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It used to be impossible to take out car loans with bad credit. After all, if you can't pay your credit cards and personal loans on time, what makes these lenders think you could stay current on their payments? However, with droves of people falling into debt and filing bankruptcy, bad credit car loans are in higher abundance.
This is not to say buyers with bad credit will get the same deals as those with good credit. People with credit scores of 720 or above could finance a car with no down payment and pay low interest rates. Bad credit car loans usually require down payments and include high interest rates. With poor credit car loans, you could end up paying interest rates of 11%. If it's a $23,000.00 poor credit car loan that lasts five years, your monthly payments would be $500.00. That could take a huge chunk out of your monthly income! Even worse, people with credit scores under 520 have been known to pay 29% interest rates on their bad credit car loans!
Before signing up for that bad credit car loan, a good strategy would be to repair your credit. At Best Legal Credit Repair, we analyze your credit reports and dispute all errors and inaccuracies. Did you know that 79% of credit reports contain errors? Your low credit score could be due to typos made by the credit bureaus themselves. After we're done cleaning up your credit report, you could be well on your way to improving your credit score. With a good credit score, you won't have to take out that bad credit car loan! Sign up now!
In today's competitive marketplace, dealers would rather sell a series of cars to people with bad credit than make the cars stay on the lot. Therefore, bad credit loans are not scarce commodities. You simply have to keep an eye out for the best bad credit car loans.
First off, steer clear of car dealerships that offer people with bad credit to finance a new or used car with no money down or deposit. If it sounds too good to be true, it often is. People with bad credit have nearly a 0% chance of finding deals of that magnitude.
Even if your initial interest rate is high, several car dealers allow you to refinance your car after 12-24 months at a lower interest rate. As long as you've proven that you could make your payments consistently, the dealers may be willing to trust you with a lower rate.
Timing is an important factor as well. Buy a car at the end of the month. This is when sales managers have to fill all their sales quotas, and will be more than willing to work out a deal with you.
The bottom line is the type of car loan you get hinges upon your credit score. That's why before you take out any bad credit car loans; it's wise to seek out credit repair. At Best Legal Credit Repair, we can erase all errors and inaccuracies from your credit report in a matter of 4-6 months. After we raise your credit score, you could get the best car loans with the best car loan interest rates! Call us toll-free at 1-800-455-9416 or fill out our online form to sign up for your FREE consultation!