Unless you live in the State of Indiana, you probably don’t know much about it. The state boasts some famous sports teams and some big cities, but most people are unaware of much else. The cost of living in many cities is very affordable. The debt-to-income ratio isn’t terrible, and many people are very happy living here. Of course, living here with bad credit isn’t ideal. Families struggling with their finances agree that it’s not the ideal situation. Since many residents choose to live outside the city limits, they have very limited access to public transportation. This makes it difficult to get around when you haven’t a car of your own. With bad credit limiting you, though, it’s not easy to get a loan for a new car. How do you get a car without a great credit score and improve your life? You do have options.
The first thing you need to do is sit down and create a budget. Figure out what’s coming in versus what’s going out, and see what bills you can drop, lower, or avoid. Now that you know which bills are the most problematic, it’s time to work better finances into your life. You want to pay down your debt as much as you can. You have a better chance of being approved for a loan with bad credit if you have less than 30% of your available credit utilized. For example, if you have $50,000 in available credit and only $3,000 of it in use, you’re good to go. Pay off as much as possible.
Now it’s time to start making every single payment on time each month. Even one day late is no longer a good excuse. Your credit score won’t improve if you continue to make late payments. It might not improve enough to make your score good even if you spend years making nothing but on time payments, but it helps. It helps bad credit auto loan lenders and credit unions want to work with you. Your score is affected by anything negative on your report for seven years before the negatives drop off. Any lender is willing to provide you with a bad credit auto loan if your bad credit occurred a long time ago and hasn’t been back to haunt you ever since.
Call the credit union you bank with. Ask them to consider you. Explain to them you lost your job or you messed up three or four years ago but you’ve been doing all the right things since. They might look at your credit to see that you’ve done all you need to do to get back on track for a few years, but you’re still plagued by the fact you have a bad credit score. It happens, and it’s something you can’t help until it falls off. You can also apply for a bad credit loan with a lender at a dealership. Many dealers now work with bad credit lenders to offer their customers another option when finances are in the right place.
There are specific laws in Indiana you want to know about before you shop for a car. While you won’t run into these issues with large dealerships and those that have a well-known auto manufacturer backing the dealer, you will find some of these issues are common in smaller dealers and buy here, pay here lots. Does the dealership have a mechanic on staff? All dealerships should use a mechanic to inspect all the cars that come onto their lots from trade-ins and auctions before they’re listed and sold. This is to ensure they pass all the correct emissions tests and safety tests. You can’t put dangerous cars on the road.
Another thing to look for is a dealer with all the correct licenses and certifications on hand. If you don’t notice on the wall or in plain view, ask to see it. The state requires all dealers go through the proper channels to learn how to run a proper car dealership, and they must have these licenses to operate. If you ask a dealer for a Carfax report to see the history of a car, they’re legally obligated to provide this at no cost to you. if they don’t, walk away. You don’t want to work with a shady car dealership at any point.
Driving in Indiana
Many of the bigger cities have some traffic issues. Long commutes during peak hours are a big problem in Indianapolis, Fort Wayne, Wayne Township, Evansville, and Lawrence Township. Outside these cities, however, you’ll find shorter commutes, less traffic, and more enjoyable driving. It’s imperative you get to know the laws of the road in Indiana when you begin driving. Your new car is a bad credit auto loan purchase, which is a lot of work. You’ll want to do whatever it takes to ensure your new vehicle’s safety, and it involves knowing the rules of the road and what they mean for you and your vehicle.
It’s illegal to back into parking spots in Indiana because police officers cannot see a license plate. This is a law that’s old and outdated, and many people break it regularly. However, it’s the law and it’s something you must abide by when you drive in this state if you want to avoid tickets. It’s also illegal to sell cars on a Sunday, but you’ll note many car dealerships are happily open and selling their vehicles on this day.
Driving in Indiana is more enjoyable when you have a safe and reliable method of transportation. If you can’t get one the traditional way, don’t assume you can’t get any loan. You do have options, you must learn what they are. It’s also a good idea to remember most bad credit loans are easier to apply for and receive if you have a large down payment to help you secure the loan.