Car Dealerships
A car dealership business is to sell you the car you want. When it comes to obtaining finance, even though it's not their area of expertise, there are many options they can offer by partnering with regular financial institutions. But when the client has bad credit, they are not able to provide a non traditional lender that is used to dealing with people with a less than perfect credit score.
Moreover, if they have some options for people with bad credit, the interest rates charged for such loans can be abusive. This is due to the fact that not only the lender will be getting money out of the loan deal but also the dealership will have its share. In order for the lender and the dealership to cover their costs and earn some extra money, you'll end up paying significantly higher monthly installments.
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Thus, the secret for getting a good deal is to avoid intermediaries. If you need finance, contact a lender. In order to buy the car contact a dealership and close the deal after getting your loan approved. If you can avoid the dealership and buy the car straight from a private owner you will even be able to save an additional couple of thousands.
Secured and Unsecured Bad Credit Car Loans
The best deal you can get if you have Bad Credit, you will get it with a Secured Bad Credit Car Loan. The collateral that will secure the car loan will be the car. However, if you can provide another asset as security, you'll probably get a much lower interest rate and a longer repayment period that will turn monthly payments even more affordable.
Though the risk of repossession may drive you away from secured loans, the truth is that even with an Unsecured Bad Credit Loan, the lender can take legal action against you to recover his money. It may take him a while longer but he will eventually get the money he lent and you may end up losing the asset all the same.
Thus, you should only request a loan if you are sure enough you'll be able to repay it without missing payments or paying late. If you can meet the monthly payments on time, you'll even get to improve your credit since the timely payments will be recorded into your credit report leaving a good impression.
Where to Find a Lender
If you are wondering where you can find a bad credit car loan lender, the best place to search for it is the internet. There are many online lenders offering bad credit car loans and since you can contact them by email or online forms, you can request free quotes and compare prices and rates before making your choice. It's the best way to get a good deal.
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