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How to Get an Auto Loan with Bad Credit |
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If your credit score is below 680 and you keep getting rejected,DON"T submit applications everywhere that keep getting you rejected. Being rejected hurts your credit rating too. Instead, submit one application to a bad credit auto loan resource like AutoCreditFinders, that specializes in finding bad credit car loans for people with low credit scores. They take your application and can find you car financing from underwriters who specialize in high risk car loans. Even if you have previous bankruptcy, tax liens, or bad credit, as long as your credit score is 525 or above, and bankruptcies have been discharged, your chances are good. You should be working for at least 6 months and have no bad credit in the last 6 months. You can expect to pay more APR than someone with good credit, but this can help re-establish credit for you. After a few months of paying on time, you may be able to refinance through AutoCreditFinders where they can find you a lower rate through another one of their lenders. You can always send in extra principle payments to buy down the APR and pay off your car loan faster. Even if you have a great credit score but you get turned down by other lenders because you have no car loan history, AutoCreditFinders can be a way to get started. If you don't know your  Beacon FICO Credit Score, get it online now from Equifax, Qspace, or  TrueCredit. |
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