Bad Credit Auto Loan | Bad Credit Car Loan | Auto Loans | Car Loans & Car Loan Financing

Top Five Bad Credit Auto Loan Secret Revealed

An auto loan is the kind of loan that someone who has bad credit can take up whenever he is in need of new or used car financing. Although there are numerous lenders out there that normally assist in financing people with car financing, bad credit auto loan lenders are still very difficult and very challenging to come by.

This guide is intended to reveal to you some of the deepest bad credit auto loan secrets. In no particular order, below are some of the world’s top five bad credit auto loan secret.

Bad Credit

The most crucial secret about taking up bad credit auto loans that most lenders would not tell you is that they normally lie to about your credit score. Most lenders would declare to you a credit score that is lower than your actual credit score.

Interest Rates

Most lenders usually exploit the fact that you have bad credit and utilize the opportunity to give you a high interest bad credit auto loan. they usually do this by fixing the interest rate at an arbitrarily high figure because they are actually out to exploit and frustrate you instead of helping and assisting you with a bad credit auto loan.

Cosigner

Some dubious lenders who would no doubt want to take the risk of financing you with a bad credit auto loan would request that you should get someone to cosigner on your application before they would get you approved. The secret behind most of these requests for cosigners is that often times, so lenders might issue out the loan purposely on your cosigners name making such a cosigner responsible for the repayment of such an auto loan.

Collateral

Although the car that you would be buying with the loan that you are applying for auto to be used as collateral, most lenders who wouldn’t want to get you approved would request for that and use your inability to present a collateral as yardstick to reject your application for a bad credit auto loan.

Amortization

Most lenders would grant you an auto loan with a very brief amortization or short repayment period. For instance they would grant you approval for a bad credit auto loan with a very high interest rate and request that you should start repaying and complete the repayment of such an auto loan within a maximum of three years.

Apply Now

Tags: ,

Article Categories
© 2012. All rights reserved. www.autoloans.us : 17232 Lancaster Hwy, Charlotte, NC 28277 - Phone: 800-930-9495 - Fax: 704-927-6898.

Valid XHTML 1.0 Transitional

Valid CSS!