Trying to buy a new or used vehicle with bad credit is no easy task. Thankfully more and more lenders are now offering financing that is specially designed for people with less than perfect credit. To improve your chance of being approved for a bad credit auto loan, there are a few things you should do.
1. Check your credit score. Before you even begin applying for loan, you should check your credit score for any inaccuracies or outdated information. If you find anything that does not look right, contact the credit bureau or the original creditor to try to get it fixed. Even when applying for bad credit loans, improving your score by just a few points can help increase your chance of approval.
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2. Pay off debt. If you have credit cards that are currently at or near their limit, pay them down. Lenders are less likely to finance you if they see that you have everything maxed out.
3. Do your research. Prior to applying for a single loan, make sure to do your homework. Take the time to locate several lenders, and do some research on them. Unfortunately there are many scams in the world of bad credit auto loans. By doing a simple online search, however, you can read the experiences of other customers and protect yourself from potential scams.
4. Don't apply for every loan you find. When multiple lenders make inquiries into your credit report within a short period of time, it can actually lower your credit score by a small amount. Though it may only lower your score by a point or two, that little bit can be the difference between approval and rejection. To have the best chance of approval, apply for no more than two or three loans at a time.
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