If you live within the confines of your bad credit score, you know finding an auto loan in Idaho is nothing short of a challenge. Where do you go for credit when no one will provide you with any? Who do you call when you need funds to make a purchase and there aren’t any available? What happens when you’ve made mistakes in the past but you can’t seem to shake them? Many Idaho residents are learning how long it affects them when they make a credit mistake. Even one mistake can drop your score significantly, and it haunts you for seven years. One missed payment is on your report for seven years. One defaulted account is on your credit for seven years. A year of bad credit that occurred more than 5 years ago is on your report for another two years making it nearly impossible for you to secure a loan or do anything with your financial future.
There are options for you, but you must first learn what it takes to secure a bad credit auto loan in Idaho. You must first understand you won’t get one if your credit report shows consistent late or missed payments, judgements, and accounts in collection currently. You can have bad credit and get a loan, but your bad credit needs to be in the past. Six months is the bare minimum amount of time you should be making good credit decisions without any late payments or missed payments. If you can’t do that, you’re not going to get a loan. The longer you’ve gone without making late or missing payments, the easier it’s going to be for you to secure a bad credit loan even while you wait for all those negatives to drop off your credit report.
Call your credit union. Idaho is a place where there are many credit unions, and each one is better than the next. If you have a standing relationship with one, call and ask if you can discuss with them your current situation. Tell them you had a bad go of it a while back, but that you’ve been working hard to pay off your debts and get your credit on track. See what they might do for you. Your past payment history in the last year or so speaks more to the lender than your overall score if it’s so long ago you can’t even remember how it felt to make a late payment or miss one all together.
Call a dealership with a lender in the building. Ask them if they work with bad credit applicants. Many do, and they’re happy to help. These are lenders that want to work with bad credit applicants, but they need to know your loan isn’t in vain. This means they’re going to want a down payment. It’s nearly impossible to secure a bad credit auto loan without one.
If you think the solution to your bad credit is a buy here, pay here lender, you’re incorrect. It’s better to avoid buying a car if you can than it is to finance yourself to a car that you’ll pay more in interest for than the actual car is on sale for. These are bad loans to get into, so don’t do it.
Dealership Regulations in Idaho
This is something you can probably ignore if you’re working with a large dealer chain. If you’re working with a small independently owned dealership, however, now is the time to pay attention. Does your dealer have all the licenses and certifications from the state on hand? If they’re not displayed, ask for them. It’s illegal to sell cars without all the required paperwork and licenses in Idaho.
It’s also illegal to sell vehicles that haven’t been inspected. Does your car dealer of choice boast a mechanic that provides all the emissions and tests a vehicle needs to be deemed safe for the road? If so, you can trust they’re doing their job. If not, you might question how well they do business. It’s a good time to ask for this information, as well as a Carfax report. All dealers in Idaho are legally bound to provide a Carfax report to all consumers when they ask, and it must be free of charge for the consumer.
Driving in Idaho
It’s a lovely state, and there are many driving conditions throughout the year. Many people want to know things like the cost of insurance and the commute times in larger cities. Typically, the five biggest cities have the worst commutes and the most expensive insurance. These cities include Boise, Nampa, Meridian, Idaho Falls, and Pocatello. The good news is all the cities listed aside from Boise have fewer than 100,000 residents. This keeps the streets uncongested.
There are a few laws in Idaho that might not be in effect in any other state. If you’re going to spend your hard-earned money on a bad credit auto loan, you should know them before you end up with a suspended license and a car payment for a car you cannot drive. One law you might not know much about is the intimacy law. If a police officer suspects a couple of being engaged in an intimate act inside a car, he must honk, flash his lights, and wait approximately 120 seconds before he approaches the vehicle. This is to provide enough time for everyone to make themselves presentable before the officer approaches. It’s unlikely you’ll find yourself in this situation, but it’s always best to know the laws.
Don’t let your bad credit keep you from shopping for a car. You have options, but you should always make it your priority to improve your credit as much as you can before you shop for a car. It helps to educate yourself and learn how to live a life of financial freedom before you tie yourself to a new loan and more money out the door.