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Bad Credit Car Loan or Car Lease South Portland ME

Buying a car with bad credit can be a huge problem for subprime borrowers. Learn how a poor credit report and low FICO credit score affects what you pay, including high car insurance rates. Find out how to repair your bad credit to avoid future problems.

Augusta, ME
(207) 764-3151
1 North St
Presque Isle, ME
Evest Lending Inc
(207) 989-5626
17 Doughty Dr
Brewer, ME
(207) 283-3631
2 Scammon St
Saco, ME
American Home Mortgage Corp
(207) 967-3379
169 Port Rd Ste 13
Kennebunk, ME
Maine Bank & Trust
(207) 767-3131
15 Hinckley Dr
South Portland, ME
Beneficial Finance Corporation
(207) 621-8082
254 Western Ave
Augusta, ME
Acadia Mortgage
(207) 990-5626
289 State St
Bangor, ME
Beneficial Finance Corporation
(207) 941-8474
675 Hogan Rd
Bangor, ME
(207) 377-2202
27 Main St
Winthrop, ME

Bad Credit Car Loan or Car Lease

Having a bad credit history and low FICO credit score often creates problems when buying or leasing a car. People with serious credit problems frequently have very frustrating experiences when looking for car loans and leases, particularly in times of tight credit and economic stress.

Some banks and finance companies have tightened up from just a few months ago and are much more careful about doing business with "subprime" borrowers with poor credit histories. If you are having problems with making payments on your current car (see ), don't lose it because it'll be very difficult getting another.

However, car manufacturers and dealers are so competitive and desperate for business that they are often willing to take some extra risks to get business.

Generally, people with "subprime" credit should expect to pay higher interest rates, be required to make higher down payments, or make a security deposit (for leasing). They may even have problems getting auto insurance. It's good to check your credit reports (all three of them) for mistakes to make sure your data is accurate.

Analyze your credit situation first
If you have bad credit, do you know why? Do you know just how bad it is? There are varying degrees of bad credit. Some are seriously bad; some not so bad. A couple of late payments on a credit card account is not as bad as a recent bankruptcy or home foreclosure. Some problems can be quickly repaired; others take longer...

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