Bad Credit Car Lenders
Apply Here (Powered By Credit.Com - #1 Recommended)
- Bad Credit OK
- No Credit OK
- Referred to a Qualified Dealer
- Refinancing Available
- Loan For Private Sales Available
- Get Multiple Offers
- Bankruptcy, Repo, Foreclosure OK
With all of the changes going on in the subprime financial industry, you may wonder if this has affected the availability of auto loans for people with poor credit history. Car loans are still readily available for people with all types of credit problems.
Getting a subprime auto loan will mean a slightly higher interest rate initially, but if payments are made on time, you may be able to refinance your car loan to a lower interest rate and better terms.
When looking for a car loan if you have bad credit, consider these tips:
1. Compare auto loan quotes from at least 2-3 auto financing companies - You want to make sure that your are getting the lowest possible interest rate and terms that your credit will qualify you for. This is best done by getting competing quotes.
2. If you do use an auto dealer, try bringing your own finance approval with you - This will help you negotiate with the dealer for a better interest rate if they would rather have you financed through their preferred company. Also, it can save you money on your car, because you will be holding all the cards by having your own financing approved.
3. Check your credit - You may find mistakes on your credit report that by repairing, you can raise your FICO credit score and inscrease your chances of getting a better loan with a lower interest rate.