With the economy being in something of a state of flux the past few years, it's understandable that money may be tight for a lot of people looking to make a car purchase. Especially for those who have had issues with credit or even bankruptcy in the past, it's easy for the trip to the dealership to be a source of anxiety rather than one of excitement. Fortunately, buying a car doesn't have to be as impossible as your financial situation may make it out to be. As long as you keep a few key points in mind, car ownership can be a very real part of your future.

Master your loan
At the core of the car buying experience is the car loan, and if you're coming from a position of less-than-stellar credit, this is sure to be a source of stress for you. Fortunately, bad credit doesn't have to tank your chances at financing a car. According to Edmunds, it's possible to get approved for a loan with bad credit, but it may impact your interest rate.

In general, it's a good idea to get your loan paid off as quickly as possible. Longer-term loans may result in reduced monthly payments, but typically also go hand-in-hand with higher interest rates, meaning you're actually paying more overall in the long run. Also, the longer you hold on to your car, the less it will be worth when it comes time to trade it in for another one.

Don't fret the default
It happens sometimes. Tight economic times can leave even the most fastidious of us on a shoestring budget, and occasionally the worst can happen and loan repayments may be missed. Though these instances may seem like catastrophes, it's important to keep them in perspective and understand that it's not the end of the world.

AutoTrader was quick to counsel that missed payments aren't synonymous with instant repossession. In fact, dealers want to avoid having to repossess a car almost as much as you do, since that represents a significant forfeiture of their potential money from your car. In fact, many lenders are more than willing to work with drivers to establish a solution to the missed payment problem. Whether adjusting the due date of the payment, refinancing the loan or another more creative solution, as long as you keep the lines of communication open, you should be all right.

If you're looking to buy a used car, head to NJ State Auto Auction. You'll find hundreds of Carfax-certified cars on the lot, and an in-house finance team ready to help get you approved for a loan.