by Paul Winn
Getting a car loan with bad credit is not easy but with some research and inside tips, it can be done. It is important to keep in mind from the beginning not to become frustrated or defeated because the process often takes time when comparing prices, rates and of course, finding the right car.
When you get to a point when you want to get a car loan but have bad credit, remember that most car dealers will not let you have a car if you have bad credit or can't offer a down payment. Something that will help you with this process is by looking for car dealers that feature bad credit/ poor credit financing in their advertisements. The lenders that these dealers work with are more knowledgeable and prepared to help those who have bad credit. In addition, these dealers will probably be more accessible and easier to deal with when it comes to the down payment and other requirements needed for a loan, in contrast to a traditional bank.
In addition, it is important to remember that you may have to pay a higher interest rate for a bad credit car loan. However, once you find a car dealer that you feel comfortable with, and a company you can worth with, you will be asked to bring in copies of some of your bills, copies of a paycheck, driver's license and other documents--documents that substantiate that you are working and where you are living. You will also need to have copies of your car insurance, your bank statement and several personal references.
While this loan process is going on, keep looking for a car that meets your needs. Then, once you have been approved and your lending level and interest rate have also been approved, the financing will begin. Another note of interest is that sometimes a poor credit car loan dealer can place you in a program that will give you the option to refinance your car after 12-24 months have gone by and at a lower interest rate. This will help to rebuild your credit.
About the Author
No comments:
Post a Comment