Bad Credit Used Car Loans Washington
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If you live in Washington, have bad credit and need a car, this
article will give you some important tips on what you can do to
get approved for a car loan.
Despite the economic downturn, there are plenty of online lenders,
local banks, credit unions and yes, car dealerships that can approve
you for a car loan, even if you have particularly bad credit.
In fact, there are many lenders that specialize in helping people
with damaged credit get approved for bad credit car loans.
Washington is certainly no exception.
Here are some of the things that you need to know before applying
for a car loan. First, you need to be 18 years old or older to
qualify for an auto
loan. Secondly, you need to have a steady-paying job as evidenced
by recent paystubs. If you meet these basic requirements, you
should be able to get approved for a car loan.
Now, here are some of the things that can better your chances
of getting approved, at more favorable car loan rates:
If you have bad credit, you can always consider having a co-signer
with good credit on your car loan agreement. As long as your co-signer
trusts you enough with his / her good credit rating to meet your
car loan agreement, you're good. If your cosigner has a good to
excellent credit rating, getting approved for a car loan will
be a cinch.
Lenders can give you better terms on a car loan if you can make
a down payment on the car. A down payment serves as equity in
the car loan, and can lower your monthly car payments, your interest
rates and / or the terms of your loan.
Also, since you have bad credit, you might as well start taking
those steps to correct that situation. First, get your own current
copy of your credit report, and show it to prospective lenders,
asking them not to run your report (since this will impact your
credit score negatively). As well, consider getting a secured
credit card with a prepaid deposit that sets your credit limit.
Make sure that the secured credit card company reports your credit
activity to all three major credit bureaus. Then use that credit
card sparingly but make sure to make all of your monthly minimum
payments on it. After a few short months, your credit score will
improve. And even before then, those timely payments will begin
to show positive credit history on your credit report, which is
what those lenders that can approve you for a car loan are looking
for. When it comes to improving your credit score, start now.
The sooner, the better. By taking the above advice to start repairing
your bad credit now, you'll reap the rewards later.
So, worry not. If you live in Washington, are 18 years old or
older and have a steady job, you'll find lenders that will work
with you in approving your car loan. Use the internet to find
those lenders, and remember to keep a copy of your recent credit
report handy, avoiding the need for lenders to run it needlessly.
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