St. Louis Auto Stop Helps Low Credit Scores Increase

Posted on June 6, 2011 by Addison Craig

If you have had some financial difficulties in the past, it can be hard to find a reasonable St. Louis auto loan for bad credit. But at St. Louis Auto Stop, we specialize in not only offering auto loans that are fair, our loans can also help you get our credit back on track.

When your financial department receives prompt payment consistently each month that information is reported back to your credit report. Good payment behavior with your St. Louis auto loan means you look more financially reliable to other lenders the next time you need credit or other types of financing.

Credit scores rely on your payment history as one major factor for the overall score calculation. By proving you can manage a vehicle loan, your credit score and credit worthiness will receive a boost. Getting your credit score and history report back on financial track is much easier when quality data like that from St. Louis Auto Stop is showing up on our credit report. Lenders want to ensure you can handle different kinds of loan agreements and obligations including mortgages, vehicle loans, and personal loans.

If you are in need of a vehicle, you can select from many quality vehicles despite your imperfect credit record. Stop by our St. Louis Auto Stop dealership today to check out our large selection and discuss any financial concerns you may have about an auto loan.

Many consumers are struggling with credit black marks but can be well on their way to better credit by securing a St. Louis Auto Stop loan.

Don’t Let the Fear of Bad Credit Keep You from Financing a St. Louis Vehicle

Posted on May 23, 2011 by Addison Craig

Because we have been helping consumers with less-than-perfect credit secure financing for auto loans for many years, we’ve seen many customers resist the idea of financing a vehicle when they have bad credit out of fear of rejection. While it is always financially smart to keep your credit score improving, our financial experts at St. Louis Auto Stop know that sometimes things happen that are out of our control.

Unfortunately, fear is a big factor in people’s move to finance a vehicle with bad credit. They are too embarrassed to seek out auto financing because they may fear rejection. If you have enough income to afford the car note but not enough good credit history to get financing with traditional lenders, let the experts at the St. Louis Auto Stop dealership help.

We know that it can be a confusing time but if you know you can reasonably afford your vehicle payment, there is no reason why you should not be driving off of our St. Louis lot in a great used vehicle. We can work with you not only to find the right vehicle for you but one that is well within your budget. As long as you are gainfully employed, we can find a solution to your driving needs.

Don’t put off your auto financing quest any longer. Come to our St. Louis Auto Stop dealership now and find out how your bad credit financing can be good for your future credit score.

Soft Inquiries and Hard Inquiries – Which Will Affect a Bad Credit Car Loan Application?

Posted on March 11, 2011 by Addison Craig

St. Louis used car dealers look at credit reports all the time. Sometimes it can seem like an all day affair. And one of the things we hear all the time is a question about the difference between a hard inquiry and a soft inquiry into your credit. Most people are familiar with the idea that credit inquiries hurt your score, but few people understand the subtleties of each type.

Soft inquiries are typically the ones that happen without your knowledge or permission. In general, a soft inquiry does not affect your credit score. Which is good since these soft inquiries usually happen without you knowing about it. This usually happens when a credit card company is considering sending you an offer, a bank is considering raising your credit limit, or things like that.

Checking your own credit is typically a soft inquiry as well. Each of the three major credit reporting bureaus is obligated to give you a free credit report each year, which is not supposed to harm your credit score.

Hard inquiries are different. A hard inquiry does impact your credit score. If you only have the occasional hard inquiry, it’s not much to worry about. If you have a good credit score, you can afford to be equally at ease about hard inquiries. Trouble starts when you have pre-existing bad credit, or lots of hard inquiries.

It’s best practice to avoid many hard inquiries. And thankfully, you can usually control most of them. Since you need to give permission for a hard inquiry to occur, you’ll usually know when one is about to happen. A good rule of thumb is to ask whether a certain institution is about to perform a credit inquiry, and decide whether it’s worth the ding to your report.

You Can Get a Loan! Poor Credit Car Loans in St. Louis, MO

Posted on December 21, 2010 by Addison Craig

Not everyone has a shining credit score. It happens. Things go wrong, you get roped into credit card bills, and soon enough, your credit score is down in the dumps.

Does that mean you can’t get a new car?

Nope. Not at most used car dealers in St. Louis MO like Auto Stop.

A poor credit car loan isn’t impossible to obtain when you are buying from a dealership that is willing to work with you. This works out for St. Louis residents who have either had bad credit experiences, or who simply haven’t had the time or experience to build up any credit at all. Often, these “poor credit loans” provide exactly the opposite. If you’re responsible about your loan, getting a poor credit loan in St. Louis can help you build up good credit.

How Poor Credit Loans in St. Louis Work
Not everyone with less than perfect credit will be able to get a loan. To qualify for a poor credit loan in St. Louis, you usually must have a job. Usually, the job should provide enough income to pay all of the applicants current bills, plus the car loan. Often, dealers go by a twenty percent rule – deciding that if a person’s car loan would be more than 20% of their monthly income, they’re not qualified for the loan.

The Big Down Payment
Often, someone with good credit can get a new vehicle with a minimal down payment. It’s not quite so easy for someone without credit to get the same terms. Most used car dealers in St. Louis will work with you to get a decent rate on a down payment for a car, but be forewarned – there may be a bit of a surprise when you see the down payment number.