Thursday, January 13, 2011

Finding Quality Bad Credit Car Financing

Car Dealer FinancingAre you determined to get a car loan regardless of your bad credit? Many people feel helpless and out of options when they know they have problems with thier credit, but there are ways to get a new or used car. Following are some pointers for you if you are seeking a car loan and you have had bad credit.

While a buyer may be subject to higher interest rates than a person with good (prime) credit, a bad credit (subprime) borrower does have some limitations and conditions they must follow in order to satisfy the automotive lending company.

Going directly to a dealership will often get you nowhere. Getting your loan application examined and processed from a specialty subprime company beforehand is a great way to make sure that your loan request gets handled only with a dealer who is seriously experienced and equipped to work with subprime customers.

Also, going to your local bank or credit union in search of a bad credit car loan may be a lost cause. Standard banks and lenders have very strict lending criteria these days, and they are hesitant to lend money directly to a person who has credit issues. That is why approved car dealer financing is the way to go for thousands of special finance customers every month. When your loan is processed and submitted to a local dealer financing specialist, you have the best chances of getting approved because a dealer who is fully capable of working your loan is the only place who will be working your loan (and they are the only place that should be working your loan). Instead of trying every car lot in town, or visiting numerous banks who will each run your credit report, apply online with a free car loan finding service and go to the place that will most likely be able to get you a car.

1 comment:

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