Really Bad Credit

Generally, these are consumers with significant credit problems that cannot be tracked to a single event. In other words, these consumers have a long-term history of bad credit behaviors. For example:
- Multiple charge accounts with charge-offs.
- Multiple Bankruptcies.
- Multiple repossessions outside of bankruptcy at different times.
- Significant bad credit showing following a bankruptcy.
- Current, substantial delinquencies on all (or almost all) existing obligations.
- Recent repossessions (typically less than a year old).
- History of writing bad checks.

These behaviors will, ultimately, lead to the consumer having virtually no chance of obtaining credit except with huge down-payments and very high interest rates. As was noted above, these habits will need to change if one wishes to get back to a more stable credit situation. Knowing your credit profile can help you in understanding what the lender is seeing when evaluating you for an auto loan. Where you can make changes and improve your credit situation, this should be done. That’s the best way to get the loan you want at an interest rate you can afford.