10 Easy Ways to Get Auto Financing for Your Next Used Car


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10 Easy Ways to Get Auto Financing for Your Next Used Car

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Home > Bad Credit Car Loan Help

If you have damaged credit or extremely poor credit, you might be discouraged about your prospects for getting approved for a car loan.

Don't despair.

Instead, consider applying for a bad credit car loan. With diligence, you'll find some lenders that will come forward and offer a used car loan.

Here are ten easy things that you can do to better your chances of getting approved for a bad credit used car loan:

1. Explore online lenders. They have a number of subprime lenders in their vast network, and many of those subprime lenders will approve loans where others lenders typically wouldn't. As well, you can search for better interest rates relatively easy on line. If you have really bad credit, give online lenders a shot.

2. Establish or re-establish your credit history. In order to get approved for a used car loan, you'll need to be able to show some degree of credit history. A solid credit history essentially assures the lender that you'll be inclined to pay your loan off. Lenders need to get an idea of your credit habits.

3. Apply for a guaranteed credit card - even though the credit limit on the card is equal to your prepaid deposit, guaranteed credit cards are an easy way to rebuild your credit history,…IF you,

4. Limit purchases on your guaranteed credit card, and

5. Make your monthly minimum credit card payments faithfully. In a matter of short months, you'll be on the road to repairing your credit score.

6. When shopping around for a bad credit used car, don't aim too high. Make sure to stay grounded, and remind yourself that the real objective with this loan is to re-establish your credit standing. If necessary, be willing to settle for the Camry instead of the Jaguar.

7. On your auto loan, look for the lowest possible interest rates. Be diligent here, since more often than not, it's the interest that makes or break the loan commitment.

8. Be prepared to accept a higher interest rate on your car loan. If you have particularly bad credit, or no credit history, your interest rate will be higher than it would be if you had good credit. Know that online lenders generally offer interest rates to those with bad credit or poor credit that is usually lower than that offered by car dealerships and there in house financing departments.

9. Consider getting a co-signer to sign the loan agreement; this may lower your interest rate.

10. Remember, it ain't over 'til the fat lady sings. If you've already been approved for a car loan, and you find that the interest on the loan isn't manageable, a bad credit refinance loan can be your perfect solution. A refinance loan can reduce your interest rates and your monthly payments in addition to improving your credit score if you bring it to term.

Follow the above steps. In no time at all, you will have re-established your credit standing, and will be able to take further advantage of the benefits that a strong credit score can give you.

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