Defaulted Credit Auto Loan Options near Lynnwood are the best bet you have for making sure that your credit begins working its way back up from a tough break. If you’re working your way up from the poorest credit, you should look into an auto loan–not only will it be a steady way to build your credit back up, but it will give you a steady mode of transportation, which is critical to many people who are looking for steady employment.
What Is Credit Default?
Credit default is when you’ve failed to make a payment on a credit card or a loan for 180 days or more. After this time, it’s assumed that you’ll never pay, and your account goes into default. Your card (if any) is closed, and then your account is sent to a collections agency, which will then demand payment from you. If you continue not to pay the money owed, you’ll likely be sued. When your credit goes into default, your credit score will also drop several points, enough to put you into “subprime” territory. Once your credit is subprime, it’ll be hard to get a loan without being faced with a large interest rate too.
What to Do With Defaulted Credit
The first thing you want to do is settle your debt any way you can; talk to the collections agency to discuss your options, but don’t let it go unaddressed.
Many people who take a hit to their credit end up swearing off any other credit, such as loans or cards; however, this is the worst thing you can do. Bad incidents stay on your credit report for up to seven years, and waiting that long without credit movement will only hurt you further. Search for Defaulted Credit Auto Loan Options near Lynnwood to get the opportunity to take out a loan.
As long as you make payments on these loans on time, your credit score will climb steadily and you’ll be able to recover faster from your subprime credit than you would have without doing anything.
Bayside Auto Sales offers Defaulted Credit Auto Loan Options near Lynnwood for people living in Seattle, Everett, Lynnwood, Bellevue, and beyond. Call us or use our virtual credit tool to apply online, and then browse our inventory of great-condition used cars. We can help you get a second chance financially, so don’t hesitate to get in touch with one of our representatives.
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