A less than perfect credit history does not have to keep you off the road and suffering the disadvantages of not having your own car. If you have ever had to depend on friends, relatives and public transportation then you know there is no substitute for the convenience of owning your own car.
Thankfully, this is not the impossible dream. No credit history is too unacceptable to keep you from finding a guaranteed bad credit auto loan. No, not even bankruptcy or repossession. There are lenders who cater to the needs of people with less than perfect credit.
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Not only can you get a bad credit auto loan, but you can apply online from the comfort of your own home. The Internet has made the process of shopping around for a car loan a very simple process.
When you submit your application and receive quotes, you are under no obligation to accept them. You are truly in the driver's seat, so to speak, not the other way around.
The advantage is that there is tremendous competition among lenders to give competitive rates even to those with less than perfect credit. Shopping around on your own, you would not be able to take advantage of this kind of competitiveness among lenders and you might end up paying more than necessary.
Certainly, your worst possible option is to allow the car dealer to arrange financing. For all credit types, this virtually guarantees that you will not get the lowest rate.
However, there is still criteria even for bad credit loans.
Generally speaking, you must be employed and be able to prove your employment and your income level. Minimum income is usually around $1,500 per month.
As with any kind of car loan, the type of car you're interested in purchasing and your driving record are factors in loan approval.
If you are facing financial challenges, seek to obtain a loan for a car you can reasonably own and maintain. Consider maintenance costs, as well as the cost of gasoline, which is constantly escalating.
Also take the usual pragmatic financial considerations into your decision. Despite approval of a loan, make sure you are certain that your present financial circumstances enable you to make your loan payments. You do not want loan payments to add to your emotional and financial burdens. Quite the contrary, you want to rebuild your credit history by making timely payments on your auto loan.
With all of this in mind, you can now pursue and obtain your goal of car ownership.
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