New Mexico residents get to live with some of the most beautiful weather in the nation. It’s beautiful during the day with the dry heat, and it’s cool and enjoyable to spend time outdoors at night. It’s a lovely place to live with the beautiful mountains, the sprawling plains, and the desert areas. Unfortunately, many New Mexico residents live with so much debt, so many financial issues, and so much stress they can’t find a new car to drive in this state where having a car is necessary in so many locations. What happens if you live here and have bad credit when it’s time to shop for a new car? Do you get a loan? Do you get denial after denial and have no hope? Can you even buy a new car in New Mexico if your credit is poor?
The good news is bad credit is still bad, but it’s not considered as bad now as it was in the past. Since the economy went through so many financial issues in 2008, many lenders are willing to look further into a person’s credit history than just the credit score that comes with their report. They look at your credit history, your payment history, and more. If you have available credit, but you utilize less than 30% of it, if you aren’t swimming in debt, and your payment history is positive for at least six months, your bad credit might not be as big a factor in securing a loan as you imagined.
Obtain copies of your credit. Fix any mistakes with the creditors and the credit bureau, and learn how you can find a loan for your new car. One way to find a loan for a new car is to find a dealer willing to work with your challenged credit. Almost all major car dealerships now work with lenders willing to loan money to people with bad credit. You can find a dealership and apply for a loan with one of their poor credit lenders to see what it is you qualify for. It’s always helpful to have a down payment if you have bad credit. Lenders are more likely to work with you if you have a down payment. They’re giving you money despite your poor credit, which means they want to guarantee they’re getting something if they work with you. Can you afford to pay a down payment?
You can check with your credit union. If you have a long-standing relationship with this kind of lender, it bodes well for you when you apply. These are people who make it their business to get to know you. If your recent payment history is good, it looks good for you. If you have an outstanding loan with the credit union that you’ve made good payments on, you look even more favorable to the lender. Your hope is not lost, and your options are open.
If your credit is exceptionally poor, you can always apply for a buy here pay here loan. These are very expensive, and the rates are higher than any other bad credit loans. It’s the only option for those with the lowest of low scores, but it’s not all you have to worry about. It’s not always easy to find a bad credit loan when your score is low, but it’s possible.
Dealership Laws in New Mexico
Unless you’re working with a large, nationally backed and recognized dealership to purchase a new car with a bad credit loan, you won’t worry about these. Nationally backed dealers abide by the rules and laws in the state because they lose their right to practice business and work with their backers. It’s smaller, lesser known companies you should worry about. Ask to see their state licenses to do business. Ask to see their state credentials, and check to see all salespeople are licenses within New Mexico to sell cars.
You should also ask to speak to their mechanic. All dealers are required to have one on hand so they can inspect each car that comes on to the lots they work with. These inspections are to fix any major problems, any issues with recall notices, and to ensure cares are not dangerous to drive. If a dealer doesn’t have a mechanic on hand, it’s not a dealer you want to do business with. State law requires this so that you can buy a car with at least a form of satisfaction. You can also request Carfax reports for any car you want to buy, and the dealer must provide it to you at no cost to you. If a dealer says they don’t do this or can’t do this, walk away. It’s mandated by law.
Driving in New Mexico
Wind and sand can be a factor in this area, and it’s always good to have an emergency kit with water, blankets, and nonperishable snacks for your car in case of an emergency in any area. Larger cities such as Albuquerque, Las Cruces, Rio Rancho, Sante Fe, and Roswell often have a bit more congestion than other cities, which can make for less pleasant commutes specific times of the day. Smaller cities, the country, and the rural communities around here are all lovely drives.
There are a few important laws to remember while driving in New Mexico. If you have a lunch box to take with you to work and park away from the office, you may not carry your lunch box down main street. It’s illegal, and grounds for a fine. It’s best to hide it or drop it off at the office. Take out is another option if this is a problem for you.
Now that you know what it’s like to drive in New Mexico, it’s time to find your credit score and a lender to work with you. You have options. All you need to do is find out how much of a down payment you need to provide to find the best loan, and find a lender willing to work with your credit history.