Are you looking for a bad credit auto loan? Well, assuming you are, you need to know some important facts to stand a chance in 2010. With the current state of the economy there are many people that that are looking for bad credit auto loans in 2010.
The thing that you need to understand is this, with so much demand it means the auto loan lenders can afford to be very picky about who they lend the money to, are you with me? So, how can you insure that you get the best chance of getting bad credit auto loans in 2010? Well you need to follow the tips that I have put together for you:
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Find The Problem, Before it Finds You
One of the most crucial things you need to do is your own research. What I mean is, you need to look into your own credit history to find any problems or errors. What errors? Well, you may not know this, but the chances are, your credit report has mistakes.
In some cases it can be some information that is actually correct, but you forgot about it. This is understandable because the information is collected over many years. However the auto loan lenders will not see it that way. Any information that is not correct is a potential "non-disclosure" of facts, are you with me?
So, to avoid this problem you need to make sure you know your credit report inside and out.
Factor In All Income
When you are disclosing your income for an auto loan quote, make sure that you include all sources of income. The fact is, the lenders you will deal with are less worried about your FICO score. They want to make sure that you have the "means" to repay the loan.
If you have two incomes, make them know that. If you live with a partner, let them know about their income too to support your application.
Reduce The Repayments
In many cases people looking for bankruptcy or bad credit auto loans in 2010 actually have some money, they just have had a bad past. Unfortunately the past is coming back to haunt them. If this is your situation then I urge you to put down a large deposit.
This will reduce the lenders "risk" and make them more likely to lend to you. On top of that, this will substantially reduce your repayments of the bad credit loan.
Look Out For The Right Lender
Finally, you need to make sure that you choose the right lender. There are many lenders out there, but not all of them are willing to deal with bad credit applications. Look out for a reputable bad credit lender that will allow you to fill out an instant application on-line.
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