The next step in the bad credit auto financing process is to get some sort of idea as to what kind of vehicle you would like to purchase. You’ll want to have a general idea as to what size of vehicle you want, the performance of that vehicle, and how that vehicle (and the payments associated with it) will fit into your overall budget. It is generally a good idea to choose at least two different car models and test-drive them both. A new car is no small purchase decision… and you want to be sure that you are making a car choice that you’ll be happy with and won’t put you into financial difficulties.
Once you’ve determined that type of car(s) you want to test-drive, you’ll need to determine what “options” you want to be included with your vehicle. You’ll want to figure out the suggested retail price, or MSRP, as well as the dealer invoice price associated with the car(s) you have interest in. It is a good idea to check and see if there are any consumer or cash rebate programs available. These options can further reduce the selling price of your vehicle and the amount you have to borrow with a bad credit car loan. Also, if you are considering trading in your current vehicle… you’ll want to research its current market value to ensure you get a fair trade-in price for it.
