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Repair Your Credit to Get a Lower Car Payment
Very few things in life can have a more devastating effect on your lifestyle than a poor credit score. A low credit score can cost you hundreds or even thousands of dollars per month.

If you are making payments on a car, you are probably paying between $5,000 and $9,000 more just for having bad credit. This added interest shows up every month in a higher payment. Take a look at the chart below:

$20,000 car paid over 5 years:

CREDIT STATUS

RATE

PAYMENT

COST OF BAD CREDIT

Perfect
Mildly Damaged
Damaged

10%
14%
20%

$424.94
$465.37
$529.88

$0.00
$4,722.54
$8,593.30

As you may have already experienced, even one small late payment may result in credit denials. It is a myth that a large amount of positive credit can outweigh some negative credit. Any negative credit whatsoever can become a substantial credit obstacle.

Different kinds of creditors respond differently to bad credit. Auto financing is a little less forgiving than most.

You may find yourself paying higher or slightly higher interest rates on cars until seven years after the negative listings (without credit repair), when the listings are deleted from the credit report. You can get auto financing with bad credit in most areas, but the rates are going to be astronomical. Yet, time heals all wounds, and you should be doing better within three years of the negative listing.

The Fair Credit Reporting Act gives you the right to dispute any and all items on your credit reports that you feel classify as inaccurate, unverifiable, or misleading. If the bureaus can not verify that the information on your reports is indeed correct, then those items must be deleted.

Disputing items on your credit report is easy, but getting results from the credit bureaus is amazingly difficult, complex, and infuriating. Short of sparking a mass number of lawsuits, the credit bureaus seem to do everything in their power to discourage consumers from making progress in their restoration efforts.

Restoring your own credit is like repairing your own transmission or representing yourself a court of law; it is possible, but you must decide if you are willing to take the time and assume the risks of doing it yourself. Most people choose to allow an attorney to represent them because an attorney better understands the complexities of the legal system. If you decide your time is better spent and you would like a respectable company to help, we higly recommend using Lexington Law.

















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