AutoCreditExpress.com Car Buyer Headlines

If you are applying for a bad credit auto loan, you should already know what your FICO score is. But you also may be wondering how your credit scores (you have more than one) are computed and what information is used to come up with that all-important three-digit number.

The second of the three main credit reporting agencies, TransUnion, released its own report following Experian’s report on Monday of this week and here at Auto Credit Express we find ourselves cautiously optimistic for the first time in quite a while. For us, as for many consumers in both the U.S. and Canada, the past two years have been exceedingly difficult.

To begin with, you need to be aware of the necessary disposable income that it will take in order to qualify for a bad credit loan so that you will be able to afford the additional monthly payment you will be assuming when you take delivery of your new car.

Yesterday, Experian released its latest report on automotive lending – this time dealing with auto loans in the second quarter of 2010.

But just as there are good ways and a bad ways to re-establish your car credit, there are also good ways and bad ways to come up with that extra cash you might need in order to cover unexpected expenses.

consumers need to be able to read and understand the Used Car Buyers Guide that is affixed to the window of every used car in a dealer’s inventory.

In addition to looking at your credit report and paying to see your credit score at least once a year, before you begin looking for a car, you should first take some time to prepare to buy that new car. This includes ordering a copy of your credit report from each of the three credit bureaus.

We’ve seen it hundreds of times: Due to the nature of the business and the lax rules for reporting tips, this income isn’t always reported on tax returns. In truth, this practice might save you money in the short term, but it could prevent you from getting a loan, especially if your FICO score falls below 640.

We have been in the bad credit car loan business long enough here at Auto Credit Express to realize that one of the most difficult approvals to receive is for credit challenged consumers who are self employed, or anyone else that depends on a form 1099 for their earned income.

We also encourage you to buy a warranty from the selling dealer. Buying your warranty from the selling dealer means that you’ll know where to go and who to see if you have problems with your car. You’ll also have someone to go to if you encounter issues with the warranty company.