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Tips to Getting Approved for Bad Credit Financing

May 13, 2008
Are you trying to get a new loan or attempting to refinance an exisiting one and are finding it very difficult due to your poor credit score? You can take heart in the fact that there are lenders out there that can accomodate you. You just have to know where to find them. The internet is a great place to start as you can search a large number of lenders very quickly and narrow them down to the ones that offer the best rates. In this article I will share a few tips to help you get approved for the best loans.

Think About A Co-Signer

Finding someone with a better credit score than you have and getting them to co-sign on your loan application is a good way to ensure a good interest rate. Lenders will look a their record and you make the loan repayments.

If you are a couple, you may also choose to use the person with the best credit score to apply for the refinance auto loan. You can find out who has the better record by requesting your credit score online.

Update Your Credit Report

It is a good idea to check your credit report regularly to ensure that all the information is current. Also consider writing a letter giving an explanation for your poor credit score. Lenders will account for mitigating circumstances such as illness or loss of job.

Get Rid of Old Debt - Keep Hold of Cash Assets

Besides your payment history, lenders also look at your debt and cash assets when considering your loan application. The less debt you have, the better you look to lenders - especially if you have a high income.

Lenders look for what cash assets you may have when considering you for a loan. This may be in the form of savings or money market. You should aim to have a least six months of cash reserves.

Do Not Give False Information

To ensure that you get approved for the interest rate you where quoted for, you must be honest about your credit background on your application.

Remember too that not all lenders charge the same rate. A careful search will bring up favorable rates, even for those with poor credit. Sub-prime lenders often provide loans on a point or two
About the Author
Roberto Beiro has collected together many more finance tips and has written numerous articles on bad credit financing. You can search for these at www.OldboyArticles.com.
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