Repairing Your Credit Report for an Auto Loan
There are two situations we see all the time with car loans: Those who can’t qualify for a car, and those who are currently paying too much in car payments each month.
Can’t qualify for a car loan?
Your credit score is the major component of whether or not you qualify. When we improve your credit report and score this will open the door to opportunities you never had before. This is not the question most people have, however. The common question people in this situation have is, “how fast can you fix it?!”
This is where you have to be careful. While other companies might tell you everything you want to hear, The Credit People® has been helping people for 10 years and there is no way to “speed up the process.” Sure, you’ll see results (improvements) within 60 days, but giant strides usually take several months. So while this may sound unfortunate, it’s the plain and honest truth. Still your credit is not going to fix itself so the best action to take is to get the credit repair process started now.
Paying way too much monthly for your car?
Your credit score not only determines whether you qualify for a car loan, it also determines the interest rate you’ll pay, which ultimately determines your monthly payment. If you are currently overpaying every month for your car it’s because you have a “high-risk” loan (caused by a damaged credit score). Getting you out of this situation is always our first goal. After we begin improving your credit report and credit score you will likely be able to refinance your existing loan with another bank and get a lower your interest rate.
Find out more about our credit repair service:
How much could your bad credit cost you?
Enter your information below to find out what your bad credit means to your monthly payment situation. (And what good credit will do to make it better!)
By increasing your credit score, The Credit People will not only improve your chances of actually getting a car loan, but also save you money each month by reducing your sky-high payment.