Practical Advice On Bad Credit Auto Financing
If you plan to acquire bad credit auto financing
, this article was written with you in mind. Check out the following suggestions and reminders to make sure that you will get the best car loan deal, despite your imperfect credit.Know where you stand. The first important step to do is to order a copy of your personal credit report from the three major credit bureaus so that you'll know exactly where you stand, with regards to your credit rating. If you haven't ordered your report this year, you are entitled to get one free copy by visiting Annualcreditreport.com- the only authorized source of free consumer credit reports.
Avoid unnecessary rejections. If you have a credit score below 600, you need to very cautious about submitting applications. Take note that each time you submit an application to a lender, your credit report will be pulled and if you get rejected, your credit score can drop even lower. Before submitting a car loan application, you need to make sure that your prospective lender does offer bad credit auto financing. Never send applications to lending companies that require good credit.
Watch out for scammers! Consumers need to watch out against auto loan scammers who may try to take advantage of your bad credit history. For instance, a lender or a car dealer may tell you that you have an extremely poor credit rating and the only way you can get financed is to pay a large down payment and sign up for a high-rate loan.
Instead of believing what you are told, it's best to know your exact credit score before negotiating with lenders or car dealers. In fact, you should bring the copy of your credit report to show that you are well-aware of your privileges and limitations.
Do your own research. Before making inquiries or calling up lending companies to ask for information, it is recommended that you do your own research in advance. This way, you can understand car loan terminologies and their implications; get to know the accepted car loan rates in the industry; and be aware of car loan scams and rip-offs that you should avoid.
Do comparisons. If you really need to get a bad credit car loan, diligence is definitely a virtue. Spend time checking out car loan companies from the internet and compare deals. Never sign up for the first offer, no matter how attractive the deal seems to be.
For instance, you may receive an offer that is hard to resist from a car dealer that offers financing. You may be told that you can take home the car of your dreams on the same day as your car loan application is being processed. The dealer may guarantee your quick approval and low rate, regardless of your bad credit rating. The catch? After two weeks, you may get informed that you did not qualify for the low interest loan. Thus, you could end up with a loan that has extremely high rates and unreasonable terms.
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