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The Power of a Subprime Auto Loan

Finding a lender to give you an auto loan even though you have really bad credit is not difficult. When you want to purchase a new or used car the car dealer might offer you some auto loan if you tell them that you have bad credit. They (the dealers) might also refer you to a lender who might help you out as well. However its always a good idea for people to arrange for their own auto loan. This is where it becomes tricky as there are many lenders out there that might want to take advantage of your situation.

Knowing the options you have is a good way to find a good auto loan company. I will always advise that before you apply for an auto loan you should go ahead and get a copy of your own credit report. Take a good look at the report and make a note of your FICO score. The auto loan you get will be based on your credit score and your credit history. Also checking your report prior to applying will give you a fair idea of where you stand. There are a few auto loan companies which will classify a sub prime borrower as a person who has a score of below 640. While on the other hand other borrowers will classify people with the same scores for prime rates.

A sure fire way of getting approved and getting the best auto loan rates is to do a comparison. People who fail to shop around and get multiple quotes are just throwing away their money. The reason being that lets say for instance a dealer’s finance company is charging you 11%, where a union will charge you 8.5% interest rate but if you don’t shop around you will never find out. This difference makes a difference of around $70 a month.

The best way to find and compare rates is to go online and visit auto loan broker websites. Here you can also request a no-obligation quote and then wait for a response which usually comes within one business day. When you receive a quote you will see stuff like loan approval amount, interest rate, estimated monthly payments and loan term. Take a good look at all the quotes and choose the one you think is the cheapest and most affordable. This is the best way to find a good auto loan.

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