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Qualifying for Car Loans with Bad Credit [ Bad Credit Car Loans ]
January 13, 2011, 11:37 am

Car loans are available to all

Think about getting a car loan before you get a car. Car loans are available to those that have good credit and to those that have bad credit. Even if you don't have any credit status, you are still eligible to qualify for car loans. Car loans are available for used cars as well as new cars.

Negotiate with the dealer before applying for the car loan

If you are purchasing new cars, then its important to work out the discounts, trade in value of the old car (even if you have an existing car loan) and the amount of down payment that you can afford to make. The higher the down payments lower are the monthly payments and vice versa. You can also negotiate the rate of interest even if you have bad credit. You should negotiate the best price for the trade in, discounts offered by the manufacturer and the rate of interest for your benefit. Remember that even if you have a gross monthly income of $1500 and above and are a resident of the US or Canada above 18 years of age, you can apply for car loans. Even if you are in Chapter 13 or chapter 7 bankruptcies, you are still eligible to get car loans.

Applying for loans

When buying news cars from the dealership, you can also apply for loans from the dealers. When getting finance for your cars from the dealers, remember that they get commission from the manufacturers as well as other credit institutions to which they finally sell the loans. Credit institutions such as banks and credit unions would buy the car loans from the dealers and service them. Its best to approach the banks and the credit unions when you wish to get a loan.

Getting pre approval

Get pre approval from the credit institutions before buying the cars. This way, the dealers would also service you better as they think that you are serious about buying the car. Don't over step your pre approval limit as this can create debt problems for you later. Credit scores are extremely important. If you have a great credit score, then you may be able to get a car loan at about 6-7% depending on the state that you reside in. but if you have really bad credit scores, then you can be charged a rate of interest that is as high as 17%.

Checking online

You can check the Internet for the current rates. Remember that if you make too many enquiries at dealers, banks and credit unions, then the credit institutions may look at your credit report negatively. There are a number of online sites where you can send an enquiry for a car loan. These sites will connect you with a number of lenders. These quotes are free and you can choose the best option available for you. All you need to do is type "car loans" in google and you will get a number of online car sites that will offer you car loans.

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