Automobiles are easy to finance with adverse credit. In fact, many
consumers opt to get approve for an automobile loan in an attempt to boost
their credit rating. If financing a vehicle, you have the option of
securing your own private financing or accepting a loan package offered by
the dealership. Here are a few tips to help you secure auto financing
with bad credit.
Know Your Credit Rating Beforehand
Do not enter the car buying process blindly. Before beginning your
search for the perfect automobile, request a copy of your free credit
report. This way, you have an accurate picture of your credit rating. If
your score is high, you can expect a good offer. Then again, if your
credit is fair or bad, you may not qualify for prime rates.
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The best financing is usually offered to applicants with a credit score
of at least 720. To ensure a good rate on your new or used auto loan,
attempt to improve your credit rating. The tactics for boosting credit
scores are simple; however, a significant increase will take time. To
begin, submit payments to creditors on time. Decrease and eliminate
debts. If your credit report contains errors, contact the credit bureaus to
get the matter resolved.
Loan Shopping for the Best Rates
Bad credit applicants can expect a typical auto loan rate of 8 to 9
percent. On the other hand, good credit applicants may obtain rates as low
as 1.9 percent. Before accepting a loan with a high percentage, explore
all loan options.
Dealerships will offer you a loan package. However, their offer may not
be the best. Do not immediately agree to dealer financing. If you have
poor credit, the dealership will likely raise the final interest rate
by one or two percentage points. This tactic will increase their profit.
After you receive the dealership's offer, contact at least four other
auto loan lenders and request quotes. The quickest way to obtain a bad
credit auto loan quotes is online. Complete an online quote request with
an auto loan broker. These brokers will match you with several
reputable sub prime lenders. After receiving and reviewing your request,
lenders will make you an offer. In some instances, brokers may offer better
rates than car dealerships.
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