A bad credit history affects your ability to obtain credit cards, home
mortgages, and personal loans. Sometimes, bad credit is unavoidable.
Individuals who are unable to work because of illnesses and those who
lose their jobs may have a difficult time keeping up with monthly payments
to creditors. Fortunately, there are lenders who understand your
circumstances.
Sub Prime and High Risk Auto Loan Lenders
Auto finance companies that specialize in bad credit loans are called
sub prime, or high risk lenders. These lenders are different from
traditional auto loan lenders. For starters, sub prime loans have lenient
lending requirements. Some banks and financial institutions require loan
applicants to have a minimum credit score. A high credit score
guarantees prime rates.
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If you have bad credit, you will not qualify for a super low interest
rate on your new or used car loan. However, you are able to obtain a
loan with reasonable rates. Bad credit auto loan companies are not hard
money lenders. Hard money lenders charge extremely high fees and interest
rates. Individuals with poor credit may attempt to get a hard money
loan. These loans should be avoided. Instead, apply with sub prime
lenders.
Easy Online Application for Auto Loan
Individuals with previous repossessions, foreclosures, or discharged
bankruptcy will qualify for a loan with a bad credit finance company.
Applying for a loan online is quick and simple. Many loan companies have
online applications. If you apply through a broker site, your
application will be reviewed by several lenders. Each lender that reviews your
application will remit a quote. This allows you to obtain quotes from a
multitude of lenders.
Getting the Lowest Interest Rate on Auto Loan
If you have a bad credit history, your ultimate goal is to get the best
rate on your next vehicle purchase. Comparing and contrasting interest
rates, terms, and services are a wise decision. Moreover, instead of
immediately accepting the interest rate offered by car dealerships, do
your own investigation. Contact at least four high risk lenders. Because
the vehicle serves as the collateral, you may be able to negotiate a
lower rate.
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