Bad Credit Car Loan - How Do I Get One?


Do you believe that because of your bad credit, you cannot qualify for a bad credit car loan? Then think again. Many lenders will not lend to persons with bad credit which is normally a score of 620 or less. There are however, a number of companies that will provide you with the auto loan facility that you can afford. There are also those that will seek to provide you with the car loan that you want. There is a big difference between the two. The former will provide that which you can safely afford to purchase a car and is based on the information you you supply such as your credit score, your monthly income and expenses. The latter will seek to supply you with the money you want, even if it will further harm your credit rating. Taking an auto loan that you can afford may not get you the car of your dreams, but it can get you a car and have you moving about, while helping you to build your credit.

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Now, as eluded to earlier, there are lots of online sites that will offer to provide you with the loan you want - and guess what.... They will require that you supply them with sensitive information such as your Social Security Number (SSN) among other information. Now to avoid falling victim to the identity theft vultures out there, I strongly suggest that you research the credibility of any site before you give out your information. Apart from the Google / 'fraud' test, you can utilize the services of sites such as ranking.com, and enter the URL of the site in question, and they will tell you how trustworthy the site is. The higher the TrustGauge, the better. I think the highest score is 10. By the way, for those of you who do not know what the Google / fraud test is; it is enter the particular name in Google, along with the word fraud. Let's say the company's name is 'ABC Lenders', then you enter the following in the Google search pain: 'ABC Lenders' fraud. This is telling Google to look for both 'ABC Lenders' and fraud. You may be amazed at what may surface.

In applying online, you should also ensure that the site you are applying through, provides a valid phone number and address. Always remember that in doing such a transaction as applying for a bad credit car loan, or any financial product or service for that matter, they will ask for your personal information - information that you should not disclose unless you are absolutely sure who you are giving it too. So off the bat, you should ignore any site that offers car loans, but does not provide a valid phone number and address, and / or has a low trust ranking.

Now because you have a bad credit, there is a price you will have to pay. That price is a higher rate of interest. Because persons with bad credit are considered to be high risk and are most likely to default in repaying their loan, the interest rate on their bad credit car loans will be significantly higher that that for someone who has a great credit. Now since you do not want to make your credit any worse, it is important that you do things right in acquiring a bad credit car loan.

Now, coming back to the online application - when you have found a site that is safe to apply to, you owe it to yourself to be truthful in your application. Do not be so concerned with getting the car you want - as opposed to the one you can afford - that you are prepared to lie for it. It will come back to haunt you - maybe even in the worst possible form. Because you really cannot afford the car you want, you may end up defaulting in your installments and this will make your already bad credit even worse. So be truthful in applying for the bad credit car loan - even if it means having to settle for less. That way, you get what you want in principle, and still be able to repair your credit in the process. A really good site will use what is called debt to income or payment to income ratio to calculate what you can afford. This is what you will want to go with.

Now many people, because of their credit, may qualify for a 'no money down' car loan. However, depending on how bad your credit is, you may be required to make a down-payment, the amount of which will depend on the state of your credit.

Some other tips that you should follow in looking for a bad credit car loan include:

Know your credit score and make sure that your credit report is accurate Avoid loans provided by dealers. This will cost you more since the dealers will be getting a cut on such loans that they provide, and this will result in the loan costing you more. You want to avoid this. Shop around and remember to check out closely all potential credit granters.


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