Obtain A Poor Credit Auto Loan Easily - Where To Find One
A poor credit auto loan is exactly that: a car loan available to people
whose credit isn't so good. Fortunately, you can find that kind of loan because delinquent account holders' cars can be towed by lenders if they fall behind. Cars can be repossessed or repoed.
You can get a new or used car auto loan despite your bad credit but you will pay for it with higher interest rates. If your FICO score is 700 and above, you are considered a prime borrower. You will get the best auto loan deals. If it is below 700, you might get only sub-prime loans. If your FICO score is below 500, you might have a hard time finding financing. Or you might have to wait some time, clean up your credit, and then come back after you improve credit score. Try to obtain a poor credit auto loan.
You can check your credit by going to https://www.annualcreditreport.com. Sadly, you will not know your credit score through their free credit report. You will have to shell out a few more dollars to get your FICO score which determines the rate that you can get. Equifax can give you your credit report for a few more dollars and be sure to print it so you have your own copy when you shop around for a new or used car. With a copy of your credit report, dealers will be unable to mislead you that your credit report is bad (if it isn't) or give you an extremely high APR if you deserve a lower one.
The table below for new auto loans gives you an idea what rate waits for you at your FICO score.
A poor credit auto loan is available for you if it's above 500. Lenders take into consideration several information about you, like your job stability (you've been in the same job for a number of years), residence stability (you're in the same address for a number of years), your income. Obviously, the higher your income is, the less risk you are for the lenders although there's no guarantee to that, so they will look at your credit report still. Plus they consider more information about you like bankruptcies and suits against you.
But how you take care of your credit is within your control. That you pay on time, that you don't overextend your credit, that you don't buy what you can't afford together with several other factors all contribute to earn you good credit score. And on top of it, the time that you've been reliable on your credit - 8 years, 10 years - makes you a desirable credit risk for lenders.
Sometimes, a poor credit auto loan is all that you can get, but luckily for you, it can be easily found.
A low interest car loan may be unavailable for you but a poor credit auto loan definitely is. It might be convenient for you to get financing from the dealers but it will cost you several more points if you get it from them. They reason for it is because dealerships make money also on the rates that lenders give them. They shop for your loan so they think that they deserve a cut of it. If they can find a 9% APR for you, they'll charge you 12% for a 3 percentage points profit. That 3 percentage points is equivalent to hundreds, even thousands of dollars depending on the amount of your loan.
You may not get a low rate auto loan online but it's the best place to look for a poor credit auto loan. There are several sites that offer this kind of loan and they even specialize on this kind of business.
RoadLoans offers poor credit auto loan for people with less than perfect credit. You can get an auto loan for new and used car purchases, private party auto loans, auto refinancings, car lease buyouts. Roadloans had helped thousands of people get different kinds of loans. A few features of the site:1-800 FreshStart!
. They offer auto financing for new or used cars through a network of hundreds of auto dealers. You apply online - it only takes a few minutes. The interest rates that they charge are influenced by several factors, including the severity of credit problems, the amount of down payment, and the degree of credit risk. They will provide you with an auto loan expert who will explain these factors, and tell you exactly what your interest rate will be. You will be contacted very promptly by the local auto dealership handling your loan request. The approval process is usually within several minutes to a few hours.
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Once you have secured a bad credit auto loan, be responsible with your credit. Always pay on time. In six months, you might be able to get a car refinance loan. Read about this sites refinancing page: How to save money in refinancing your current auto loan and put money in your savings account. A good credit is very important. There's no excuse for having a bad credit if you have the money to pay for your bills. Having only a poor credit auto loan available for you is sad and unfortunate.
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