An auto loan is a good way for individuals with bad credit to make a
fresh start and re-establish a positive credit history. A range of
factors contributes to a low credit score. Yet, you have the ability to
change your current credit standing. For some, improving credit may be
simple. Their situation may simply require paying past due bills and
settling collection accounts. On the other hand, if a bankruptcy or
repossession damaged your credit score, consider obtaining an automobile loan to
improve rating.
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Get Pre-Approved for an Auto Loan
Prior to beginning your search for a new or used vehicle, it may help
if you get pre-approved for an auto loan. Accepting dealership financing
with bad credit may not be the wisest choice. Most dealerships offer
financing to individuals with poor credit. However, dealerships do not
specialize in bad credit loans, thus they will not offer the best rate.
To assure getting a fair interest rate, secure your own private
financing before negotiating with a dealership. Getting pre-approved for an
auto loan is easy. Simply complete an online auto loan application. The
lender will review your credit and remit a quote that includes your
approval amount. This is ideal for a speedy car buying experience, and a
great way to avoid dealership scams.
Compare Auto Loan Lenders
Pre-approvals occur after you complete an application with a lender.
However, before choosing an auto loan lender, it is important to obtain
auto loan quotes from various lenders. Quotes are no-obligation, and do
not require credit checks.
If you have bad credit, it will benefit to review your credit score
before applying. The quote request will ask applicants to provide an exact
credit standing. This plays a huge part in the estimated rate and terms
offered by the lenders. Once you review all quotes, choose the best
offer, and complete a formal application to get pre-approved.
Apply for Auto Loan with a Sizeable Down Payment
Even though it is feasible to get an auto loan with bad credit, you are
not promised the best auto loan rate. To raise the likelihood of
attaining a slightly lower rate, apply for an auto loan with a down payment.
Typical down payments are about 10% of purchase price.
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