Car Loans for people with bad credit?
My husband and I are looking to buy a used car. We’ve been doing our research and filling out online car dealerships financing applications and he/us have not been approved. My husband’s fico score is 630 and mines is in the mid 500′s. We have a car that we would like to trade in to help with the down payment we currently have which is $2000. I know banks have tighten up on their lending habits. Does anyone know of any legit car loan services for people with “bad” credit? Any information is really appreciated.
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5 Comments at "Car Loans for people with bad credit?"
Doubt you will get approve with those credit scores….
you can get one with capital one. They have sub prime car loans. I got approved with a credit score of 540. go to
http://creditcardwarehouse.ecreditdirectory.com/ and apply there. You can also apply for the other two loans under special offers. The inquires count as one on your credit report as long as you apply for the loans within a 45 day period. So apply at as many as you like. Find the best deal.
Try the Web site below. They specialize in providing vehicles to people with bad credit.
You can get bad credit car loan as either secured or unsecured. Secured bad credit car loan comes with the threefold benefit of low interest rate and increased repayment term and huge principal. But this type of loan requires you to offer your property as collateral. Your home is at risk if you fail to pay the monthly installment. But this is not permanent and holds true only if you miss or delay your repayment.
This type of risk is absent in an unsecured bad credit car loan. However, if you miss any payment, your lender can file a legal case against you. As you do not offer any collateral, you have to pay higher rate of interest.
http://debt-credit-loan.com/category/Car-Finance-with-Bad-Credit-Car-Loan.html
There are a huge number of banks that deal with auto loans for people with challenge credit. The two best choices are:
1. Go to a very large dealership that advertises that they help people with credit problems. A large dealership will normally have more banks they work with, more talented leading specialist on staff, and stronger relationships with the banks. (There are exceptions to this rule of thumb.)
2. Put down a large down payment. The more money you put down, the more likely the bank is to give you the loan.
Also, note two additional things:
1. Depending on current rebate offers, a new car may be easier to finance with a lower payment and lower down payment for you.
2. Some credit unions are wonderful for people with credit issues.
My advice is to find a dealer you feel comfortable doing business with. Believe it or not, there are honest auto dealers and honest car salespeople. Try to find one you instinctively feel good about. Generally, you will get the best deal from a “good person”.
For car loan quote
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http://www.loansandinsurances.com/