Car loans with bad credit?
Posted on | January 15, 2010 | 7 Comments
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7 Responses to “Car loans with bad credit?”
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January 15th, 2010 @ 10:25 pm
No. There isnt. If you have bad credit expect to pay above 14 percent interest. You are better off looking at why your credit is so bad and trying to fix it
January 15th, 2010 @ 10:27 pm
nope, that is the payment you get for not being on time with payments.
credit is EVERYTHING. it effects your car loans, personal loans, if you can sign for an apartment or not, how much you pay for insurance, among many other items.
to have bad credit will only back you into the corner and force you to pay higher rates in turn keeping you in that corner.
only way out is thru suffering. remove all you can, sell off all you can, pay off your credit report, deal w/ a junker car for another year or so. until you clean up the report, it will only get harder n harder.
January 15th, 2010 @ 11:16 pm
If you have a carmax in your area, that would be a great place to start. A few years ago, my credit wasn’t so great and they were able to find a good lender with a decent interest rate.
If you’re wanting to buy brand new, your best bet is to have money to put down. Most places will also take your car as a trade-in even if it isn’t that great of condition.
January 15th, 2010 @ 11:53 pm
If you have bad credit,the finance companies do not see a very good track record as far as you paying them back. If they do take a chance on you,you are going to pay a very high APR.. Im sure you have heard about all of these mortgage companies going under,,well that is why,because they was doing subprime loans and it ended up killing them..Well, now the auto finance companies are being alot more careful than they was 5 yrs ago..So, what im saying is that you will be lucky to get financing at any rate right now..
Good Luck!
January 16th, 2010 @ 12:03 am
Auto loan financing seems like a hugely difficult thing to obtain if you have bad credit. If you are tired of rejected applications thanks to your not so good credit rating then you need to seriously consider opting for bad credit auto loan financing. No, don’t get second thoughts about the term. The only thing bad about the loan is the credit score of the borrower. Now there might be hundreds of questions creeping up in your minds about these loans. What exactly are bad credit auto loans? How are they different from normal loans?
Bad credit and loans do not exactly go hand in hand. Firstly, there is a very legitimate reason for the denial of your loan applications by majority of lenders. The reason is the bad credit score. Every person with a bad credit score is a person with irregular payment habits. History says that the person has a good chance of defaulting on the payments making him a high risk factor for the lenders. Hence you will find that most lenders will not be willing to offer loans to people with a bad credit score.
So the trick is to find specialized lenders for the specialized loans. You need to find lenders who specialize in offering bad credit loans. These guys have a wide array of loans that are specially designed for people with a bad credit rating. These guys specialize in bad credit auto loan financing and hence can give you the best terms. However, the good news is that you no longer need to run after the lenders looking for such loans. You can easily seek the services of a broker who can give you multiple quotes from different lenders at once. This reduces a lot of hassles for you.
Most bad credit auto loan financing lenders have many different loan types. They will give you a complete catalog of all the kind of loans that they have. These include secured loans, unsecured loans, 0% down payment loans etc. Depending on the terms and conditions that you like, you can choose a loan from them.
Many people feel that since they have a bad credit rating, they have to comply with any interest rate offered to them. But this is not true. Just because you have a bad credit rating does not mean that you cannot negotiate on the interest rates. In fact the interest rates that you are going to get depend on your negotiation skills. The better you negotiate, better the rates you are going to get.
Once the loan is granted, you can make the most out of it by paying of a huge chunk of the loan amount as down payment. This will bring down the interest rates by a huge margin and will make the loan much more affordable than it can be. Remember, this loan will also pay a key role in your future loan applications so you need to ensure that you make the payments on time. This will improve your credit score so that the next time around you can qualify for a much better loan.
January 16th, 2010 @ 1:00 am
Check this out: http://www.badcreditresources.com/bad-credit-car-loans.html — it is the list of lenders that approves car loans to people with bad credit score.
January 16th, 2010 @ 1:35 am
You CAN get a decent car loan, even with bad credit. I’ve done it, but you’ll have to look around. That’s one of the BIG mistakes people make…just taking the first offer that’s given to them when they go to the dealer. Be smarter than that.
WARNING: DON’T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It’s a better option, you don’t have to take what they’re offering if you don’t want it, and it’s better than dealing with the car dealer’s people.
There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below…
http://www.axalda.info/bad-credit-car-loans.html