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BAD CREDIT AUTO LOANS & FINANCING

Bad credit auto financing

Tips for buying a car with bad credit

Whatever the situation you are in, bad credit will not disqualify you from being a car owner.  In fact, there are thousands of consumers with less-than-perfect credit who are taking the wheel, thanks to auto loan financing.  Besides, these buyers enjoy the same benefits as those with excellent credit. One of these benefits is preapproval.

 Every car buyer’s position is different from the other.  Prior arrangements for the car buying process will give you an idea of what will work for your situation.  Here are some tips to help you qualify for a car loan when you have poor credit;

Do background research

At least 4 out of every 5 consumers have an idea of the type of car they want to invest in.  However, the Consumer Financial Protection Bureau advises car shoppers to first analyze their financial situation before choosing a car.  This includes their budget, credit history and what they can put as down payment.

 Consider your credit scores and reports

If you have bad credit, lenders tend to consider a wide range of factors to have your auto loan application approved. Most lenders will make a decision depending on these factors.  One of the main considerations is your credit score. Although a poor credit score won’t reduce your chances of getting approved, it will play an important role in determining the interest rate you will qualify for.  A credit score is simply an indicator of the consumer’s creditworthiness. It is influenced by your credit experiences, which are compiled to come up with credit reports. The Consumer Financial Protection Bureau advises that you get a copy of your credit report from the major credit bureaus.  The main reason for reviewing your credit reports is to confirm if there are any inaccuracies and have them corrected before applying for an auto loan.

What can you afford?

You can use auto finance calculators to estimate the loan amount that you can afford to pay back. A budget calculator will help determine whether the loan monthly payment can fit in your budget.  By making use of this calculator, you will get an idea of whether you are left with enough money to repay the debt after all other expenses are taken care of. The figure you come up with, together with the annual percentage rate, the loan term and down payment can be keyed into an affordability calculator to determine the total cost of the loan.  Since this calculator is available online, the values can be adjusted to see how the situation changes.

Understand the loan terms and rates

When using the auto finance calculators, it can be confusing to differentiate between the loan term and APR.

APR

Apr is the annual interest rate charged on the loan, including any transaction fees associated with the loan.  The APR will greatly determine what your monthly payments will be, as well as how much you will have to pay over the life of the loan.  According to the Federal Trade Commission (FTC), some of the factors that determine the APR include the borrower’s credit history, market conditions, current interest rates, and special offers.

Loan term

When you are using an auto loan calculator, you can see how the loan term will affect your monthly payments when the APR is unchanged.  With longer loan terms, you will spend less on monthly repayments. Shorter long terms, however, equate to the high monthly payment. What you need to know about longer loan monthly payment terms is that you may have to pay more in terms of interest. But this also depends on the APR.  If you work with a reputable lender, it is possible to negotiate the interest rate and loan term and come up with a monthly payment plan that works best for you.

Down payment and trade in a vehicle

If you want to finance a vehicle with bad credit, a down payment or trading in your current vehicle can also make things easier for you. Both options can reduce the loan amount and this will make it easier to repay the debt.

Auto loan cosigner

Applying for an auto loan with a cosigner can also have a positive impact when looking for an auto loan. However, not all lenders require consumers with bad credit to have a cosigner.  When the cosigner agrees to apply for the loan with you, he or she will share all the responsibilities, which includes paying off the loan if you default. You can get more information on how to choose an auto loan cosigner and the effect of cosigning a loan at the CFPB.

Financing a car with bankruptcy and no credit history

 If you recently filed for bankruptcy or have no credit history, it is still possible to qualify for auto financing.  Some lenders like (COMPANY NAME) accept applications from people with different types of credit. But in this situation, you may have to put a down payment, have a cosigner or trade-in a vehicle to increase your chances of getting qualified.

Choosing a vehicle

By comparing auto loans from different lenders, you will at least get an idea of the financing that is right for you. You will also know the type of vehicle that you can easily afford before applying for the loan. Normally, people with bad credit invest in used cars rather than new ones. But everyone has different needs and preferences. If your main aim is to save on fuel, you can make use of a fuel savings calculator to get the potential expenditure on gas for different types of vehicles. This way, you can be lucky to get a new model that is also affordable to use.

Shopping around

Once you have all the documents and information ready, FTC advises that you compare options from different car loan providers. If you have poor credit, try comparing rates from banks, finance companies, and credit unions. There are also car dealerships that help consumers with bad credit to buy a car.

Going online

Auto lenders like (COMPANY NAME) accept online auto loan applications from consumers with bad credit.  A complete online application process comes with different advantages, including cutting out the middlemen.  It is also easy to apply for an auto loan online. Whether you are at home or work, you can use your mobile phone to apply for the loan and get an instant decision.  You will also get preapproved for the loan, which means that you can apply with confidence knowing what the loan amount, loan term and APR for the loan will be.

If you require any clarifications concerning online auto loans, our friendly customer service team is always ready to read your email, chat and receive your phone calls.

Finding a dealership

Finding the right dealership will make the car buying process much easier and quicker.  (COMPANY NAME) works with more than 14,000 dealerships in the US, offering high-quality vehicles that can also meet your needs and budget.  When you apply for a car loan with us and get approved, you will get a list of recommended dealerships within your region. If you do not want to work with a dealership, that’s fine too.

What is right for you?

When buying a car with bad credit, what matters more is finding the right deal for your situation. (COMPANY NAME) is a leading auto lender with massive experience in the industry, which accepts applications with both good and bad credit.  We provide multiple offers for qualified car shoppers depending on their car buying needs.

 

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