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Bad Credit Car Loans - How To Find A Lender
Most of us don't have a pile of cash in the bank when it's time to buy a car. And if you have bad credit, you may be worried that you won't get approved for an auto loan. However, it is possible to get a car loan even if you have a less-than-perfect credit history. Here's how to find a lender:
ASK YOUR LOCAL BANK
If you're already a customer, your bank or credit union might be willing to give you an auto loan, especially if you have a solid, positive banking history with them. In many cases, banks are more willing to work with bad credit borrowers than auto dealers, and they're likely to charge you a more favorable interest rate. Also, your bank may be willing to give you a secured loan, where you use a valuable possession--such as another car or an expensive piece of jewelry--as collateral.
SEARCH ONLINE
Many independent loan companies are willing to lend money to bad credit borrowers for things like houses and cars. Do an Internet search for "bad credit car loan" or "bad credit auto loan" to find a lender that might be willing to work with your special circumstances. However, expect to get charged a higher interest rate--and possibly higher fees--because of your shaky credit history.
PICK THE RIGHT DEALER
Some used car lots offer a buy-here-pay-here option. Essentially, you're financing your car through the dealer. However, you usually don't have to go through a credit check. Instead, you drop off your payment (or mail it) to the dealer every week. The interest on these types of loans tends to be high, and most times your car will be repossessed if you skip or are late paying just a few payments. However, they're a good choice if you have such bad credit that a credit check would eliminate any chance of obtaining a loan. Here is a list of recommended Vehicle Finance Lenders online. It's important to use a reputable lender online to make sure your personal information is secure.
Even if you have bad credit, it's possible to get an auto loan. However, you may have extra costs--such as higher interest rates or higher fees.
ABC Loan Guide has more information about a Bad Credit History Car Loan. They even have lists of lenders for loans as specific as Truck Financing.
More Useful Resource and Updates on refinancing california home loans california refinance
- US Airways Cutting Pittsburgh-Florida Flights; AirTran Adds Service (WTAE-TV Pittsburgh)
Starting in January, US Airways will end all non-stop flights from Pittsburgh to Florida.
- Home loan troubles break records again (New London Day)
Washington - The source of trouble in the mortgage market has shifted from subprime loans made to borrowers with bad credit to homeowners who
- Home Loan Troubles Set Records (CBS 5 Phoenix)
The source of trouble in the mortgage market shifts to homeowners who had solid credit but took out exotic loans with ballooning monthly payments.
- Mortgage-paying problems spreading (The Washington Times)
The housing foreclosure and delinquency crisis, which erupted last year as subprime borrowers with adjustable-rate mortgages began to default at record levels, has now begun to hit morecredit-worthy homeowners to an extent not seen before, according a quarterly report issued Friday by the Mortgage Bankers Association (MBA).
- Home loan troubles break records again (San Francisco Chronicle)
The source of trouble in the mortgage market has shifted from subprime loans made to borrowers with bad credit to homeowners who had solid credit but took out exotic loans with ballooning monthly payments. The Mortgage Bankers Association said Friday that...
- Home loan troubles break records again (Los Angeles Daily News)
WASHINGTON - More than 4 million American homeowners with a mortgage, a record 9 percent, were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis worsened, the Mortgage Bankers Association said Friday.
- Record 9% of Americans can't make home payments (Detroit Free Press)
WASHINGTON ? More than 4 million American homeowners with a mortgage, a record 9%, were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis worsened, the Mortgage Bankers Association said today.
- 1 in 10 with mortgage are late or worse (The Santa Rosa Press Democrat)
WASHINGTON -- The source of trouble in the mortgage market has shifted from subprime loans made to borrowers with bad credit to homeowners who had solid credit but took out exotic loans with ballooning monthly payments.
- Outside brokers make calls for bank (The Charlotte Observer)
In its effort to shed troubled Pick-A-Payment mortgage loans, Wachovia Corp. is turning to outside brokers for help contacting customers about refinancing options, sources have told the Observer. The use of brokers gives the Charlotte bank another way to reach more than 500,000 customers about the possibility of converting their Pick-A-Pay loans into traditional mortgages. Wachovia, which is ...
- U.S. home loan troubles break records again (The Canadian Press via Yahoo! Canada News)
WASHINGTON - The source of trouble in the U.S. mortgage market has shifted from subprime loans made to borrowers with bad credit to homeowners who had solid credit but took out exotic loans with ballooning monthly payments.
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