answersLogoWhite

0

Having a less than perfect credit score can make it difficult to obtain financing for major purchases like vehicles. Fortunately, it is possible to find bad credit car loans. There are things to watch out for, though, to make sure you will not get taken advantage of.

Where to find Bad Credit Car Loans

Most traditional banks do not specialize in helping people who have poor credit. You can save yourself a considerable amount of time by seeking out lenders who are accustomed to providing financing to those who are unable to secure traditional loans. An online search will turn up countless results, but it can be difficult to know which ones are legitimate. One of the best ways to find a bad credit loan is to find local dealerships or car lots that offer guaranteed financing. They typically work with a network of lenders to find the loan that best fits a particular customer's needs. If they are unable to find a loan, many are willing to provide in-house financing.

Getting the Best Deal

Online lenders commonly advertise the best deals, but there is also a risk of giving your personal information to a scam artist. If you choose to apply online, take the time to research the lender with the Better Business Bureau before submitting any of your personal information.

When you apply, take the time to carefully read all the terms and conditions. While there are plenty of lenders who are genuinely interested in giving people with bad credit a second chance, there are others who are only interested in trying to make a quick buck. Some loans have extremely high interest rates. While you shouldn't expect a low interest rate, you shouldn't have to end up paying triple the value of the car. It is also important to find out about any fees you may encounter such as late fees or early pay-off fees. If you want to improve your credit to make it easier to get loans in the future, try to avoid in-house lending if possible because they usually do not report timely payments to credit bureaus.

User Avatar

Wiki User

12y ago

What else can I help you with?

Related Questions

Where can one find more information about new car loans with bad credit?

Bank Rate is an website which provides information about obtaining a car loan with bad credit. It lists nine steps detailing how to obtain a car loan.


How would someone get credit loans for their car?

One can get credit loans for their car by applying for it at companies such as Pioneer Military Loans, Hans Harle Loans, Futurity, SV Koenigsbach Loans or Bad Car Credit.


Can you get car loans for bad credit?

This is an interesting question and to actually answer the question would be impossible because no car loan will cure bad credit. However, if the question is supposed to be can I get car loans with bad credit, then the answer is yes you can. It will most likely have a higher interest rate because you are a higher risk, but most dealers have lenders that approve loans for people with bad credit. Yes you can get car loans with bad credit just go interenet there are many sites available who offer car loans with bad credit just apply for car loan there they will contact you if you are eligile.


Can I get an auto loan with poor credit history?

Many companies offer car loans to people with poor credit histories. In Canada for example, www.canadaautoloan.net offers car loans to car owners with bad credit or no credit.


Do people with bad credit generally pay more for car loans?

Yes, people with bad credit generally pays more for car loans. This is solely due to the interest rate that the person with bad credit has to pay. The higher interest rate adds more to the total amount of the car loan.


Loan for someone with no credit history?

People with no credit history or with bad credit can get a car title loan. Car title loans, also known as "auto title loans", "pink slip loans" or just "title loans", is a fast way to borrow money using a person's vehicle as collateral. The owner of the car is able to get the money he needs and also retain the use of his car while paying off the loan which makes it one possible solution.Some companies even refer to these loans as bad credit personal loans, because they are so suited to people with bad credit or even no credit at all.


What banks with bad credit will give car loans?

i need banks that will give car loans with a beacon score under 540 score


Do they have car loans for bad credit?

Yes they do have cars loans for people with bad credit. But one thing you must have is proof of employment. And also have a place tolive and a phone number you can be reached at.


Where can one find secured loans for bad credit?

One can find secured loans for bad credit from banks or other lending institutions, as car loans or real estate loans. The borrower needs to present a collateral, such as a car, property, savings accounts, or stocks, as a guarantee for prompt payment.


Where can one find information on bad credit used car loans?

One can find information on bad credit used car loans from: Drive Time, eLoans, Bank Rate, DMV, Best Auto Lenders, Auto Credit Express, Cars Direct, Road Loans, Auto Trader.


Does car dealerships qualify people for car loans?

Some car dealerships qualify people for car loans even if they have bad credit. You can also try to obtain financing through a bank or local credit union.


Why is obtaining car insurances difficult for those with bad credit?

Car companies find that individuals with bad credit are unreliable and therefor do not want to do business with them. They are afraid of not getting their payments.