Home

• Credit Repair Basics
• Credit Reports

• credit card processing

Bad Credit Car Loans

Getting a Car Loan with Bad or Damaged Credit

Getting approved for an auto loan with bad or damaged credit.

We all see the attractive offers for financing for new or used cars. Most auto manufacturers have been using these attractive deals to market their cars to qualified consumers. Some may offer low or 0% financing, low or no down payment or other incentives to purchase one of their new or used vehicles.

If you pay close attention, however, you will notice that there are disclaimers that not all consumers qualify for these special financing deals. Consumers that have bad or damaged credit can expect to pay higher rates for auto financing.

If you are considering purchasing a new or used vehicle and have bad or damaged credit, you can prepare for your purchase ahead of time.

• Save for a larger Down Payment. A large down payment will help to reduce your monthly payments, length of loan term, and financing terms.
• Review your Credit report and Credit Score. All auto lendors will access a copy of your credit report to assess you for creditworthiness. If you know exactly what your credit report contains, you won't be surprised when a financing officer tells you the terms of the auto loan you qualify for. If you have black marks on your credit report, try to repair these blemishes to qualify for the best rates.
• Pay any current debts on time. If you have credit cards, make sure that you are making timely payments. Making timely payments and not having any recent late pays will assure lendors that they can safely loan you money to purchase a car.

When you are looking for a car, look for something that you can afford without putting yourself or your family in a financial crunch. Chances are if your income doesn't support a $40,000.00 auto loan, neither will a financing company!