Rhode Island residents often require a personal vehicle to get to and from their obligations whether that’s work, school, or anything else. There are some people who are eligible to take advantage of public transportation, but it’s not available everywhere for those who don’t have a personal vehicle. When you have a job, kids who need to get to and from school and their extracurricular activities, or you simply need to get to and from the doctor or the store, it’s difficult to do without a personal vehicle. If you have bad credit, it’s just as difficult to get a personal vehicle of your own. When you don’t have the credit to apply for a car note, you find yourself wondering if you’re ever going to get the car you need to help you live your life.
There are options available. You must simple know what they are. Do you know your credit score? Bad credit comes in all shapes and sizes. Some Rhode Island residents have bad credit that’s on the high end and very close to fair. Others have credit scores so low they’re nowhere close to recovering. Those people have very little available in terms of options. They haven’t the kind of credit possible to apply for even a bad credit loan. Those with the lowest of low credit scores find their only option is to apply for a buy here, pay here loan through a dealership that might not offer the right kind of cars, the best service, or even high quality deals. The rates offered here are high, the terms bad, and the monthly payments are typically made bi-weekly.
If you have bad credit that’s on the higher end of the spectrum, you might have other options available to you. You can apply for a loan with your credit union or local bank. If you’ve been able to make on-time payments on your credit accounts or at least have a positive credit history in the past year or so, you can probably get the bank or union to consider a loan despite your bad credit. Negative items remain on all credit reports for seven years from the date they occur. If all your negative items are years old but not old enough to have dropped off your report yet, you look better to lenders if your current accounts and payment history are on time and favorable.
You can also apply for a bad credit loan with a specialized bad credit lender online or with a dealership that sells cars to those who have bad credit. It’s not always the best terms, and it’s not the best rates, but the loans are available if your credit is on the high end of bad. These loans typically require you put down money to purchase your new vehicle. Most lenders won’t bother with you if you don’t, which is how you end up getting a car at a more affordable rate. It’s easier to get a loan with bad credit if you do have a down payment to help pay.
Dealership Laws and Legal Obligations
When buying a car with bad credit you’re usually looking at older cars with higher miles. These vehicles aren’t the best of the best, but they’re affordable. It’s imperative you ask the dealer to provide you with a free Carfax report to familiarize yourself with the history of any used car you wish to purchase. You need to know if it’s been in a flood, if it’s been in accidents, and if it’s been maintained. You don’t want a car if it’s been in any of those, or if it’s been neglected. If a dealer refuses to provide you with this information, your job is to walk away. It’s required by law to provide all consumers with a Carfax report at no cost to the consumer. Lenders are also required to obtain specific licenses and certifications with the state.
You must also ask if the dealer works with a certified mechanic. Dealers must certify all cars that come onto the lot are working, safe, and are in good condition. Working with a dealer without a mechanic is never good news for consumers and buyers.
Driving in Rhode Island
Some of the biggest cities in Rhode Island are Providence, Warwick, Cranston, Pawtucket, and East Providence. While none of them are exceptionally large cities, each one comes with its fair share of traffic and congestion, as well as slightly higher rates for car insurance. This is another factor to consider when applying for a bad credit loan, since your insurance is part of your budget.
Driving in Rhode Island requires abiding by the laws of the road. Some of the most interesting laws aren’t your typical speed limit laws and traffic laws, but they’re still laws. You can test the speed of a vehicle on the highway in Rhode Island so long as you stay below the posted speed limit, but you cannot test the speed of your horse on the same roads. If you decide to pass someone on the left-hand side of the road, you are required by law to make loud noises to alert them of your presence. In this case, many might assume you have road rage issues.
Driving in Rhode Island is a bit easier when you have good credit. Since not everyone has good credit, however, it’s not possible to find a brand-new car for the lowest rate when you shop. If you have bad credit, don’t assume you have no way to obtain a car loan. You have options, but you must do your due diligence to find them, to make them happen, and to fix your own credit score. Look for a private lender first, and then apply for national lenders. You shouldn’t apply, however, until you know you have a chance of being accepted or you risk lowering your score even more.