Credit Reporting and Purchasing a Vehicle

Buying a car is a big purchase.  Whether it is used or new,
you want to get the best deal.  If you plan to finance the
purchase and get the best price, you need to do a little
homework.

Pull your credit report before you go into a
dealership.
  Why?

Make sure there are no problems with your credit report.  Check the report
for errors.  If there are mistakes, you will need to dispute
them directly with the credit bureau reporting it.  You can
easily do this by sending them a letter.  Check out our
website for a
sample letter
with detailed
instructions
or call an attorney today for a free consultation

Your credit
scores
are used by the auto industry
to help determine
whether you will make timely payments on your loan. 
Ultimately, this will determine the interest rate you
receive.  You should shop around on your own for an auto loan
before you start looking for a vehicle.  When you find the car
or truck you want to purchase, you can take the financing you have
already lined up, or let the dealer make you a better offer. 
This way you will be able to know that you got the best deal
possible in terms of financing.

ALSO, be aware that car dealers make money when brokering a finance
agreement with a lender
.   The higher the
finance charge, the more the dealer stands to make on the
sale.  A dealer may use your bad credit against you in order
to puff up the annual percentage rate of the loan.  Therefore,
you have to
check your credit report
, and assure there is nothing on there
that will give the dealer a reason to increase the rate of your
loan.

If you are having issues with your credit and need assistance,
contact SmithMarco P.C. for a free
case review.