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Invaluable Tips To Help You Get Guaranteed Approval On Auto Finance

If you have a bad credit score you may have already entertained thoughts that your dream of owning a car is unattainable. I urge you not to despair just yet. After all, your low credit score probably not fault of yours. You may be a student out of college or defaulted on a few payments on your credit. Not a crime, right? So why would you get punished for it?

Although getting auto finance with bad credit is not as easy as when you have good credit, it is not impossible. Fortunately there are a number of ways that can help you obtain auto finance and at affordable rates too! Below is some invaluable advice on how to get guaranteed approval on car financing.

  1. Maintain a relatively good credit score: This will put you in a better bargaining position hence helping you to save more money.
  2. Get pre-approved: This will increase your negotiating power on auto finance, thus enabling you get a lower price. when you are pre-qualified you get to know your worth hence can stay within your budget
  3. “Window shop”: It is ultimately advantageous for you to shop around for the best interest rates before signing any deals. Here you will compare quotes from different companies and chose the best one. The easiest and most convenient way of doing this is through internet searching.
  4. Find a subprime financier: you will find that a majority of banks and auto finance institutions only give loans to people with good credit. Therefore, finding a subprime financier will be your best bet. Such financiers specialize in lending money to people who have low credit scores. They have flexible rates and terms and don’t put much emphasis on your credit report.
  5. Offer collateral: If you chose the option of a secured loan, you can pledge with the lender things like your house or even your current motor vehicle. This accords you the benefit of borrowing the amount that you desire to the collateral’s value which translates to instant approval and lower interest rates.
  6. Get a co-signer/co-debtor: Applying for auto finance with a co-signer who has good credit score can assist you get guaranteed approval with much better terms. A co-signer is the person who will be held responsible if you default on your payment and the value of the car is insufficient in covering the financier’s loss.
  7. Maximize down payment: This provides greater security to the lender who will in turn offer quick approval and reduce the cost.

With the above auto finance tips you cannot afford to whine on your inability to acquire a car

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