Tag Archives: Auto Loan

Get Auto Loans With Bad Credit – A Guide to Finding the Best Online Lender

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These days, receiving an auto loan with bad credit may seem like an unlikely dream. With a poor economy and a bad job market, what incentives to lenders have to give auto loans to borrowers with bad credit?

In reality, though, getting an auto loan with bad credit is a whole lot simpler than many people assume. The trick is finding the right kinds of lenders to do business with and making sure that the deal you accept is the best one available. You also need to know the important tricks to finding the right lender online.

Online Lenders: A Warning

Many people choose to go online in order to locate lenders for auto loans with poor credit. If you choose the right company, this is a really great choice. However, there are also a lot of dangerous scams online these days. If you have bad credit, auto loans are easier to find on the internet, but you will need to do a little leg work before you find them.

For most borrowers, this means your first stop should be the Better Business Bureau’s website. The BBB is a popular consumer protection agency whose goal is to untie legitimate businesses with legitimate customers. Through the BBB website, you can discover which lenders to avoid, which have offered better deals in the past and which are just flat out scams.

Picking the Right Lender: Look for the Signs

When searching the Better Business Bureau’s website for an auto loan lender, make certain that you stick with lenders whose grades are “B” or better and that you are on the lookout for some additional information. This, minimally, should include two key points on their website:

· Phone Number

· Physical Address

Though you will not need to visit the place in person, the fact that a lender provides a physical location is a good indication that they are both legitimate and accountable for their actions. Also, make sure that you call the number they list to check that (1) it is real, and (2) it is professional. If the person on the other end of the phone doesn’t identify him or herself and the company, find someone else to give your business.

Bad Credit Lending: Look for Knowledge and Sympathy

Once you locate a few good lenders whose credentials check out, there is one other scam you will need to be aware of when looking for an auto loan with poor credit – upfront fees. You should never be charged any fees up front because of your bad credit or any other reason Remember, the lender stands to make money from the interest on your auto loan, he should not charge you even more for the privilege of making that interest. Let me be clear, do not pay a so-called pre-qualification fees, they are scams and a great way to lose money without getting an auto loan.

Bad Credit Is Not the End

Because you have bad credit, auto loans will certainly be more difficult to find than if you had good credit, but you are still a paying customer. Any lender that acts as if he is doing you a favor by loaning to you is not a good choice. Additionally, you need to make sure that any company you work with is legitimate. Make sure to do the research before you sign on the dotted line and you will find an auto loan with bad credit.

Got Bad Credit? No Money Down Auto Loan Options Abound – Read This!

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Can I Get Help With Financing a Car If I Have Bad Credit?

Yes, you can. There are numerous auto finance companies and bad credit lenders willing to help individuals like you finance a car. If you have bad credit, a no money down auto loan might seem like a ridiculous idea to even consider. However, auto finance companies are used to dealing with individuals in situations like yours and are well suited to help you get the vehicle you desire.

How Will Poor Credit Affect My Auto Loan Rates?

First, if you are looking to finance a car, this is a prime opportunity for you to reestablish yourself, as far as your credit goes. Now, auto loan rates for someone in your situation will more than likely be higher than they would be for someone with a more refined credit history. However, your main goal (in addition to getting a vehicle) is to prove that you are able to manage and maintain your credit. Bad credit lenders are just that, lenders who help people with poor credit. No money down auto loan financing may also comes with some other stipulations. Some bad credit auto financing companies will require the vehicle loan be paid back sooner than usual. This means, your monthly payments will be higher than normal.

How Can I Increase My Chances of Being Approved?

It is quite easy, actually. There are a few things you can do before applying for a bad credit, no money down auto loan. You can request a copy of your credit report. When you do, be sure to obtain reports from all three credit bureaus (Experian, Trans Union and Equifax). Once you have your credit report in hand, look over it to make sure all of the information is correct. If you see something that isn’t familiar to you, you have the right to find out what it is and dispute it if necessary. Another thing you can do before applying for a car loan is pay some of your debt. If you have small amounts of debt and you are able to do so, just go ahead and pay it off. This will also help your credit score rating.

Bad Credit No Money Down Auto Loan Option

If you are considering bad credit auto financing it’s probably because you have a less-than-perfect FICO score. Don’t worry, though. No money down auto loan options are available in abundance, even if your credit isn’t stellar. If you do find out that you are able to take this path, be sure to read the fine print because although not having to put any money down is very attractive, there may or may not be some repercussions later on. Get quotes form companies that connect you with several lenders who offer folks with bad credit a no money down auto loan option. After you have found several, then compare their interest rates and other terms and conditions. Once you’ve done that and you feel comfortable settling on a particular one, then go ahead and apply for the loan. When you apply online, many companies offer a very quick response-some even give results within 60 seconds.