The first consideration for auto financing is to buy a vehicle at a lot that offers in house financing. While these types of dealers used to a sure fired "lemon" dealer, that is no longer the case. More and more automobile dealerships are adopting a buy here / pay here option for the growing number of consumers with damaged credit. While it's generally easier to obtain a loan through this type of dealership, it is important to understand that you will pay a bit more for your vehicle. In addition to an increase in the price tag, you could be limited to what type of car you can purchase. Generally these types of loans offer only used vehicles.
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This type of loan is best for those with moderate to significant damage on their credit.
Another option for bad credit auto loan is to obtain one through a Finance Company that specializes in bad credit loans. Generally this type of financing will also come with a price tag, higher interest rates. Whether or not you can obtain a loan through a finance company will determine the amount of damage on your credit history and whether or not you have any good and current credit. This type of loan can also have limitations on the type of vehicle you can purchase, based on the loan cap. When seeking out a loan through a company, make sure you understand the fine print. This type of loan is generally better for those with only slightly too moderately damaged credit.
A final way to secure an auto loan is to raise a sizable down payment. Typically 15% of the purchase price or $3000.00 will ensure that you obtain a loan, regardless of your credit history. By presenting a sizable down payment you are letting the dealer and lender know that you are serious about purchasing the vehicle by investing a good chunk of your own money into it. Sizable down payments can also open up a broader choice of vehicles and can often be the only way to secure financing on the purchase of new vehicle. This option can work with any type of credit, provided you secure a large enough down payment.
It's important to do your homework and as always to secure financing that you can afford now and for the duration of the loan. Make sure you read the fine print, understand the hidden costs and secure a loan that will work for you. If you can do this, soon you can drive off in a better car than you drove in with.
Regardless of which method of financing you seek, it's comforting to know that if you have bad credit, you do have options to secure a loan for a decent vehicle.
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