The bad credit car loan process 2

When the time comes to negotiate, it is always a good idea to keep the vehicle and trade-in negotiations separate. The “difference amount” is key in any transaction involving a trade-in. The lower the “difference amount,” the lower your monthly payment will be. Because of this, you’ll want to research what your trade-in is worth so you can make sure you get a good deal on your trade. Keep in mind that the dealer isn’t interested in paying full retail on your trade because he or she won’t be able to make any money on it when they sell it later. So if you want to get full value for your trade you will probably have to sell the vehicle yourself.

Finally, and most importantly, don’t take your “eye off the ball” until you’ve completed the last stage of the car loan process – which is the paperwork. And keep in mind that you are not always signing a contract with the dealer when taking on a bad credit auto loan… the dealer is often acting as an “agent” for the lender. Double check on all negotiated items. If something that you negotiated for during the car-buying process is not included in the contract, then it simply does not exist! And since there is no “cooling off period” for a bad credit car loan, this means that once the final papers have been signed, the deal is final.

It is for this very reason that it is always a good idea to take some time and read over all of the paperwork before you sign on the dotted line of an auto loan agreement. Make sure that everything contained in the loan paperwork matches the terms, and deals, that you agreed to. Lastly, make sure that you get a copy of everything that you signed BEFORE you leave the dealership. It is always a good idea to keep records of any financial transaction. But because of how much money a car costs, it’s especially important to keep your paperwork on a car deal.