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Options For Purchasing A Vehicle With Bad Credit

One of the bigger purchases that you will ever have to make is when you decide to buy a new or used car. When you are looking to get a new car, you will likely find that the prices of a car make it hard to pay for the entire vehicle cash.

To buy a car, one of the options that you will have would be to take out an auto loan. Similar to any other type of lender, banks that provide auto loans will pull a credit score for the borrower. If you have poor credit, the letter might not provide you with the loan. However, there are several ways you can get still get a loan to buy a car, even if you have poor credit.

Get Dealer Financing


One option you have for a bad credit loan when you are looking to get a loan to buy a car is to get a loan from the dealership. Most major car companies today have their own financing departments that can provide loans directly to buyers. Car companies are often willing to offer loans to people will lower credit scores as it will help to ensure that they make the car sale. However, these rates and fees tend to be higher than loans provided by traditional banks. 

Put More Money Down


When you are looking to make a purchase on a new vehicle, most lenders will expect that you put forth some form of a down payment. When buying a car, a down payment is typically around 10 to 20% of the total purchase price. While this is the standard for someone that has good credit, those that have bad credit could still obtain a loan if they’re willing to put forth a larger down payment. If you can afford a down payment of 30% or more, you will be perceived as a lower risk and could receive the financing you need to buy the car. 

Co-Signor


As with any type of loan, a great option for getting a loan with bad credit is to get someone to sign the loan with you. If you have a friend, spouse, or other party that is willing to co-sign the loan with you, they will be taking on responsibility for the loan. In the event that you miss a payment, the co-signor will be obligated to make the loan current. Because of this, if you have a co-signor that has a good credit score, you will be able to qualify for an auto loan even if your credit is poor.

Shop Around


Finally, when you are looking for an auto loan when you have poor credit, you could obtain a loan if you are willing to shop around and find a great loan. There are many different banks, credit unions, and finance companies that are active in the auto lending industry. All of these companies have different methods for underwriting a car loan. Even if you have poor credit that leads to a rejection from one lender, another lender may still be willing to offer you a loan. Not only will then help you to get approved for the loan, but you could also receive a better interest rate.

Survey Shows That Over Fifteen Percent of Drivers Have Fallen Asleep at the Wheel

A survey done by SmartWitness shows that at least 15% of drivers have fallen asleep at the wheel at least one or more times. Over 40% of drivers have said that they have driven even though they felt drowsy and knew they were at risk of temporarily nodding off behind the wheel. Almost half of the motorists said that they felt they had been a danger to themselves or others when driving because of being too tired.

Men Are More Likely to Drive When Too Tired Than Women Are

Almost 1/4 of men have fallen asleep while driving compared to only 10% of women. Almost 90% of drivers admit that at one point or another they have driven when tired because of work or family. Less than half of these drivers say that they stop to take a break when they feel tired. Almost half of the drivers say that they have rolled down the window to help them stay awake. Other activities that drivers use to keep themselves awake at the wheel includes chewing gum, drinking coffee, or turning the radio up with some of their favourite music.

There is now a new system made by SmartWitness that is able to identify a driver whose eyes are no longer on the road and it will sound an alarm to wake him up when this happens. The name of the system is DDC100 and it is made to sit directly on the dashboard and is suitable for HGVs, Vans, and of course cars. The system uses software that is able to understand when the driver’s eyes have looked away from the road for a length of time that exceeds 3 seconds.

Alert Systems

If this happens for a private vehicle the alert system lets the driver know with an alarm and when it is part of a commercial fleet the system is also designed to alert the management of the company so they are aware that the driver is fatigued. This technology is also made to understand when a driver might be using a cell phone or is somehow distracted because of other reasons and the system can then notify the commercial company management and make them aware of these facts.

SmartWitness is among the leading CCTV firms in the UK and while conducting a survey that included over 1,000 drivers it was found that close to 20% of them had fallen asleep at the wheel. This survey also learned that close to half of those who participated in the survey did not get the seven to eight hours of sleep that is recommended. It was also determined that well over 80% of those that volunteered for the survey would have at least one more nights a week where they were not able to get a restful night’s sleep.

Most said that they still needed to drive a vehicle even after having a bad night sleep. It was found that those who drive for business or commercially were more susceptible to these situations because of their hectic schedules and the fact that many of them had long work hours. According to some statistics, it is believed that at least 1/5 of deaths that occur in driving accidents are caused by one or both of the drivers being fatigued.

It is estimated that the likelihood of death in a car accident caused from driver fatigue increases the likelihood that the accident will be a high-speed impact and because a driver was asleep at the wheel they took no action to avoid the accident. The chief executive of SmartWitness has been quoted as saying that this type of situation is responsible for a significant amount of the deaths that occur on our roads and is a major threat to the safety of others on the road.

Professional Drivers Often Under Pressure

HGV Class 2 licence drivers are often under increased pressure to complete deliveries due in part to the internet and this is pushing those drivers to driving even when they’re tired or drowsy and at risk of going to sleep behind the wheel. The danger of this is considered as great as it would be if someone were drunk driving or if they were distracted by talking on their cell phone. For this reason, it is said that it is vitally important that employers put technology into place that can identify when a driver is too tired and can alert them of this fact so that they can take appropriate actions.

When a company invests in the DDC100 it means that they have a way to monitor their drivers in real time and management can identify problems like fatigue and make necessary changes to alleviate the problem. When a company uses this type of system it means …