Finding an auto loan with bad credit can be a lot of work!
Finding out that you did not get an approval on a bad credit auto loan can be very upsetting. Being turned down just because your credit score is slightly too low can be the icing in the cake. You are definitely not the only one having this problem nowadays! Most auto financing companies and lenders try and stay away from lending money consumers with sub prime credit. So once you start to fall into the category branded "Special Finance" its going to become a much more painful task to get approved for a bad credit auto loan. So in a nutshell does this mean that its practically impossible to get an auto loan with bad credit? Absolutely Not! There are plenty of steps you can take to raise your chances. You need to make a plan, execute the plan and obtain the auto loan you need! Below are a few tips and tricks to getting a bad credit auto loan online.
#1. Run your credit report. Look at the report and try and determine if there are any inaccurate information reported to the credit bureaus. Usually someone with a negative credit history can find one or two inaccurate marks and contact the credit bureaus to dispute them and have them removed. This is very common in the credit industry. So make this your very first step because it is an important one!
#2. Get your credit FICO score. The times have dramatically changed. Years ago it was nearly impossible to get a credit score without pulling teeth first. Now all you have to do is contact the major credit agencies like Trans Union Equifax and Experian and they can assist you in getting an accurate credit score. This way you know exactly where you stand and you can sketch out your plan accordingly and get approved on the bad credit auto loan you need!
#3. Go online and try to compare different auto loan lenders and finance companies rates. See if there are any particular programs that you qualify for specifically, and try to apply with the lender that can give you the best interest rate and terms on the loan out of the group. If you have a problem in any way, you can also try one of those auto loan services that work directly with large nationwide car dealer networks, who are specialists is sub prime credit such as www.KarLoans.com . Companies like those are usually a one stop shop and can be used as a last resort if for some reason you had a problem with the direct lenders. There are many of these kinds of auto loan services online you can try that usually work very well.
#4) See if you can pull a few tricks to raise your FICO Score. First off after you dispute inaccurate items on your credit report successfully your score should improve dramatically. Second you can ask a relative or close friend to add you to one of their credit cards with a low balance that they pay on time monthly. They don't necessarily have to give you a card to use. Just add you as a card user. This way whenever they make a payment it will reflect on your credit report as well in a positive way. Second, try to lower some of your balances on your credit cards if possible. This will also have a positive effect on your credit score as well. All these things can add 20 to 40 points to your FICO score in a matter of 3 months!! Thats amazing!
So remember, having bad credit does not mean that you will not get an auto loan. It simply means that you have to use a few proven strategies to get the best deal. Once you get approved for that bad credit auto loan. Make sure you make all your payments on time this way your credit score will improve and you will not have to worry about getting turned down again. - 29904
Finding out that you did not get an approval on a bad credit auto loan can be very upsetting. Being turned down just because your credit score is slightly too low can be the icing in the cake. You are definitely not the only one having this problem nowadays! Most auto financing companies and lenders try and stay away from lending money consumers with sub prime credit. So once you start to fall into the category branded "Special Finance" its going to become a much more painful task to get approved for a bad credit auto loan. So in a nutshell does this mean that its practically impossible to get an auto loan with bad credit? Absolutely Not! There are plenty of steps you can take to raise your chances. You need to make a plan, execute the plan and obtain the auto loan you need! Below are a few tips and tricks to getting a bad credit auto loan online.
#1. Run your credit report. Look at the report and try and determine if there are any inaccurate information reported to the credit bureaus. Usually someone with a negative credit history can find one or two inaccurate marks and contact the credit bureaus to dispute them and have them removed. This is very common in the credit industry. So make this your very first step because it is an important one!
#2. Get your credit FICO score. The times have dramatically changed. Years ago it was nearly impossible to get a credit score without pulling teeth first. Now all you have to do is contact the major credit agencies like Trans Union Equifax and Experian and they can assist you in getting an accurate credit score. This way you know exactly where you stand and you can sketch out your plan accordingly and get approved on the bad credit auto loan you need!
#3. Go online and try to compare different auto loan lenders and finance companies rates. See if there are any particular programs that you qualify for specifically, and try to apply with the lender that can give you the best interest rate and terms on the loan out of the group. If you have a problem in any way, you can also try one of those auto loan services that work directly with large nationwide car dealer networks, who are specialists is sub prime credit such as www.KarLoans.com . Companies like those are usually a one stop shop and can be used as a last resort if for some reason you had a problem with the direct lenders. There are many of these kinds of auto loan services online you can try that usually work very well.
#4) See if you can pull a few tricks to raise your FICO Score. First off after you dispute inaccurate items on your credit report successfully your score should improve dramatically. Second you can ask a relative or close friend to add you to one of their credit cards with a low balance that they pay on time monthly. They don't necessarily have to give you a card to use. Just add you as a card user. This way whenever they make a payment it will reflect on your credit report as well in a positive way. Second, try to lower some of your balances on your credit cards if possible. This will also have a positive effect on your credit score as well. All these things can add 20 to 40 points to your FICO score in a matter of 3 months!! Thats amazing!
So remember, having bad credit does not mean that you will not get an auto loan. It simply means that you have to use a few proven strategies to get the best deal. Once you get approved for that bad credit auto loan. Make sure you make all your payments on time this way your credit score will improve and you will not have to worry about getting turned down again. - 29904
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