Second Chance Auto Loans For Bad Credit Individuals - 3 Steps to Qualifying
Trying to get qualified for a low-interest auto loan when you have bad credit can be like trying to pay cash for new car with only $100 in your pocket
. Neither one is very likely to happen. In fact, if your credit score is bad enough, it can be hard to even qualify for a loan at all.People who have credit scores below 600 are known in lending circles as bad credit individuals. Unlike people who are designated as excellent, good, and fair credit individuals, bad credit individuals have a tough time getting approved for any type of loan.
Nevertheless, people with low credit scores obviously still need cars. One option is to look for second chance auto lenders. These lenders actively target people who have bad FICO (credit) scores as part of their business model. They want to give anyone with a bad credit score a second chance to get auto loan funding.
Unfortunately, for many people, after they get rejected once or twice by auto lenders, they just give up - thinking that their credit score must just be too bad to get approved anywhere. These people have obviously not heard of second chance auto lenders.
If you are interested in second chance auto loans for bad credit individuals, here are 3 steps you can take:
1. Make a list of at least 3 bad credit auto lenders:
As with anything in life whereby you have to choose among multiple options, having more options is always preferable to having fewer. This is especially true when it comes to getting approved for an auto loan. Start by doing a search for "bad credit auto lenders" and "second chance auto loans" and make a list of at least 3-5 companies who specialize in bad credit borrowers.
2. Find out your credit score:
Before contacting any of the lenders on your list, be sure to research your credit score with the Big 3 bureaus such as TransUnion, Experian and Equifax. Each bureau will have a slightly different score for you, so be sure to check with all three. Make sure to protest and fix any errors you discover on any of your reports.
3. Always reject the first offer you receive:
As you begin applying for loan and receiving offers, make sure to reject the first offer you receive from each one. Savvy lenders will sometimes make you an initial offer at a slightly higher rate to see if you bite without necessarily giving you their best stuff. In some cases, ask and ye shall receive.
Follow these 3 steps to secure second chance auto loans.
Second Chance Auto Loans For Bad Credit Individuals - 3 Steps to Qualifying
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