Best Way To Get Auto Financing With Bad Credit?
What's the best internet site or company to go through?
Public Comments
- Most often the best auto-loan rates out there are credit unions. You also might try keeping a used car for a while until you fix your credit. And, how do you know you have bad credit? Start paying off your debt by making regular payments. The credit companies want to see if you can handle debt, or they want to know that they can trust you with their money. If you actively try to pay it off on time, they will see that you can and your credit score will go up. I know a girl that doesn't make much money but has a credit score of 777 and she's 21 and has like 1 or 2 credit cards and has never purchase a new car. So, it isn't that difficult to get good credit.
- The best way to get financing is to understand how it works, if you have bad credit then there are ways to repair it. go to this web page on my website http://www.usedcartips.org/CREDI.html for an explanation. click on the banner on the web page and fill out the form
- You can check with www.capitalone.com. However, if that does not work there are several different things you can try. 1. Get a co-signer that has very good credit to go along with you. Depending on what you mean by bad credit, this can help, but good credit cannot always overcome bad credit. 2. Go to a dealer that advertises for bad credit, and come to the table with some money down (ex. $2000 not $200). The dealers that advertise for this generally have departments that specialize in secondary credit. Be prepared to pay a higher rate of interest because you are considered high risk. The down payment is to assist the dealer in getting you a loan considering the fees involved in these types of loans. They cannot pass the fees onto you, but they can decline to sell you the car because they cannot afford to sell it for a loss due to the fees involved. Despite what anyone else may say, you need to let these dealers advise you as to how much you need down and what you can buy. This will reestablish your credit, and prepare you to get in a better position where you can get what you want the next time.
- You can get a decent car loan, even with bad credit. I've done it, but you'll have to look around. That's one of the BIG mistakes people make...just taking the first offer that's given to them when they go to the dealer. Be smarter than that. WARNING: DON'T GO TO BUY A CAR WITHOUT HAVING THE LOAN FIRST. The auto dealers will eat you alive and give you a crappy rate. Shop around with lenders who specialize in bad credit car loans. It's a better option, you don't have to take what they're offering if you don't want it, and it's better than dealing with the car dealer's people. There are usually some nationally based car loan companies who specialize in bad credit car loans who advertise on the page linked below... http://www.axalda.info/bad-credit-car-loans.html
* Some answers may have been provided by Yahoo! Answers.