Welcome to Car Credit Facts.  On this site you will find information on getting a car loan, bad credit and getting a car loan, getting your FICO score, how your FICO score effects your car loan rates, scams in the industry, bad credit and how you can increase your score with a little change in habits.

Here are a few things on this site

1. There are podcast covering some of these topics - new ones all the time  are being added

2. Videos

3. A quick guide - free Ebook

4. Articles

The menus to the left list the articles under the specific groups - bad credit, FICO etc.  Here is were you will find articles on specific topics.  Some of the topics we have:

• How to get a car loan if you have bad credit
• How to improve your credit some simple steps
• Your down - You have bad credit - You feel like you are being kicked - You are
• FICO score and why it is important for you to know your score
• How to get a car loan - online car loan, a car loan at a dealership, car loan from your bank

If you need a car loan you can apply for a car loan now.  We have a great network of dealers and lenders we work with and we think you will find a good loan.  We do have Car Credit Facts Reviews and would like to know how getting your car loan with us or with another lender goes.  Please take a few minutes and let us know.

You can get your FICO score and additional information now as well.  We believe in knowing your FICO score is the first step in taking control of your financial future.  There are sources for getting your FICO score and this is one place.  They also offer other services as well.

If you want to check out car insurance rate we have one vendor we like a lot and you can get a car insurance quote from them.  This section will be open soon and will have some great tips on car insurance and important you need to know.  Please check back.

Scams unfortunately they are out there.  I have been caught up in one myself.  You can read about the auto scam I had to deal with.  If you have had to deal with one yourself let me know and I will get an article on the site so others know what to look out for.

Thanks for stopping by and check back often.  We update regularly.  You can get our rss feed and you will be updated when new information is on our site.  We have rss feeds for our podcast and videos as well.

Getting A Car Loan From A Bank

Before you apply for a car loan, get a credit report, with your credit score.  You will have to pay for the credit score but is one thing you have to have.

Each credit bureau has a website and you can obtain your free annual credit report directly from the credit bureaus. Review the credit reports and make sure they accurately reflect your credit history. If there are errors contact the credit bureau and the creditor and ask that the errors be corrected. You will likely be asked for documentation of the correction. Keep working with the credit bureaus and the creditors until the error is corrected.

Type of Bank Car Loans

Once you are comfortable your credit report is accurate you are ready to begin your search for the best lender for your bank car loan. Banks like to lend money to barrowers who have a history of paying their debt on time. If you have some blemishes on your credit report or a credit score of less than 620 you will likely be classified by lenders as a subprime barrower and will pay a higher interest rate for your loan than barrowers with a better credit history and credit score.

Start with the bank or credit union you currently do business with.

Compare Bank Car Loans Interest Rates

Always get more than one quote so you can compare terms and interest rates. Make sure you are aware of all of the terms of the loans. For example, make sure there are no prepayment penalties. If you obtain a better interest rate down the road or sell your car before the loan is paid off you do not want to be penalized by having to pay a prepayment penalty.

Ask the lender if they will give you a better interest rate if you have the payments automatically deducted from your account. Many lenders will give you a lower rate if you establish automatic monthly loan payments.

As a general rule the higher percentage of the car’s purchase price you can put up as a down payment the lower your interest rate. If you can put down 20% of the car’s purchase price it is likely you will qualify for a lower interest rate. It may be worth it to consider a lower priced car to reach that 20% down payment level.

The keys to getting the best bank car loan interest rates and terms are:
•    Keeping a good credit score
•    Putting up a 20% down payment on the car
•    Working with a lender with whom you have a current banking relationship
•    Shopping around and comparing interest rates and terms