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How To Buy A Used Car Even With Bad Credit

Credit
icon/user/avatar/20 Created with Sketch. By Millennium Auto Group

Does your credit score scare you? Are you wondering if you can buy used cars in Louisiana, even with bad credit?   If your answer is yes, then you've come to the right place. Bad credit should not stop you from living your best life. You will only have to make a few adjustments along the way. Various things can ruin your credit score. It can be a history of late payments, repossession, or high debts. Yet, these bad circumstances shouldn't stop you from driving the car of your dreams. Finding your way around this is tricky, as any mistake can affect your financial future. So, you will need advice from experts before making a decision. In this article, we will take you through some steps that will help you at the used car dealerships. We know these things because we have the best of used cars in Louisiana.   Buying Used Cars In Louisiana With Bad Credit Used cars are cheaper than new ones, and they do the same thing - provide transportation. You can even get 200,000 or 300,000 miles out of them before getting rid of the vehicle. It’s harder to buy a car with bad credit, even if you have a stable income. This is because lenders want to avoid the long repossession process at all costs. So, you'll have to pay higher interest rates. Lenders use credit scores to figure out if you'll pay back the loan. The higher your score, the better your chances of getting approved.  Before you buy used cars in Baton Rouge with bad credit, there are some things you must do. We will discuss them below: KNOW YOUR CREDIT SCORE Once you start thinking of buying a car, the first thing you should do is to know your credit score. Find out the things that hurt your credit and clean them up. You may also dispute credit report errors and pay off due accounts. It will also help if you avoid more bad credit items. Be on your best behavior; don’t take on more credit obligations, and pay everything on time. If an auto-lender notices that your rent payments are late or you have tax liens, it's a red flag. If your credit situation is bad, you need to work on it before trying to buy a used car. Many car dealers have partnered with lenders to help with this and boost your credit score. GET A PRE-APPROVED CAR LOAN A pre-approved loan is when the lender reveals how much they can give you. This is after looking through your financial records and credit score. With bad credit, you’ll need a pre-approved loan before going to the automotive dealership. It gives you an idea of how much you can get, which also increases your bargaining power. It's easier for you to choose a car when you have a pre-approved loan sum to work with. There are many places to get car loans from, like your bank or credit unions. If this doesn't work, try a car dealership that can connect you to a lender that services buyers with bad credit. HAVE A BUDGET AND DETERMINE WHAT YOU CAN AFFORD With your credit situation, it's wise to narrow your choices. You also need to create a budget that will fit your financing. Check any of the used car dealers in Louisiana for options. Many of them have an inventory of cars for sale. This shows you the features and what you can get within your budget. Even if you get approved for a bigger loan, stick to a budget. Don't overestimate what you can afford to pay. You have to consider the cost of running the car. These expenses include fuel, maintenance, auto insurance, and property taxes. Have them in mind when drawing up a budget. It's not best to stretch your loan payments in exchange for lower monthly payments. This means you could end up paying more interest at the end of the day. MAKE A BIG DOWN PAYMENT Your poor credit history will reduce the car loan amount you can get. Bad credit also attracts higher interest rates, and this will make the loan sum much smaller. One way around this is to make a huge down payment. This is an initial deposit that reduces the total amount you need to pay. Lenders see bad credit as higher risks. This is because they may lose money if you don't repay the loan. Coming up with a  large down payment will establish your creditworthiness. It makes the lender believe you're willing to invest your money in the vehicle. This will, in turn, improve your chances of getting approved.  You will also pay lower interests when you have a down payment. This also gives you a wider selection of vehicles to choose from. If you have an old car that is still in good condition, you can also trade it in. The automotive dealership will value the old car and subtract it from the price of the one you want to buy. CHECK CURRENT INTEREST RATES If you have bad credit, you will pay higher interest rates. This interest rate will affect both your monthly payments and the general price of the car. It is good for you to determine the current interest rates charged at used car dealerships in Baton Rouge. This will give you an idea of what to expect. Also, it helps you calculate how long it would take to pay off the loan. This will help you decide the kind of car you should go for.   If you want to buy used cars in Louisiana with a bad credit score, you must do your homework. This will prevent surprises along the way. The best automotive dealership in Baton Rouge has figures that match your budget. Following the tips in this article will put you in a better position to bargain.  

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2 Questions to Help You Choose Between a New or Used Car

Automotive
icon/user/avatar/20 Created with Sketch. By Millennium Auto Group

Once you’ve finally decided to purchase a new car,  the next question to ask yourself is: Should I buy new or used? Well, that depends on a number of factors. Unfortunately there is no unique answer. There are a few reasons to buy new and a ton of reasons to buy used.   Most people only ask themselves: Will I look good driving? How much will my monthly bill be? Although those questions are necessary when purchasing a car; there are far more smarter questions we should all be asking ourselves.    Buying a car solely based on how much you can afford for a monthly bill will almost always suggest you will be paying way too much for a car.   It’s also not a great idea to only ask yourself this question when deciding between new or used.   While making a decision on a new or used car, you have to take a close look at your financial requirements, budgets, and credit score.    Here are two questions to make your car-decision experience easier.      DOWN PAYMENT OR TRADE-IN?   If your credit is in tip-top shape, you may have less of a struggle buying a car. Many dealerships offer incentives for new cars like, rebates and cheaper financing options.   Some used car dealerships may offer incentives, but typically they will require money down or a trade-in.      CAN I AFFORD DEPRECIATION?   Depreciation is that one pesky factor that most of us are not aware of until it is trade-in time.    For example if a car depreciates $3,200 from the time you buy it to the day you decide to get rid of it, that’s like throwing money away.    Because of depreciation, it usually makes more sense to buy a used car over new car.    Here’s why… On average, a new car will lose anywhere from 10 to 30 percent of its total value the moment you drive it off of the lot.    Depreciation may sound scary, but it has little affect on owners who drive a car until it can’t go anymore. After a decade or two, an older car won’t be worth much in terms of trade-in value. According to studies, those same owners, don’t mind driving an older car. So why not buy just an older model to save a little more?       At Millennium Auto Group, we can help you make the right choice. We offer an extensive selection of pre-owned, affordable, and reliable cars. Whether you have good or bad credit, we can help!

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3 Best Pre-Owned Cars To Buy Now

Automotive
icon/user/avatar/20 Created with Sketch. By Millennium Auto Group

Statistics show that most new vehicles will lose about 10% of its value the moment its owner drives it off the lot. In fact, according to research, that 10% depreciation usually occurs over the first month after the sale! During the first year a new car will continue to lose about 20% of its overall value. This rapid decrease in value is not good news for new car owners, but great news for used car owners or shoppers. So what exactly are the best used cars to buy?   Keep reading to see three of the best used cars you can buy now.           HONDA CIVIC   Since the first Civic was introduced to the market over four decades ago, it's been one of the dominant cars across the entire commercial automotive industry.   A brand new Civic has a base MSRP of $21,000 . It’s relatively easy to find a 2-3 year old Civic that cost about $10,000 less than that.       TOYOTA CAMRY   A Toyota Camry can last way more than 200,000 miles with the proper care.   If you want a pre-owned car that's affordable, fits into your budget, and is family friendly, shop around for a Toyota Camry.       CHEVROLET MALIBU   Featuring a comfortable ride, well-balanced handling, and efficient fuel estimates, the Chevrolet Malibu is another well-rounded option.   The new Chevrolet Malibu has tons of great, new features, which makes earlier models even more affordable. A brand new Malibu has a base MSRP of $22,000, while according to Kelley Blue Book, the 2019 year option has a fair purchase price of $16,000 - $18,000.     Located in Baton Rouge, Louisiana, Millennium Auto Group features a great selection of pre-owned cars. You can shop for a Honda, Toyota, or Chevrolet by clicking here.

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3 Ways To Buy a Car With Bad Credit

Credit
icon/user/avatar/20 Created with Sketch. By Millennium Auto Group

A low credit score is usually considered to be less than 620. You can have a low credit score for several different reasons, including late payments, false reporting, and closed credit cards. Did you know that your credit score is the number one factor that determines your interest rate? It will let you know the final amount that you will have to pay on your car loan. The lower your score, the higher your interest rate and vice versa. Now that the bad news is over, here’s the good news! Having a lower credit score will not necessarily mean you will have a higher interest rate on your car loan for a long period. These three tips will help you prepare for a new vehicle if your credit score is low.   CHECK YOUR CREDIT REPORT Use a site like Transunion or Experian to run your free credit report. Review your report, make sure it is accurate, and double check for anything that was incorrectly reported or seems suspicious. When you are shopping for lenders, bring your report along with you so that you are able to accurately discuss your financing options.   SHOP AROUND Remember! You may still be able to get approved for a car loan even with bad credit. Shop around with different banks and lenders to get a quote. This will help you make the best decision for your situation.   GET PRE-APPROVED Getting pre-approved can make your car shopping process a lot easier. To get pre-approved, you can meet with a lender and they will help you with the process. The bank will review your current income, credit score and few other factors to determine their final decision. If you are approved, the bank will let you know how much you can finance and then you will be able to proceed with the next steps. After completing the necessary paperwork, you can finally shop for your car! Once you know the total amount from the bank, everything should be smooth sailing from here. Millennium Auto Group makes the car buying process hassle-free. If you are struggling with bad credit and need help getting approved for a new vehicle, we can help.   Click here to get pre-approved today!    

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4 Reasons To Buy Used Vehicles

Automotive
icon/user/avatar/20 Created with Sketch. By Millennium Auto Group

4 REASONS WHY YOU NEED A USED CAR   Are you having trouble deciding if you should buy a used car or a new car?   We’re here to help you make up your mind! Keep reading to see why you should shop for a used car over a new car.       SAVE MONEY   If your goal is to save money, try shopping for used cars rather than new. There are several benefits of buying a used car which will also includes saving money.     MINIMIZE DEPRECIATION   A majority of new cars will typically depreciate about 20% as soon as they are driven off the lot and continue to lose another 10% in value during the first year of ownership.   That is a minimum of 30% loss in value during your first year of ownership.   To avoid this huge loss in value, you can buy a used car that is roughly one to two years old and minimize the depreciation hurdle.       LOWER INSURANCE COST   A major factor for insurance companies when determining the cost of car insurance is the value of the car.   Since a used car typically has less value than a newer model, the cost of insurance may be significantly less than it would if you were to purchase a new car.       MORE CAR FOR YOUR MONEY   Being able to stretch your hard earned money is another huge benefit of shopping for  a used car.   You get more car when you shop used cars rather than new. You may not be able to afford an expensive luxury that you have had your eye on for a while, but an older model that may be a couple years old may fit your budget better.       Millennium Auto Group in Baton Rouge, Louisiana has a peace of mind waiting for you. We feature an extensive array of quality used cars for sale. Don't miss your chance to own a sleek new ride, contact our dealership today to find your next vehicle!   #usedcars #batonrougecars #batonrougeautodealer #louisianaautodealer #batonrougeusedcard #louisianausedcars    

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