3 EASY Steps for Poor Credit Car Loans with Low Rates

A rather unusual report by CNN Money says Americans avoid marrying those with credit troubles. Never has poor credit had such an impact on American lives! But, don’t worry if your credit report says “poor credit”. You can improve your credit and that too, while buying a car.

Don’t think it’s a far-fetched dream. You can definitely get a low rate poor credit car loan. And, affordable payments will increase your credit score. This way you will be able to repair your credit ratings.

Now, when your aim is low rate poor credit car loans, this article will help you. Just three simple steps mentioned in this car financing guide will prove to be extremely fruitful in your pursuit.

Simple Steps that guarantee Success

1. See your Score before you Shop

Even though you are very sure of your credit score, it is crucial to check it before starting any financing process. Do not worry about negative hit on your credit score because checking your own report doesn’t affect your ratings.

Benefits of checking your credit score:
A. It gives you the opportunity to make improvements by removing errors.
B. You can increase score by paying-off few debts.
C. As you know your accurate score, chances of any fraud become zero.
D. You can know the average auto loan rates that are available for your score. This will help you select the best possible car financing deal.

2. Unwise to Select a Car

Most experts will suggest you to search for a car at your nearest dealer. The logic is that it saves time after approval. But, you must refrain from doing so. It is because many lenders and sub-prime auto financing companies want their applicants to buy the car from a list of specific dealers. This means there is absolutely no point in choosing the exact car make and model. All your hard work will go down the drain. So, get approved for a poor credit car loan and then search for a car.

3. Online to avoid Lines

With the advancement in technology, the extremely tedious process of car loans has become extremely easy. You can get every kind of auto loan at the click of mouse. There are many online auto financing companies that offer poor credit car loans.

The benefit of opting for the online mode is that you can easily compare and calculate loan rates. Many car financing websites provide an online calculator to help you calculate accurate monthly payments and interest.

Ideally, you must apply with more than two websites. It will give you a better chance of comparing rates. This way will you will be able to choose the best rate despite a poor credit rating.

When you want low rates on auto loans, you must optimize your time. Spend it wisely on improving your credit score and searching reputed lenders. It will ensure that you get affordable rates.

Use these simple suggestions to uproot poor credit from your life. The problem of poor credit history can happen to anyone but these suggestions can help you deal with it. Start working on securing lowest rates on poor credit car loans and improve your score today!

Dealership Financing – A Perfect Car Buying Guide for Better Auto Loan Deals

It’s “Dealership Financing” and not the Devil’s Workshop. Many people detest dealership financing because of stories related to dealership scams. But, it’s one of the easiest ways of getting a car loan. The best thing about a dealership is that you get your car and car loan at the same place. You can certainly get better deals from a dealer if you are prepared for the car financing process. This article will help you prepare for a car loan from an auto dealership.

The SCORE

It is very important to know your credit score before going to the dealer. You must have heard about scams related to credit scores. But, if you know your accurate credit score, no dealer will be able to offer you higher rates under the pretext of bad credit scores.

The CAR

When you go to a dealership to select the car, test-drive is a must. You must check the Odometer for miles. Don’t buy a car with more than 80,000 miles because it won’t last long. Also, ask your trusted mechanic to inspect it. It’s always better to get expert opinion.

The benefit of dealership finance over private party auto sale is you get special offers. Many dealers offer extra warranty and cash rebates on car sales. If you are confused in choosing a car, you can select on the basis of offers.

M.S.R.P.

Most car buyers pay the MSRP or the list price. But, this is where they go wrong. You don’t need to pay the “Sticker Price”. This is because dealer’s profit is added to it. You can negotiate it and pay a lower amount.

The PAYMENTS

When you are done lowering the car price, talk about finance with the dealer. The salesman will concentrate on monthly payments and talk about lowest payments. But, you must look at the big picture. Consider the total loan amount and total interest. It is quite possible that lower payments for a long term will increase the total interest amount.

The CONTRACT

After car financing has discussed, read the contract. Don’t go for “spot financing”. Most dealers allow you to take the car without getting you approved for a car loan. It is quite possible that the dealer is unable to find a lender for you. In such circumstances, you will have to take back the car to the dealer. So, avoid “spot financing” and take delivery of the car only when the loan contract is signed.

Being cautious is the key while working with a dealer. If you follow the tips mentioned in this article, you will certainly get the very best of auto financing.

Fast Auto Loan Approval can get you approved for dealership financing. Lowest rates on auto financing deals even when you have bad credit score. Apply now and get ready to get best rates!

Do Not let Bad Credit become Bad News for you – Get Low Rate Car Loans Today

Is bad credit being a bad news for you? Don’t let bad credit score or poor credit history become a potent factor for car loan rejection. Don’t lose faith because you can easily maneuver bad credit score and secure affordable auto financing in your city. This article is going to lead you towards low rate car loans despite bad credit score.

Car - A Requirement and Everybody’s Right

Don’t think that just because of bad credit ratings, you have to fore-go your rights of owning a car. A car’s a necessity when you live in America. Also, because of the weather conditions and distance between work-place and home, an automobile seems the safest option. Don’t worry about bad credit because there are sub-prime auto lenders who specifically work with bad credit holders. You can easily manage lower interest rates. Just have the right attitude and work on the things mentioned in the next few paragraphs.

See your Correct Score

We often don’t know our exact credit score. Most of us are aware of past ratings but fail to analyze the current and accurate score. Also, it is important to remove all errors from your credit report as it will escalate your credit score.

Knowing your credit score and scrutinizing your credit report is all the more important for bad credit borrowers. Working on your credit score is an affirmation to the lenders that you are serious about improving your score and that’s why; you will definitely make regular payments in future.

Do Involve Down Payment in the Discussion

When down payment is brought to the table, lenders are sure of two things – 1) Reduction in loan amount as well as lowering the risk. 2) Your stable financial capacity.

So, put as much money down as you can because it is extremely useful in lowering the effect of your poor credit history on your auto loan application form. This will help you getting affordable interest rates.

Cut a Deal with a Co- Signer

You will need someone with a good credit score and a decent debt-to-income ratio to qualify as a co-signer. Your family, friends or any one at your work place can become a co-signer.

When you talk of a co-signer to the lender, his worries disappear. This is because the lender will be confident of getting back his money. So, get a co-signer and sign up for low interest rates.

Paperwork in Place

You must be ready with all documents so that no time is wasted. Keep your credit score and your SSN with you. Also, keep copies of your recent pay stubs. Employment Verification Letter may be required by few lenders. Receipts of Utility Bills can be helpful as well. If you have selected a car, keep its information handy.

When you are ready with everything, search for a lender or an auto financing company that is comfortable in offering bad credit auto loans. There is no point in visiting the offices of traditional lenders because you will face rejection or high interest rates – both are unacceptable. You can make use of the internet and search for sub-prime lenders. Choose wisely because it will affect your credit ratings.

All the Best for your endeavor!

Used Car Loans for People with Bad Credit – Forget your Credit Issues and Celebrate buying a Car Today

Fashion comes and goes. Fads disappear. But, style stays forever. And, everyone will agree that a car is the most stylish thing that a person can own. There is nothing wrong in buying a used car because nowadays most people constantly upgrade their cars and the used vehicles available for sale are not very used.

If you are a bad credit borrower, used cars can really be a boon for you. You get to own a car and that too at reduced rates .Also, used car loans are very easy to acquire. There cannot be anything better than this.

Why Used Cars are a Better Option for People with Bad Credit Score? 

• Today, there are multiple options available in the market for buying a used car.
• Economically priced.
• Several lenders and dealership offer used car loans. It is very easy to obtain them.
• Lower cost means low auto loan amount. This makes monthly payments easy.
• Improvement in credit score by choosing an affordable used car loan program.
• Less chances of upside-down auto loan.

What Factors should be kept in mind while choosing a Used Car?

 

When you have a bad credit score, used car loans can act as a savior. You will get to own a reliable–low priced car plus you will also get the opportunity of improving your credit score. But, to truly enjoy owning a used car, you must choose it wisely.

• Decide – Private Party or Dealership
• VIN No.
• Check the Car Title – If it has a lien, ask when you can get the Title under your name. Don’t buy a car with a Salvage Title.
• Ask your Trusted Mechanic to inspect the Car.
• Check the Automobile by taking it for a Test-Drive.
• Vehicle History Report – Know the details of past owners, accidents, repairs, etc.
• Warranty Details.
• Car shouldn’t be older than six years because most lenders don’t finance very old cars.

How to get Used Car Loans with Bad Credit?

Get your Accurate Score

It is essential that you know your current credit score. There are many lenders who can dupe you by showing you incorrect credit scores. So, it is always better to check your credit ratings and your credit report before applying for a used car loan.

Meticulously scrutinize every transaction on your credit report and report every error to the credit bureau. This will improve your score.

Choosing a Car

It may happen that the lender will require you to choose a car from few specific dealerships. But, that doesn’t mean you cannot choose a car before applying for bad credit used car loan. You must have an idea about the car that you are interested in.

Do you want to go for a convertible or an SUV? If you have a kid, safety would be very important factor. Travelling longer distances means you must choose a fuel-efficient vehicle. So, take time and decide on the kind of car that you want.

Complete Paperwork

When you have bad credit and want to buy a used car, it is essential that you are ready with documents. It will establish the fact that you are currently capable of assuming the responsibility of car financing program.

So, make sure you are ready with the following documents along with your credit report:
1. SSN
2. Employment Proof – Employment Verification Letter
3. Income Proof – Recent Pay Stubs
4. Receipts of Utility Bills
5. Car Details, if you have already selected a car

Dealing with Down Payment

Any problem can be solved with just 10% of the auto loan amount. Remember that bad credit history reduces your credibility. But, you can win it back with down payment. If you don’t have cash for down payment, you can trade-in your old car.

Co-signing – Important for Bad Credit Borrowers

When you have bad credit, the lender is unsure of his money’s security. Your past financial transactions suggest that you have made a few mistakes and that’s why; lenders insist for a co-signer. You can find someone with a good credit score to co-sign your used car loan contract.

All these tips will help you get an auto financing for used car despite bad credit history. Take your time in making a decision because a used car loan will improve your credit score and give you a great chance of buying a reliable car.

Used Car Financing for First Time Auto Buyers – A Great Way to Begin your Credit Journey

First impressions last forever and so, does the memory of your first car! There is nothing like owning the beauty-on-wheels. The feel of the steering wheel is exhilarating. The adrenaline rush is simply immense. So, get excited for your first car and start working towards buying an affordable car loan.

Used Car - The Best option for a Young 1st Time Auto Buyer

Used cars cost less than new cars. This means your first car loan will be affordable and within your reach. This is important for building a good credit history. You are building your career and bad credit may ruin your chances of getting low rates on your car loans or any other loans. So, it is better to start small and then, go for the kill.

You are still learning to use a car. It's better if you practice on a used one and then, buy a car of your dreams.

Why understanding the Used Car Loan Process is so important for a 1st time Auto buyer?

Look before you leap! We have learnt this in school and it's useful even now. You will enjoy your first car even more when you know that you have landed a great auto loan deal. And, you can only get great deal when you know the entire process of scoring a used car loan.

Without knowledge, there are chances that you will blow a couple of thousands and end up choosing a wrong car loan for your used car. You could end up damaging your credit score without even building it.

Step-by-Step Explanation for Securing a Used Car Loan

Know Yourself

By knowing yourself, I mean know your financials and your credit score.

You must know your financial situation and also understand the constraints. There is a limit of spending and it's different for everyone. What's yours? How much money can you spend on payments? Is buying a car the right decision?

Also, check your credit score. There are chances that few of your past transactions have altered your credit score. You must know your accurate credit score so that no lender/dealer cheats you.

Dealer or Private Party? - That's the Question!

Used cars can be bought from a dealer or a private party. Each option has its pros and cons. You can get more options at the dealer but, you have to tolerate marketing tactics. With a private party, you get first-hand information, but you have to run for completing the paper work. So, take time to decide.

 Push yourself and get ready with Paperwork

We all agree that paperwork is the necessary evil. It's very boring and yet, it needs to be done. If you have ready documents, lenders will not have any point to delay the process of approving your used car loan.

Keep with you -
• Your ID and SSN
• Credit Score and Credit Report
• Bank Statements
• Income & Employment Proof
• Residential Details and Information related to Payment of Utility Bills
• Used Car Details, if you have already chosen a car.

Searching a Lender that offers Used Car Loans to a First Time Auto Buyer

There is a stiff competition in the auto financing world and you can benefit from it. It's your turn to pick a lender and not the other way round. So, first of all make an online search of lenders that offer used car loans as well as first time auto buyer's program. Also, check for no credit auto loans because most 1st time car buyers have no credit history.

Once you have a list of lenders and online auto financing companies, choose the reliable ones. Also, go for 100% secure websites only. Apply on the best ones and compare the auto loan quotes offered to you. Comparison should not only be on interest rates. You must consider loan terms, conditions, APR, penalty clause, payment schedules, etc.

Quick Tips for Getting Approval on your Used Car Loan

Start saving money for down payment because it can drastically increase your chances of approval. Also, convince someone with a good credit score to become your co-signer. Most first car loans require a co-signer. It is necessary because lenders have no way of judging your financial capacity.

That's how you get a better deal on a used car loan. Information mentioned in this article will ensure that you start right on the path of establishing your credit history. Remember the tips because knowledge of the car financing process will set you apart from amateur car buyers.

All the best for your 1st car!