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How To Get An Auto Loan - Even With Bad Credit

Aug 17, 2007
Being able to buy a new car when you need one is certainly a necessity in the world we live in. Many people, perhaps even you, need to commute to work every day, and there may not be any public transportation nearby. This means that you may need to get a loan for your new car - and your need is not alleviated just because you have bad credit. Here is how you can get your auto loan - even if you have bad credit.

The first thing you need to know is that there are lenders out there who will give loans to people with bad credit. Before going to them immediately, however, follow some simple steps.

Get a copy of your credit report, first, and then look it over for any errors that might be reported on it. You can get a free copy, one each year, from the three main credit bureaus - Experian, TransUnion, and Equifax. Each one of them will have different numbers because they are based on a little different data. These three companies, though, are the ones that a lender will most likely use to determine your ability to get a car loan. After you check for mistakes, be sure to follow the necessary steps to correct those errors before you go to a lender.

Once that is out of the way, go online and get several quotes from lenders. You want to look for a preapproved auto loan. After you get the quotes, you want to compare them to find out which one is the better deal. You should look at the interest rate, how long you have to pay it back, total cost, and other fees that will be attached. Then, respond to the lender that offered it and get your auto loan.

They will send you a blank check - with a credit limit. By getting your check first, you will know how much money you can spend on your new car. It will not be as much as you could get if you had good credit, and the interest rates will certainly be higher, but the good news is that you got a loan - and soon, your new car. You should look at the new auto loan as a means to rebuild your credit and be careful to make your payments on time. This will soon give you an even better credit score.

Before you spend that check, though, find a couple of different cars that you want to look for when you go to the dealer. Check out the various offers for those cars so you know what price you should be paying. Then go to the dealer and be ready to negotiate a good deal. Because you have the check already, don't be hasty about getting your car. Negotiate for a better deal and stick to the prices you saw advertised. If they will not deal with you - go somewhere else.

You can reduce the price of your car even more by putting some money down on it. The more cash you put down, the more savings you will get. And remember, in this case, it will also mean that you write an even smaller number on the check - which means a smaller loan - and less interest.
About the Author
Joe Kenny writes for Rebuild.org, offering auto loans, or for UK residents car loans with some great interest rates.
Visit today: http://www.rebuild.org
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