Bad Credit? Drive Away In Your New Car Today
Do you need to find a lender who will finance your automobile purchase, but have a less-than-perfect credit score? You are not alone. There are a growing number of people who find that a lot of banks will not lend money to them because they have subprime credit scores (usually a score of 620 or less). But never fear – there are plenty of lenders who are willing to give you the second chance that you need that can quickly put you behind the wheel of your new car!
There is a multitude of creditors who actually specialize in subprime lending – and they are eager to loan money to individuals who have bad credit. Of course, there are penalties for being a subprime applicant – including higher interest rates than buyers with flawless credit scores. However, securing your automobile loan is a great first step in repairing lower credit scores, which makes the higher interest rate more appealing than a future of bad credit.
Know Your Credit Score Before You Apply
Before you approach a potential lender, know that facts on where you stand. Check your credit report for accuracy. Any discrepancies in items reported should be addressed with the credit bureau that is holding the report. By contacting the credit bureau in writing, you can make a formal denial of any unfamiliar or incorrect items that you find. Get your report and score. For a small fee, most credit reporting agencies will not let you know your score. This gives you a better feel of where you actually stand when it comes to financing your automobile.
Obtain Your Own Loan
Contact the lending institution on your own. Never rely on the car dealership to obtain a loan for you. There will most likely be a fee (sometimes hidden) that you will pay the dealer for applying for the loan. You can cut this cost by doing your own research and applying for the loan without the help of the dealer. Your best bet is to have the loan in hand before shopping for the car – this gives you the bargaining power to get a better deal.
Shop Online For The Best Rates
Shopping for lenders before shopping for your vehicle can be quite a hassle. A more convenient way to get the best rate possible on a bad credit auto loan is to do your shopping online.
Bad credit car loans that come straight from the dealer tend to limit your buying options, and may actually carry even higher interest rates than an online loan. A more reasonable rate is usually found online because the market is much more competitive. There are a great number of institutions that may actually fight for your business online – which makes for lower interest rates, smaller lending fees, and reduced lending fees.
Shopping online for a car loan can enable you to receive a free quote from lenders in minutes right from your computer without having to drive all over town. By filling out a simple application online with several lenders, you will increase your chances of getting the car of your dreams with a payment that you can easily afford.
Some sites now offer potential buyers the options to submit one application that they forward to a list of bad credit lenders. This will make your comparison shopping even easier - and before you know it you will be throwing that bus pass away and driving off in your new car!
Questions and Answers
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