With the state of the economy and the precarious unemployment numbers in the country, it is easy for consumers to  have fallen behind on some of their bills and miss other important financial obligations. These issues are often only temporary and you are able to get back on track soon enough. However, minor financial snafus can have a lasting impact on your credit score, making it harder for you to get auto financing in St. Louis.

You likely have enough income to manage a monthly vehicle note but convincing banks and other big lenders proves to be difficult. With St. Louis dealership financing, we specialize in helping those with temporary financial problems get back on track with affordable auto loans and peace of mind that comes with a reliable vehicle.

When our dealership works on your behalf to find an auto loan that makes sense for your financial life, we also are helping you to improve you tarnished credit score so that you can wipe the financial slate clean. Provided you continue making on-time payments for the life of your loan, you can bring your credit score back up and create a more stable financial life for the future.

With better credit by paying your car loan note on time, you also will have access to the best insurance premium rates and more options for financing in the future. Good credit can also help you land a new job and make it possible to rent new housing. Repairing credit is not an overnight thing but you don’t necessarily have to wait until you have great credit before getting the vehicle you need.

Our St. Louis auto financing experts are ready to help you find the loan you need to make your financial life more stable and help you get back on track to being credit worthy. As many consumers have been burdened by financial problems because of the recent recession, it is not uncommon for many to have to start from the bottom up to improve credit and get finances back in order and temporary financial issues should not impact your ability to get a reliable vehicle.

When you have bad credit St. Louis Auto Stops makes it easier to get approved for the new car you need now. Having  credit problems in the past does not automatically eliminate you from getting an affordable loan. In fact, with our dealership financing, your auto loan can work to improve your credit score and assist you in getting more reasonable financing rates for your other needs.

Our dealership has a long history of making new car payments affordable to those who have less than perfect credit. We realize that many people have the ability to meet their car note obligations each month but lack the credit to get the loan in the first place. We have many options for those in the market for a new car who can’t wait until their credit improves.

Once you have secured a vehicle loan with St. Louis Auto Stop, your job is to make sure payments are made on time each month. As a result of this financing, your credit score will actually receive the boost it needs to help you in other ways. For instance, car insurance rates are determined by credit score. With a St. Louis auto loan, you can get better insurance premiums with a better score. It doesn’t take long to see results either. A few months of consistent, on-time payments can do your credit score a world of good.

If you are in the market for a reliable new or used vehicle, check out St. Louis Auto Stop first. Even when credit problems may be preventing you from getting anywhere with other lenders. St. Louis Auto Stop has financing options to help you get your credit back on track while getting the vehicle you need to keep your income stable.

Here’s a list of the most common codes on a credit report and what they all mean.

PRM stands for Promotional Offer. Inquires labeled as PRM suggest that a reporting bureau only gave out your name and address to potential lender. Often these correspond to the junk mail a person receives.

AM or AR This is a review of your credit by a company that is an existing creditor of yours. Oftentimes if you have a loan with a certain bank or company, they will check your credit to see if you’re eligible for an extension. That’s the kind of thing that appears under AM or AR.

EMPL refers to an employment inquiry. If you’ve applied for a new job that requires a credit report, you’ll often find an EMPL inquiry on your report.

PR this has to do with the purchase of a portfolio a creditor may be interested in purchasing. For example, if you have student loans with a number of different organizations (public, private, etc.), you may see a PR inquiry from someone who’s looking to make you a consolidation offer.

In our last article, we gave you a way to estimate the amount of a bad credit loan. This week, we’d like to show you a second way you can find out what your loan amount might be.

Keep in mind – these two different methods will give you different numbers. The safest bet when applying for a bad credit car loan is to use both methods, and then to choose the lower of the two numbers to base your expectations on.

This second way of estimating takes more into account than simply your credit and income. It takes your monthly spending into account.

The first step is to take one half of your gross monthly income. If you get paid every other week, it’s probably safe to simply use the amount of each paycheck. Write that number down.

Then subtract your monthly rent or mortgage, your average monthly credit card payments, and any wage garnishments you might have. This math gives you an estimate of your disposable income, or what you have left over at the end of the month. Write this number down as well, and label it “disposable income.”

Then, multiply your disposable income by a different kind of credit rating than we talked about before. If you have good credit, multiply by 50. Multiply by 45 for fair credit, 40 for mediocre credit, 35 for bad credit and 30 for very bad credit. The number you come up with is a “second opinion” of sorts of your loan potential.