In today’s economy, if you’re having a hard time getting credit for anything, don’t worry about it.  Banks are buckling down as they are waiting for the economy to cool down.  Even if you have some of the best credit scores around, you may not be able to get that great rate or loan that you wanted.

It seemed like yesterday (it pretty much was) that banks were lending left and right and they didn’t even care what kind of credit score you have.  550?  No problem!  Here’s your house.  600?  No problem!  Here’s your $25,000 car loan.

Having bad credit doesn’t mean you can’t apply for credit anymore.  It just means that you’re going to have some challenges along the way.  Yes, it’s hard to have a bad credit score but let’s take a look at what you can do when you’re looking to purchase a car with credit problems.

What can you truly afford?  Many people with bad credit start off on the wrong path and think that they can afford a $25,000 car.  Well, I hate to break it to you but you can’t.  You really want to sit back and see what you truly can afford.  If you’re making $50,000 a year and you’re $15,000 in debt, let’s look at a used car worth about $5,000.  There are plenty of great options out there.

Know your credit score.  If you don’t know your credit score already, I would recommend you check it out.  Websites online like FreeCreditReport.com have packages where you can check out your credit score.  This will give you a better idea on where you will stand when it comes to a loan.

Limit your credit checks.  When it comes time to get a loan for a car, limit who can run your credit report.  The more your credit is ran, the more it’s going to cost you.  Make sure that you limit your check to 1 or 2 people.  If you let 5-10 people run your credit, you’re going to see that it affects your score.

Get a down payment.  Dealers love to see a down payment.  If you can’t bring in a down payment, try to save up for one.  Even if you have $500 or $1,000, this is going to look a lot more appealing than nothing at all.  Some dealers won’t take you that serious when you don’t have any money to put down.

When it comes time to buy that car with credit problems, don’t let it get you down.  You may find yourself discouraged when you’re looking to buy a car.  Don’t get emotionally attached and feel let down when a dealer doesn’t give you a loan.  There are hundreds out dealerships out there.  It’s your duty to go out there and find the car that fits you and your budget.