Got bad credit but are dying for a Mustang GT? Or maybe you just want something to get back and forth to work that's economical but your credit is beat up pretty bad and are holding back on looking for fear of being turned down.
In the past if you didn't have a 680 or above FICO credit score you had a tough time getting approved an auto loan. Not so anymore.
Today the sub-prime auto loan business is alive and well and can seriously borrowers with bad to very bad credit.
The key to finding a bad credit auto loan is to submit one application online to a company that compares hundreds of quotes and selects the best terms based on your credit score, income and debt to income ratio.
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The advantage here is you can walk into the dealer knowing you've been pre-approved up to a certain dollar amount - eliminating the guesswork - no surprises.
Why would lenders take the risk of your bad credit auto loan?
Simply because not all bad credit loans end up in default; and lenders know that. Bad credit auto loans are in demand and dealers will compete for your business even if you are not an AAA credit customer.
You will not get the 0-3% interest rates reserved for the best credit customers; your expectations should be in the 8-9% range. Extremely poor credit may even qualify for as much as 19%-21%.
Whatever your credit situation is, transportation to and from your job is probably a big priority so getting any type of loan is critical. Making regular on-time payments will improve your credit significantly.
In the event that your credit situation improves but you locked into a high interest bad credit auto loan initially (19%-21%), you can always seek to refinance into a lower rate.
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