I Have Bad Credit, Can I Still Get an Auto Loan?

A Credit Article Contributed by Melanie Vannuys

I Need a Bad Credit Auto Loan!

It may not be as difficult as you think to obtain a bad credit auto loan. These days, even with bad credit or no credit, chances are, if you have a job and a checking account, you can get a bad credit auto loan. Some lenders look differently at different aspects of your credit. For instance, some lenders will insist that bankruptcies be discharged. Others will require a larger down payment or charge a higher interest rate depending on your credit score.

Where Do I Get a Bad Credit Auto Loan?

In this day of email, ecommerce and the Internet, many websites are readily available to allow you to pre-qualify for a loan before applying. This lets you know right away just what type of car you can shop for. These loans aren't like loans of the past. Previously, people with bad credit could only qualify for loans to purchase older cars with higher mileage. This is not the case today. Many lenders who specialize in bad credit auto loans have a pool of newer used cars to choose from.

How Can I Stay Away from a Bad Credit Auto Loan?

Plain and simple - good credit is the only way to go. How do you get or keep good credit? Common sense and living within your means. Below you will find Keys to Financial Success as obtained from Deborah Fowles, author of "Everything Personal Finance in Your 20s and 30s":

* Get paid what you're worth and spend less than you earn. No matter how much or how little you're paid, you'll never get into trouble if you spend less than you earn.

* Stick to a budget! How can you know where your money is going if you don't budget?

* Pay off your credit card debt. Credit card debt is the number one obstacle to getting ahead financially

* Contribute to a retirement plan. If your employer offers one and you don't contribute, you are literally walking away from thousands of dollars.

* Have a savings plan - pay yourself first!

* Invest. If you are contributing to a retirement plan and a savings plan and can still find a little extra to invest, do it!

* Maximize your employment benefits - they can be worth big bucks! Take advantage of the ones that save you money - money saved is better in your pocket than someone else's!

* Review your insurance coverage. Too many people are paying too much into disability and life insurance. Buy term-life or buy when you have no dependents

* Update your will - no matter how much or how little you own - YOU NEED A WILL!

* Keep good records - if you're not keeping good records you could be letting all of your taxable deductions slip through your fingers!

Finally, Deborah says, if you're not doing at least six out of the ten tips, vow to improve. Choose one area at a time and make it a goal to improve.