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Are you tired of hearing the word 'No' when it comes to a vehicle cash advance? I set up auto adverse credit financing cash advance specifically so that you could hear the words 'yes'. Who am I, you ask?

I spent 14 years in the automobile business as a Finance Manager so I believe it's fair to say that I know a thing or two about getting a cash advance financed, irregardless of your past credit history.

Remember, regardless of your past credit history, you still need a vehicle, want a vehicle and most of all, you deserve a vehicle. You should also be treated with respect and given choices. I'm going to teach you how to have a choice with auto adverse credit financing cash advance.

I know what you're thinking here: this lady has lost her mind! But, I know a few insider tips about Ford Motor Credit and some other big name lenders that may help you here. First of all, all lenders now purchase deals based on what is called a beacon score, which is the same as your credit score. There are three credit bureaus that make up the package. Each lender will choose whichever credit bureau(s) they prefer when looking at your credit or a combination of bureaus.
I highly advise everyone to have all three credit bureaus pulled when checking your credit and to pay for the credit score. If you only look at one bureau, you're only seeing part of the whole picture. adverse credit financing is an art and there is a skill to it.

If your credit score happens to be around 600 or higher, Ford Motor will look at your deal with the intention of purchasing it; there are a few exceptions. They are as follows:
1- You cannot have had a previous Ford Motor repossession-
2- If you have had a repo, it needs to be a year or older; if you have had 2 repo's, forget it and move onto another lender.
3- You can be freshly discharged from a bankruptcy, have a high enough beacon score and qualify for a cash advance with Ford Motor. You just can't have any negative credit after the bankruptcy was discharged.

With the exception of these three things, beacon score will play a large part in your approval. Staying within your financial means is another, so be realistic. If you make £2500 per month and have £1200 going out, don't walk in all high-and-mighty and tell the Finance Manager that you will only have an Expedition or nothing. You'll end up with nothing.

In order to effectively use auto adverse credit financing, you are going to have to know what your credit looks like and what your credit score actually is. Otherwise, you are working in the dark.
Pay for the credit score or it's just almost useless. With the credit score, you will know whether or not you qualify for a lender such as Ford. Also, the higher the score, the lower the interest rate. Got it? With an auto adverse credit cash advance, the higher the beacon score, the better.

Let me explain websites like vehicles.com and the such: They collect applications for vehicle cash advances on the internet. They then have a network of dealerships that PAY them for the leads. These are generally dealerships that have departments that specialize in getting you financed, regardless of your credit. These departments pay for these leads, so most take them very seriously, as they are their bread-and-butter, so to speak.

If you have a lower than usual credit score, a current repo or just plain, all-around adverse credit, this might be the way to go. If your credit is really that adverse, remember that you are going to need some cash or a paid-for trade in that’s actually worth something.

O.K., now for the step-by-step system that I promised. First, take control of your vehicle deal! You need to be in the driver’s seat, if at all possible. Go on the internet and run a copy of a tri-merge, which is all three credit bureaus, plus pay for your credit score.

This is the new Federal law that actually entitles you to receive a FREE copy of your credit bureau once per year and with some other exceptions. This is not a credit monitoring site. You have to run each bureau separately; Experian, Equifax and TransUnion. Then, you have to pay for the credit score.
So as to hold down on confusion, here’s the scoop: Each credit score for each separate bureau will be different. That’s why a Tri-Merge is called what it is called. You can run a specific bureau called a Tri-Merge from one corportation (there are many-just do a Google search) and you actually get one bureau (it’s actually all three combined but the credit score is also one credit score). It’s more expensive and generally runs around £34.00 but it just depends on your preference.

Now, with your credit score in hand and a copy(s) of your credit bureau, look at your credit. Do you have anything strange on there that is not yours? If so, it’s time to fix it. You should review your credit bureau at least every 6 months to a year. Plus, if your identity has been stolen, you will know quickly. P.S. you can also have a liner placed on the bottom of your bureau that simply states “Do not extend any credit on my behalf without contacting me first. Work # (111)222-3333 Home#(222)333-4444 Cell# (333)444-5555.” Call or write the credit bureaus and request that this is done. You can now do this on the internet for free. Again, do a Google search for all three bureaus listed above.

How do you fix your credit, you ask? I give away a totally FREE book that I wrote on the subject simply for the asking. Email me with Free Credit Repair Book in the headline and I’ll email it to you.

Next in line: Know what you want to purchase BEFORE you even go out shopping! Let me make this very clear. vehicle dealer’s jobs are to sell you a vehicle on your very first visit. A salesman/woman and their sales manager believe that if you walk into their dealership and do not leave with a vehicle, you will never come back again. They are going to hammer on you until they either A) Make you mad and you get up and leave or B) Sell you a vehicle. It’s the nature of the beast. Accept it ahead of time.

What do you want to purchase? Where can you get unbiased information on the auto? Again, Google for Kelley Blue Book or NADA and you can get cost, warranty repairs, recalls, and information on issues and tons of info beforehand. Limit your shopping to three models. Keep it simple. Those will be the ones that you will shop for.

Can you afford the vehicle? You may think you can afford the vehicle, but the bank may think otherwise! I have seen this so many times in my vehicleeer. Automobile economics 101: Take your gross income (what you make per year BEFORE Uncle Sam taxes you) and remember, this income needs to be provable-tax returns, check stubs with taxes taken out or a W-2. If you are self-employed, you will need two years of tax returns with Schedule C’s. This is the income that you actually paid taxes on. Being self-employed can be tough. You may need to combine a spouse’s income if you are self-employed.

Now with your gross income figured out, find out what all of your debts are that are going out each month. Include everything…it’s listed on your credit bureau’s. Example: vehicle note=£450.00 + House note= £560.00 + Credit vehicled debt= £425.00
Boat note= £310.00 Charge-offs=£1200.00 (yes, charge-offs; these are bills that you never paid and they were written off). Add all of your debts up. With just your obvious debts (including the charge-offs), you have £1805.00 per month going out. I arrived at that figure by adding up all the monthly notes and taking 5% of the charge-offs. 5% of £1200.00 = £60.00. We’re not through, though. Now we have to figure in cost of living-utilities. Each lender has their own algorithm for utilities but a good range to estimate would be to add £300.00. Now we have a total outgo of £2105.00. This is what you have to have to pay your current bills before you take on any other debt.

Almost all lenders will not allow your new vehicle note to exceed 20% of your current income. For our example, let’s assume that your gross income is £5300.00 per month. Let’s take £5300.00 and subtract your debts, which are £2105.00. That leaves you with £3195.00. To make it easy, take £2105.00 and double it. That would be £4210.00. That would leave you with disposable income of £1090.00. What the lender is looking at here is referred to as debt-to-income. They want to know if you have more going out than you can handle. This is strictly a case of numbers and provable numbers. If your gross income was £4500.00 and you had £2105.00 in debts each month, you need to be prepared for one of two things; add your spouse’s income and your spouse to the deal or trade in the other auto. If your debt-to-income is running too close to 50%, you’re going to have a hard time getting a cash advance for anything. Make sense? The way the bank looks at it is this: you can’t afford both vehicles so they assume that you are going to let the other (older) vehicle go back to the lender-repossession. That’s their take. Debt-to-income is a HUGE deal.

In this case, your disposable leftover income is £1090.00. 20% of that would be £1060.00. Whoa! Let me be the first to inform you that you are NOT getting a vehicle payment of £1060.00! Why? Well, you only have £1090.00 left over for starters. Let’s be realistic here. Most lenders will slice that in half which will equal £530.00. Your payment call should be around that figure, give or take a few pounds.

How expensive of a vehicle can I purchase on a £530.00 payment? Good question and one that you absolutely need to know so that you can pick out the correct vehicle. One answer depends on the term of the cash advance. You can finance for 36, 48, 60 or 72 months, as a for-instance. That equates to 3 years, 4 years, 5 years and 6 years. I will tell you this: the worst thing you can do is extend the note out the longest amount of time in order to get the payment where you can afford it. That creates a syndrome that now affects over 75% of vehicle owners called being “Upside Down.” It means that you owe more on your vehicle than it’s worth. It also means that you need more cash down when you go to trade it in. The only way around that is a lot of cash down or a short-term cash advance.

You can again do a Google search for a ‘vehicle cash advance calculator’. You will punch in the cash advance amount you want to borrow, the term (48,60, etc.) and the interest rate. If you have not gotten approved already and know the rate, you will have to guesstimate. Here’s a rule of thumb for you-it’s not an exact science without knowing your credit, but it is a guide you can follow to get you close. Let’s base the rate on your beacon score: that’s what most of the lenders are going to look at. If your beacon (credit score) is in the 400 or lower range, you will need to figure your interest rate on a new vehicle at 21% (state maximums differ-it could be 18%). If you are looking at a used vehicle, figure on 33%. If your beacon score is in the low 500 range, figure your new vehicle cash advance as you would for the above-mentioned 400 beacon. If your beacon score is in the mid to high 500-range, figure a new vehicle at 18% and a used vehicle at 27%. If you have a beacon of 600 to 649, figure a new vehicle at 16% and a used vehicle at 20%. If you have a beacon score of 650 to 699, figure a new vehicle rate at 12% and a used vehicle rate at 16%. I may be hitting too high on a few of these, but I live in a state that has the highest rates in the nation. Better safe than sorry.

Get Pre-Approved BEFORE you start shopping. This is the easy part, in a way. Remember I told you at the beginning of this article to take charge of your vehicle deal instead of letting the dealer lead you by the hand. It all boils down to financing. If you can walk in with a check in your hand, you are in control. I will recommend a few corportations that are reputable, have a proven track record in sub prime cash advances and all mail the check to you at home. You then go into a dealership and pick out your vehicle, negotiate and purchase like a cash purchaser! These corportations are Household Finance, Capital One Finance, Americredit and E-cash advance. You can do a Google search for all four, apply on the internet, and get either an instant approval or one really quickly. When you are approved, they mail the contract to you and then the check. It’s that easy.

On the final decision for the vehicle-work smart here. There is nothing more valuable than time and nothing more rewarding than piece of mind. Please don’t go running from dealership to dealership. Wrong. Pick out the 3 models of auto that you can afford. If you are looking for a program vehicle (rental), call dealerships and inquire as to whether or not they have any. If you want a new, ask other individuals that are driving that model where they bought theirs and would they purchase there again. If you start hearing a lot of “I’ll never purchase from them again”, move on. Something is wrong. Your new vehicle is only as good as the service you will get AFTER the sale.

Negotiating-Most individuals hate this. I have only met 2 individuals in 14 years that enjoyed it; they were both retired and had nothing better to do. One did it for the fun of it and never even bought if you agreed to his price. Don’t waste other individuals’s time. If you don’t like the vehicle, don’t negotiate on it. When you do find a vehicle that you would own, tell the salesman you’d purchase it right then if the price was right and if they provided you with a vehicle Fax. The keyword here is: ‘If the price is right’. How do you know what a good price is? Well…glad you asked. If it’s a new vehicle, Kelley Blue Book will have dealer cost.

What’s the difference? Most dealers (with the exception of the West coast) will use NADA as their guide.

Before you ever drove the vehicle, you went by the dealership on Sunday, when there are no salesindividuals and you got the Vin# of the vehicle and the equipment, year model and had a good look at it. You already know if you like the vehicle when you drive it, that you would purchase it. The list price is in your pre-approved check category, to boot. You’ve already gone on the internet and gotten wholesale, trade-in and retail values for the vehicle.

Retail is what the dealer should ask for the vehicle. This will help you to know whether or not the salesman is trying to add cash to the vehicle, or if the dealership is. Trade-in is a figure to gauge approximately what the dealership traded for the vehicle for. It will give you an idea of what the dealer paid for the vehicle, before reconditioning fees and any ticket from service. Now, not every make of vehicle will bring trade-in value. Two that will at this time are a Honda and a Toyota. Those vehicles will bring trade-in value. Domestic vehicles generally will not bring trade-in value, with the exception of new, hot models. Other models will only bring wholesale. As an example, Kia makes a great vehicle, but most will not bring close to trade-in value. Mitsubishi is going through changes and also won’t bring close to trade-in value. There are exceptions to the rule: Katrina and Rita-two hurricanes that created a short supply of used vehicles. If you live in the south, that will be the case for a while. With the exception of a Honda and a Toyota, you can probably be safe offering less than trade-in. Not thousands, mind you, but less. Take into consideration the other costs of trading for a vehicle. Also, ask the salesperson how long they’ve had the vehicle. If the salesperson slips up and tells you they’ve had it a while, your negotiating should be easier. The reason behind that is that the dealer is paying interest on the vehicle every month it does not sell. The book value is also dropping every month so it needs to go.

Throughout the vehicle deal, make sure they know you are paying cash. Don’t mention that you have a check from Americredit or whoever. That’s none of their business. When you make a deal, insist on the Used vehicle Manager running a vehicle Fax before you sign any paperwork. A vehicle Fax will show if the vehicle has been involved in a serious wreck, was bought back from the original customer or is salvaged. This will put your mind at ease. If you don’t like the vehicle Fax, don’t purchase the vehicle.

Throughout your shopping, I can’t stress this enough-Do NOT fill out credit applications at each dealership. Every time you sign a credit application, the dealer pulls your credit report and your beacon score goes DOWN. That’s why I advise on getting approved ahead of time. There are numerous advantages to getting approved ahead of time. The main advantage is that you are in control, not the dealership. That’s worth a fortune in itself. Their job is to take control of you from the start of every meeting. Believe me; I know what I’m telling you. I lived that life for a long time.

For some reason, should you not be able to get pre-approved because your credit is extremely adverse (a discharged bankruptcy is an instant-approval, by the way), and you have to go through an on the internet clearinghouse like vehicles.com, don’t despair. Continue to follow my previous steps and advice and negotiate and insist on a vehicle Fax report.

When you do decide on a vehicle and go into the Finance Office to sign the papers, I would like for everyone to know that you do not have to purchase any products in order to get the cash advance. If anyone in Finance tells you that you have to purchase a warranty and credit life to get the cash advance, which is a bold-faced lie. Why would a Finance Manager do that? Because they work on commission, also. Surprised? Don’t be. That’s the way dealers set up Finance Offices from the start when they realized how much cash could be made. The Finance Manager makes cash off of the rate they quote you, the warranty they sell you, the gap insurance and the credit life and disability you purchase. That’s how they make a living.

I’m not saying that any of these products are adverse, though. I believe in extended warranties. I’m just telling you to shop around first. If you find a cheap warranty, check out the corportation and make sure they will give the dealer a credit vehicled over the phone immediately when in need of repairs in any state. All in all, I will say this-A manufacturers warranty is always better than an after-market warranty. Always. Just negotiate on it if you want it. The only reason why you would not want gap insurance would be if you literally paid cash for the vehicle. Otherwise, gap is cheap (should retail around £495) and will pay the portion that insurance won’t pay if it’s totaled. Just remember what I said about the book dropping on a vehicle every month. It will never be worth what you owe unless you put down a lot of cash at the time of purchase.

Credit life and Disability insurance are a personal matter. If you have a life insurance policy, it can be used to pay off the vehicle in the event of your death. If you are single, why do you need Credit Life? The only benefit would be if you are married with a family, it cuts down the payout time. In this situation, your spouse would not lose the vehicle. Disability Insurance pays out for a specified amount of time. It will not pay out for the entirety of the cash advance. It also has a specified start date from the time you are disabled. It doesn’t just kick in immediately.

This is a lengthy article, but the gist of it is this: do your homework at home first. Then get approved on the internet. Then shop on Sunday. Then go get your vehicle and negotiate on everything. It will be the easiest vehicle-purcashing experience you have ever had. Regardless of your credit situation, if you follow my steps, you’ll have a vehicle in no time and you’ll be an educated and informed customer during the process. Good luck!