KeenaBeena: How can I get an auto loan with very bad credit?
I am in desparate need of a car loan. My car was stolen over the weekend and I need a car where I live. I have what most would consider Bad credit and need some advice on where to shop for a loan without paying an outrageous interest rate. The other problem is that I don’t want to apply for too many lenders because it lowers your credit score even more. Please help. Thanx!
Answers and Views:
Answer by Mary G
Go to a Buy Here Pay Here kind of place….
Go to a place that says “We’ll give anyone a car”. The cars are not usually top notch, but they get the job done. The interest rate may be high no matter where you go because of the bad credit. Also, many dealerships have special finance people available, and it always helps if you have money down. It is possible to get a car with bad credit, but it does end up costing a lot more unfortunatley with interest rates and stuff, but hey when you need it you need it.Answer by Sweet Belly
1-800-car-loan supposedly guarantees approval. They work with a dealership that is in your area. The thing is, you will need to have a decent down paymentAnswer by spifiman1
Go to a dealer that advertises Special Finance. They will be able to help you. You will pay a high interest rate and have to put money down. But it can be done.
Do not go to a buy here pay here lot. They charge way to much for their cars and 90+% do not report to the credit bureaus so all of the payments you make do nothing to improve your credit.
I know, this is what I do for a living.Answer by yragcom
You CAN get a decent car loan, even with bad or no credit. I’ve done it, but you’ll have to look around. Shop around with lenders who specialize in bad credit car loans.
There are usually some nationally based car loan companies who specialize in bad and no credit car loans who advertise on the page linked below…
https://www.axalda.info/bad-credit-car-loans.htmlAnswer by hendy h
You can get bad credit car loan as either secured or unsecured. Secured bad credit car loan comes with the threefold benefit of low interest rate and increased repayment term and huge principal. But this type of loan requires you to offer your property as collateral. Your home is at risk if you fail to pay the monthly installment. But this is not permanent and holds true only if you miss or delay your repayment.
This type of risk is absent in an unsecured bad credit car loan. However, if you miss any payment, your lender can file a legal case against you. As you do not offer any collateral, you have to pay higher rate of interest.
When you compare both the types of bad credit car loans, the secured bad credit car loan is more flexible as regards the terms and conditions. The unsecured is more rigid. Hence if you are certain about making regular payments, secured option is the best.