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I Tried Buying a Car With Bad Credit and Failed

I always wanted a car that had more power than my current one, but I didn’t have enough money to actually get one with the kind of features that I wanted. So I thought to myself, well if no one will give me credit because of my low credit score, why not just buy an older used car and make it look like I spent $20,000 on it when really I spent less than $1,000? Well in this blog post, I am going to share with you what happened when I tried doing that. Spoiler alert; it didn’t work out the way that I expected.

How My Credit Was Riddled with Missed Payments

For me, my credit started to slide after moving in with my girlfriend. I couldn’t find any of her bills (and she didn’t want to share) so I wouldn’t pay some of mine, thinking everything was paid on time. Then we broke up! After that, I just stopped paying all of them entirely. To make matters worse, I started renting a car. Every month it seemed like they were knocking money off my bank account before it had even come out as if they could see into a crystal ball and predict when money would actually hit my account. Needless to say, things were pretty bad when I decided to buy an apartment – probably only 600 points shy of being able to buy one at that point
What Happened After Being Denied For A Loan

My financial advisor suggested I try applying for a loan to buy my first home. My only hesitation was that my credit score wasn’t that great. Still, he said it wouldn’t be an issue and, if anything, it would just mean I got approved for a lower interest rate. Of course, he couldn’t have been more wrong – I was denied for every bank loan in town!

Alternatives to Owning a Car

It’s tough to get approved for a car loan if you have bad credit, so try some of these alternative ways to get around without owning a car.

How To Build A Vehicle History Without Actually Owning A Vehicle

If you’re looking to build or rebuild your credit, applying for auto loans is a great way to do it. However, there’s one issue: It’s difficult (and sometimes impossible) to buy a car without some kind of history. The solution? You guessed it, rent-to-own cars. It’s not as bad as it sounds.

How To Get Approved For A Used Car Loan When You Have Bad Credit

Zero Down - Used Cars - Bad Credit Your Guide to Cars for People with Bad Credit. Learn how to get approved for a used car loan when you have bad credit by using one simple strategy. Your guide to cars for people with bad credit. 4 Best Tips To Get Approved For A Used Car Loan When You Have Bad Credit People with poor credit scores face many obstacles when trying to buy their first car, especially if they want something new or used that is close in price to what someone would pay who has perfect credit. If your credit isn’t great, there are some steps you can take to improve it before purchasing a vehicle—and here are four tips from individuals who purchased used cars without having pristine credit. 1. Establish New Credit Accounts Before buying any big-ticket item like a vehicle, your best bet is generally going to be creating new lines of credit so lenders will be able to see them on your report. The more accounts appear on your report, even if they’re all unsecured (like retail cards), the better off you will be because creditors will have more proof of responsibility than other consumers with similar score issues.