Arkansas residents have some of the best of both worlds. They’re close enough to the south to have lovely weather most of the year, but far enough north to have beautiful winter weather and a taste of the seasons. The cost of living in Arkansas is also appealing to many, and it’s not uncommon for people to relocate here for the simple pleasure of getting to enjoy some of the area’s best amenities. The only problem is the people of Arkansas are not immune to living in debt. When debt plagues families, it destroys their credit scores. If you are one of the hundreds of thousands of Arkansas families living with a bad credit score, you probably have difficulty finding an auto loan when it’s time for a new car.
You do have options, even when you feel you’ve hit the end of the road in your quest to find auto financing. If you can, it’s an ideal situation to wait it out as long as possible so you can repair as much of your credit as possible. It’s not a simple process to raise your poor credit score, but it’s also a good idea to try. The more positive your credit history appears in recent months, the more favorable you appear to bad credit lenders. Lenders realize any negative payment histories and accounts stay on your credit report for seven years. This means you could have made some financial errors 5 years ago that keep your score negative even though you’ve paid off your debt and made all positive payments since.
Credit unions are good about looking further than your score to see if you might make a good candidate for a loan. They like to see if you’re making positive choices with your finances even though your score is low. The longer you’ve gone without making a late payment, without missing a payment, and without incurring too much debt, the better your chance is of being offered a loan from a credit union. It’s even more helpful if you’ve been able to do business with the credit union in the past. They love their customers and want to do business with them.
One additional alternative is a bad credit loan. This is the type of loan offered to individuals with poor credit in Arkansas that might not be able to qualify for a car loan otherwise. These loans are given to customers with a down payment. It offsets the risk the lender takes when offering a loan to someone with poor credit. It’s something you can find at a dealership if the dealer has a bad credit lender on hand. It’s not always possible to qualify for a loan of this nature when you have poor credit and no down payment. Otherwise, it’s a good option for you to look into.
Buy here, pay here loans are the last resort for all buyers. You shouldn’t take a look at any of these until you’ve exhausted all other options. These loans are expensive. They come with insurmountable interest rates, and they aren’t good for buyers. The payments are typically due every two weeks, the vehicles you can choose from are older and come with high miles, and the experience is often wearing. It’s a dangerous situation, and it’s one you should avoid if at all possible.
Dealer Regulations in Arkansas
When you need a new car, you apply for a loan with a lender at a dealer. You want to choose a dealer that is licensed, certified, and works within the realm of Arkansas dealer law. The dealer you choose to work with should have a mechanic on hand to check out all new cars that come onto the lot. They should be fully inspected, any recalls should be maintained and repaired, and any safety issues fixed immediately. The dealer should also provide you immediately with a copy of any Carfax report you request. This report should contain the entire vehicle history information, and the dealer should not charge you for this copy according to Arkansas law.
All salespeople in Arkansas must also have a license to sell you a car. Anyone who refuses to show off their license or doesn’t have it available for you to view should be questioned immediately. If you cannot get the deal to comply with the laws, you should walk out.
Driving in Arkansas
Arkansas driving is easy in comparison to many other states. The biggest city in the state is Little Rock, and its population is just under 200,000. This is followed by Fort Smith, Fayetteville, Springdale, and Jonesboro. Each of these locations is larger, but they don’t have terrible roads or traffic. The weather is nice most of the year, but there is always a danger of severe storms during the storm season. These have the potential to spawn tornadoes, which is why all drivers in the area should be practiced in staying safe in a storm while driving.
A few little-known laws in Arkansas might be of interest to you if you’re seeking a bad credit loan, too. One such law is only applicable after 9 pm, and it states you cannot honk your car horn at a sandwich shop. You may park your car and take a walk on a Sunday in any downtown Main Street location in Arkansas, but you may not take this walk if your cow is with you.
The laws in Arkansas dictating bad credit loans, driving, and dealerships are strict, but they’re fair. You can get a bad credit loan if you need it that badly, and it’s possible to buy the car you need to get around. Life is much easier when you have good credit, so it’s important you start handling your credit and caring for your score as quickly as possible. There is no time like the present to start this good habit.