I Have Bad Credit How can I get a Car Loan ?
have bad credit historyI need a car for work
I am working at a good job for 2 1/2 months
What are recommendations on how or where to obtain car financing ?
My Answer:
There are a lot of options out there for a bad credit auto loan
Just don't get suckered into the scams.
A Tip For On-line Applications :
1. If there is no phone number to call to find out more information don't fill anything out.
2.Find out as much information as you can on how the process works.
3.Try to do a background on the company your applying with(Example the Better Business Bureau) .
Application services, predominately found on the Internet, involve automatic multiple submission of financial information to potential lenders. In this case, the potential borrower fills out some in depth financial information. The coordinator of the network then forwards the information to lending sources that may be willing to make the loan. When all works correctly, the borrower hears from four lenders who then fight for the loan by competing against each other to offer the best rates and amortization. For bad credit auto loan candidates it may be more a case of one or two lenders coming forward without much fighting, but where not many sources exist this can be a great time saver.
In most of these cases, either the car dealers or lenders may contact the borrowers directly. If you don't have a car in mind already the dealer networks may be quite helpful in directing you to someone who has an inventory of vehicles and the experience and capability of securing a loan on the vehicle you wish to purchase. If you already have a vehicle in mind and are having trouble finding a financing source the multiple submission networks may be helpful.
Even with all of these opportunities which will allow "almost" anyone to obtain vehicle financing some borrowers will fall into the category that can not. People with no down payment whatsoever and bad credit may find it very difficult getting car financing. Debtors in the middle of bankruptcy proceedings may find that financing is not available until their bankruptcy case has concluded. Others may be pleasantly surprised to find financing only to realize payments on these loans beyond their means.
Don't be discouraged if your first few attempts at financing fail or if you have to settle for your second or third choices of vehicles. With perseverance, and if needed a little polishing up of your tarnished credit, you should be able to obtain safe and reliable transportation despite a previous bout of bad credit or bankruptcy.
~Hope that Helps ~
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