Fast Auto Loans - Bad Credit History Welcome
Would you like to apply for an auto loan today? Simply fill out our form and we can match you with a lender in your area.
Even if you have been refused elsewhere we have lenders on board that can help you overcome your bad credit problems and find car finance.
Bad Credit Auto Loans – Get Car Finance With No Credit!
It used to be considered common knowledge that if you wanted to buy a car but had not-so-good credit, you would have one heck of a time getting an auto loan. Maybe it used to be that way, but not anymore!
Nowadays, getting a bad credit auto loan when your credit stinks is just as easy as it is for someone who has AAA credit to go to a bank and take out a personal loan. This is good news to many people who desperately need a new car, but don’t think that their credit would withstand the rigors of a loan application.
If you’re one of those people, get ready to pick out your new car, because it won’t take all that long to set up a bad credit auto loan for you. But don’t head to your neighborhood bank to get started. Even though banks are the most usual place to get a car loan, most banks aren’t too fond of lending money to people with credit problems.
Instead, find a small car dealer who advertises his cars for sale with these words – “We Finance”.
This person is known as an auto loan broker. Often, his advertisements will also say things like “You Work, You Ride”, “Good Credit, Bad Credit, No Credit”, and/or “Your Job is Your Credit”.
Many know to read car reviews, however very few people actually research best dealers to buy from.
The auto loan broker can be one of two different types of lenders.
A subprime lender will charge an interest rate that is higher than the going, or “prime” rate charged by conventional lenders. This lender wants to help his customers who have bad credit get a good car and a good loan, too. Though he charges a higher interest rate, it is not high enough to make the buyer feel as if he is being “gouged” for money, or that the lender is making a killing on the interest rates he charges alone.
A hard money lender does not go by the traditional rules which help to protect the banks from a high number of people defaulting on their loan. They don’t require as much information as a subprime lender does, and do not do such things as verify the income of an applicant. This means that they have plenty of people defaulting on loans, and so they charge a very high interest rate to make up for all the defaults. When you use a hard money lender, you typically have to have some sort of collateral.
Obviously, you will be much better off if you go with the subprime lender. This type of lender can not only help you get a new or a used car even if you do not have good credit, but can help someone who just recently went through a bankruptcy proceeding to re-establish their credit and start afresh. That new car you have been yearning for could be yours sooner than you think, even if your credit is bad!
Advertisments
