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Preparing to make a large vehicle purchase can often be a stressful situation just thinking about adding another monthly payment. Adding in the mix a buyer with extremely bad credit only adds fuel to the fire creating stress that no person should have to go through. There are dealerships that are working hard to make the process less stressful and more available to those with credit problems.
So if you are wondering how to get car loans for people with bad credit, we are going to get you prepared because at car-loans-financing.com we have been helping consumers for many years. The most important part to bad credit car loans is to stay realistic about your purchasing choices and budget. If you are serious about getting a reliable vehicle and rebuilding your credit, then special auto financing is going to be the right avenue for you.
Here are a few things you want to remember when it comes to purchasing a vehicle with Bad Credit, Poor Credit Or No Credit at all.
The first step you will want to take is to contact the credit bureau companies and get a copy of your credit report. This will allow you the opportunity to report any errors that may appear on it, as well as a chance to fix any issues you can. Every point counts in the credit world, and saving as much money as possible is one of your end goals along with used car financing for poor credit car buyers.
Once you have fixed as much of your credit report as possible and saved up for a down payment, you will want to shop for the right dealer and loan option. For those with bad to poor credit, subprime loans are good financing options, but for those with severely damaged credit dealerships offering in-house financing or buy here pay here car loans should be your focus.
These loans are easier to obtain since they do not do credit checks and your approval is based off your income. In-house financing is where the dealer finances you through a third party lender, at a higher interest rate and a weekly or bi-weekly payment plan. These are stricter loan programs which allow you to purchase a reliable car at an affordable price while rebuilding your credit.
Next you should be saving as much money as possible to make a down payment. Generally bad credit car dealerships will require a down payment of 10-20% of the cost of the vehicle lowering the LTV, loan to value, making the purchase an investment if you happen to default on the loan. While it is still possible for you to find financing with little or no money down even if you are looking for a car dealer that accept bankruptcy, it is highly recommended to put money down lowering the amount you are financing, again saving you money.
Now that you are ready to make that bad credit car purchase you need to know that we have a network of dealerships that specialize in dealership financing. We have been helping bad credit and extremely poor credit borrowers for many years. By filling out our online application, we will match you with a car lot in your area that is waiting to walk you through the process taking away the stress that can come with buying a car. The application is free for you to submit and it only takes a few hours for us to have you pre-approved and shopping for you next tomorrow.