Collateral is anything of value that can be taken by the lender if you do not pay back the loan. Loans that are granted based upon collateral are called “secured loans” (like a home mortgage or car note). The lender wants to identify property owned by the borrower which has a value at least equal…
It depends on the seriousness of the past problems and the accuracy of the credit report. If you believe there is inaccurate information on your credit report, you should follow the proper procedures to dispute the errors. You can find out how to dispute errors here: https://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports If the negative information is accurate, the Fair…
The short answer is: buy items on credit, pay for those items on time, and repeat this process for an extended period of time with different lenders in order to establish a credit history. A credit rating is designed to measure your ability to repay a debt. Lenders look at your past record of paying…
Credit is precious. The value of how much credit you have and how you use it goes far beyond shopping. Whether you have good or poor credit can likely affect where you live and even where you work, because your credit history may be considered by prospective employers. It is important to understand how credit…
A credit rating is designed to measure your ability to repay a debt. Lenders look at your credit rating before deciding to loan you money. Landlords and employers may also look at your credit rating.
Ask to see the title. Does the title say that the car has been re-built or was in a flood? Write down the 17-number Vehicle Identification Number or VIN. You can use the VIN to check the car’s history. Go to www.carfax.com. Type in the VIN to see the car’s history.
Yes. It is a good idea to have a mechanic you trust look at the car and test drive it. If the dealer will not let you do this, go somewhere else.
Yes. You should test drive a used car before agreeing to buy it. Drive it at different speeds for several miles. If a dealer won’t let you do this, it is probably best to not buy a car from that dealer.
Even if the payment is one day late, the dealer or creditor can take your car. They can do this without telling you ahead of time. Usually, you have to pay off the whole car note to get the car back. Just catching up your payments will usually not get your car back.
Most of the time, yes. If you let the car go back to the dealer after you buy it, you may wind up with no car and still be stuck paying for it. If you stop paying and the dealer takes the car back, they have to sell the car. Most of the time it…