Believe it or not, there are car loans available for people with poor credit. Most people get discouraged trying to find a car loan because their poor credit keeps getting them rejected. Stop! There's no point in submitting more car loan applications to the same kind of car loan companies rejecting you.
A poor credit score is considered to be under 650. However, if your credit score is above 525 you have a decent chance of getting a car loan. If your credit score hovers near this mark you should think about using an online loan lender to find a good loan rate. Many online car loan lenders specialize exclusively in lending to people with poor credit.
Bankruptcy, bad credit, charge-offs and liens don't have to stop you from getting a car loan. You just need to find a lender willing to take a risk on you and your credit. Any online car loan site is going to have relationships with high-risk loan lenders. Since they aren't limited geographically, the loan company can search all over for the best rate possible. You'll pay more and have a high interest rate but most likely there's a lender who can help.
We've all seen the car commercials with advertisements for low interest rates. They claim everyone is approved! All these ads are intended to do is pull you into the car dealership. If you have poor credit, it's unlikely you'll be approved for these deals.
Some dealerships have relationships with other car loan lenders that pay them well for securing loans for people with poor credit. The amount of interest you'll pay will be extremely high and your loan terms very poor. Just remember that if a car loan sounds too good to be true, then it probably is.
Many car loan companies offer loans to individuals with poor credit, so be sure to shop around for rates. Even when a car loan company seems to have the best loan rate, shop around, it never hurts to compare. After all, if you got one good rate with poor credit, you could get another!
Getting multiple loan offers will help insure you're getting the overall best car loan possible. The Internet is great for getting multiple loan offers quickly.
Dealerships feel more secure in your business since you're there in person already. They're sure to only offer loans very beneficial to themselves. If you do shop for a poor credit car loan at a dealership, be wary of extremely high rates and add-ons you don't need. Extended warranties, insurance and other options usually mean you might be getting a lower rate but are paying for poorly thought out, unneeded extras.
Companies like myAutoloan.com can accept a car loan application and match it with specialized lenders looking for borrowers with poor credit. Regardless of your poor credit history, research your credit situation on line. Look for alternatives beyond the dealership to get the best rates.
Applying for a car loan online is quick, easy, free and secure. Look for an online site with a full array of products, services, content and helpful information about the car buying process. In other words, a one-stop shop for all your car loan needs, like myautoloan.com.