If you have bad credit, then you may know how frustrating it can be to find an auto loan to finance a new vehicle. Traditional lenders are typically not willing to finance people with poor credit. Those that will issue loans for credit challenged consumers often charge extraordinarily high interest rates, which can make affording a new car difficult.
Even worse, some lenders fill their loan contracts with terms that are highly disadvantageous to borrowers. They may include prepayment penalties, exorbitant late charges, and other items that can make paying off your loan a hassle.
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Fortunately, there are lenders available that specialize in helping people with bad credit. They understand that consumers today face financial difficulties that were uncommon just a few years ago. With a bit of strategic planning, you can get approved for an auto loan through one of these lenders, without being saddled with disadvantageous terms and conditions.
One of the best ways to get approved for a bad credit auto loan is to save up enough money for a substantial down payment. If you are able to put down 20 percent or more of a car's purchase price, you can negotiate much better rates and terms. Lenders will see that you have made efforts to get your finances back on track, so they will be willing to work with you to design a loan that you can live with.
Another good strategy for getting approved for a bad credit loan is agreeing to an accelerated loan term. Most consumers are now opting for six and seven year loans just so they can afford to buy more expensive vehicles. If you are willing to pay off your car in two or three years, you become a better risk for potential vehicle financing companies.
Showing a steady employment history will also greatly improve your chances of getting approved for a vehicle loan. Ideally, you should have worked for the same employer for at least two years before you apply for a loan.
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