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How to Find Low Bad Credit Car Loans Rates

You can almost think about the process of getting car loans to be similar to the game of golf; whoever gets the lowest score – in this case that score would be the interest rates you pay on loans – wins! But, on the flip side of the coin, you most definitely don’t feel like a winner in the competition to get a car loan if your bureau score is on the low end of the credit score spectrum. The simple fact is the difference between bad interest rates and a good rate can amount to thousands of dollars in unnecessary interest charges. In some cases these bad rates can increase your monthly payment from fifty to seventy five dollars a month. What we’re getting at here, is it’s great to find low bad credit car loan rates, but it’s not so great to have a bureau score so low that you have to worry about whether or not you’ll get approved for your loan. So what are you to do?

Low Bad Credit Car Loans RatesIt’s time to start feeling better about your prognosis for getting a decent car loan. First let me share with you this simple fact: bad credit today is far different than it was maybe only 5 years ago. The big banks considers bad credit now to be anything below a 700 FICO, whereas just a few years back individuals with a low FICO of 630 or higher could walk into any bank and walk out with an automatic approval at the best available rates. As you can see the definition of bad credit has changed pretty dramatically in a very short time. In many instances you can find a rate for new or used car loans as low as 4 or 5% and that isn’t bad at all. We work with individuals every day – some of whom have very bad credit histories – and we assist these folks in finding financing for the auto loans they need. In this post, we’re going to answer some questions we hear a lot from folks looking for the best bad credit car loans rates. And we’ll tell you the exact steps you can take to find a lender that can help you get a fair car financing package today.

Why Won’t Banks Give Me a Car Loan??

People often think that they can go to their neighborhood bank and walk out with a sweet new or used car loan. After a bit of frustration, though, many people find that their banks simply don’t want to approve car loans for people with damaged credit. It seems unfair, and perhaps is. However, you need to know that the larger financial institutions – banks, captive auto finance companies, etc… – consider people with bad credit to be too “high risk” to lend to. That’s okay, though, because there are other lending companies out there that are staffed with experienced financial pros who actually specialize in helping people with bad credit. We’ll talk more about those types of lenders in just a few minutes…

Can I Really Find Better Bad Credit Car Loans Rates?

People often find that even when they get their auto loans from online lenders that specialize in bad credit auto financing, that they still can’t get interest rates that are as low as they’d like. You can actually do some things to help improve the loan offers that you receive. Here are a few things you might want to try:

Car Loans Online Bad CreditPay off some small loan balances on bank cards or consumer loans.

Become current with any creditors you are behind payments for.

Take some money out of savings and pay off a larger bank card balance, or at least pay it down substantially.

These things can help to raise your low or bad score up a bit. These efforts may not be enough to make your overall personal financial history strong, but even raising your score by a few points can help you to secure a low interest rate on your upcoming car loan.

Getting a Bad Credit Auto Loan after a Bankruptcy

As long as your bankruptcy case is closed, you can pursue a damaged credit auto loans. If you are living life post-bankruptcy, and want to rebuild your personal profile, simply getting an auto loan and making timely payments every month may be just what the doctor ordered.

Isn’t it time you got a better car loan with bad credit?

Be sure to take note of the bad credit car loan application located on this site. Filling it out is your one-way ticket to working with the top lenders in the nation. These lending companies are ready, willing and able to provide car loans – sometime low interest rate car loans to people with bad credit. You won’t get these types of loan offers anywhere else, so be sure to fill out the loan application form for fast processing and approval!

 

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