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Bad Credit Auto Loan

 

Bad Credit Auto Loan, Poor Credit Car Loan  Bad Credit Auto Loan, Poor or No Credit Auto Loan, Bankruptcy.


Bad credit and poor credit record
usually cause much higher interest rates and even keeps you from opening a checking account, but financing a car may help You improving Your credit record and get new car at the same time - through the sub-prime loan.

Interest rates will be higher than usual, and You'll face restrictions when it comes to car types You want to buy, and their price-range. (No RV's, commercial or vehicles for business use, limousines, ATV's, desertbikes, etc.)

Getting a poor credit auto loan from a dealer is not a good idea, it usually involve too large interest rates, high rebates, overpriced car value and overall price that turns out to be just too high. Online auto financing from an independent source (direct financing), on the other hand, gives You the flexibility, and opportunity to get a better deal if You run on it, because it's non-obligatory.

If You haven't checked Your credit score yet, it's time to do so. Get a free credit report online now. If Your credit score lays below magical line at 600, be careful when applying for loan. If Your score is <550 consider repairing Your credit before applying for auto loan.
(Read more on credit repair)


Recommended lenders:

After checking many online auto lenders for poor credit auto loans, we can recommend three that stand out with fair auto loan rates and good, committed support that will work with You to help You get approved.
Most important, You'll get fast response without any commitment to make auto loan on Your side, absolutely free.

  • Poor Credit Auto Loans at 1-800-Auto-Yes -
    good choice for people with bad credit, poor credit even bankruptcy.

  • Bad Credit Auto Loans at Household Auto
    trusted national company that can help with all of your auto financing needs.

  • Bad Credit Auto Finance at Capital One
    very reasonable offers on auto loans for people with high-risk credit background.

  • Car loans for people with poor credit at E-Loan
    rates from 13% (available in all states except Alaska and Hawaii). They even offer options to refinance auto loan for people with bad credit record.



TIPS:

- Having a co-signer with good credit status will definitely help your chances of getting an approval.

- Stay away from long and large loans!

- Repair Your credit, it may take up to 60 days, but it's definitely worth waiting for!



What is the Price you are already paying for Bad Credit?

If you are making payments on a car, you are probably paying between $5,000 and $9,000 more in interest just for having bad credit. This added interest shows up every month in a higher payment.
Credit Status Rate Payment Over 5 years Monthly Cost of
Bad Credit
Perfect 10% $424.94 $0.00 $0.00
Mildly damaged 14% $465.37 $4,722.54 $76.17
Damaged 20% $529.88 $8,593.30 $138.60
Bad credit in auto financing can really hurt, but it is nothing compared to the cost of bad credit when a home is involved. A typical home can cost between $50,000 and $130,000 more in interest if you are buying the home with bad credit, as indicated below.
Credit Status Rate Payment Over 30 years Monthly Cost of
Bad Credit
Perfect 7% $655.30 $0.00 $0.00
Mildly damaged 9% $804.62 $50,155.24 $139.31
Damaged 12% $1,028.61 $130,791.63 $363.30
If you are looking to make a major purchase in the next 6 to 12 months you should obtain copies of your credit reports from all three credit agencies ASAP. You can learn more about obtaining and reading your reports as well as a variety of ways to dispute negative information by ordering your copy of "Give Yourself Credit".












   

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