If you have a bad credit history and experience difficulties in buying a new car, contact car financiers as they have special schemes for bad credit holders. Bad credit car financing is designed for people with poor credit score, seizure, late payments and in few cases even bankruptcy.
Usually, car financing companies gather the credit information of a customer and decide on the type of financing needed. The company sends this information directly to an authorized dealer. A customer is pre-qualified for the loan, based on the final authorization of the dealer. If the customer fails to get the finance, the finance company offers recommendations on how to improve the credit ratings.
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The basic requirement for bad credit car financing is that you should be at least 18 years old. You should also have a regular source of income like a job or pension. The minimum monthly income requirements will depend on the auto finance companies as well as on the borrower's credit score. Certain finance companies are very strict that the person clears off their bankruptcies and there are no previous records of auto loan repossessions. Bad credit car financing companies have tie-ups with many car dealers. Hence a person taking a car loan from a specific finance company is also required to buy the car from the associated car dealer.
Bad credit car finance loans carry higher interest rate than the normal loans. A person approved for a bad credit loan should make regular payments so that their credit score rises. After the credit score goes up, it is possible to refinance the loan. This new loan will be offered at a lower interest rate, resulting n substantial savings in long term.
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