto financing, Florida consumers should check their credit reports. In fact, all consumers in Florida, whether they have good or bad credit scores, should look at their credit reports before applying for car loans.
Why All First-Time Florida Car Buyers Should Check their Credit Reports Before Applying for Auto Financing
It is important for consumers in Florida to know their credit scores before shopping for auto loans, but they also need to verify that they have the right credit scores. Unfortunately, creditors and the credit bureaus frequently make mistakes with consumer information. Then, these mistakes show up as errors on credit reports that often bring down credit scores.
Therefore, in order to ensure that you get the best auto loan for which you qualify, you should look for and demand the removal of inaccuracies on your credit reports. After all, under the Fair Credit Reporting Act (FCRA), all Florida consumers have the right to error-free credit reports. So, go to www.annualcreditreport.com, and request your free annual credit reports from TransUnion, Equifax, and Experian.
Then, while looking through your credit reports, if you spot credit score damaging mistakes and errors, contact Credit Repair Lawyers of America in Florida. Instead of dealing with the frustration of the dispute process on your own, let our in-house credit pros do all of the work for you. You’ll also get access to an experienced credit attorney who will do whatever it takes to get you clean credit reports for FREE.
How to Get Free, Legal Credit Repair in Florida
Don’t let errors on your credit reports bring your credit score down. At Credit Repair Lawyers of America, we’ve been cleaning up credit reports for consumers since 2008 for free. How do we do it? All of our fees come from the defendants in cases that are settled. This is why our clients pay nothing for the work we do.
Let’s start the conversation about what we can do for your credit. Set up your free consultation today by calling Attorney Gary Nitzkin at (813) 940-7255 or sending him a message through our contact page.
For more information about Free Credit Repair, please visit https://www.creditrepairlawyersam.com/florida/credit-repair/.