Auto Loans Advice for Buying a Car with Bad Credit ~ Used Car Loans

Check Your Credit
The evaluation of your credit status is a important first step. Online finance companies suggest you request a copy of your credit report from each of the three credit bureaus: Check your credit scores to see where you stand. Usually more than 700 considered good credit to get the best rates. If your score is below 500, you may need to spend some time improving your credit before a lender will lend to you. If you notice any errors on your credit report that may be dragging down their accounts, send a certified letter to each of the reporting agencies to request correction. Request an updated report reflecting the corrections.

Bad Credit Loans
Even if you have bad credit, many lenders and auto finance companies specialize in lending to consumers with damaged credit. Companies like Instantcarloan.com specialize in connecting consumers with lenders that provide financing for new and used cars, even if you have had a history of late payments, judgments, liens and even bankruptcy. It may also be able to get an Auto Loan with Bad Credit from your local bank or credit union. You should be aware, however, probably will have to pay a higher interest rate on the loan because of your poor credit score. Some lenders may also charge additional fees on the loan to help cover costs in case of default.

Refinancing Your Loan
Once you get a car loan, you may qualify for improving their situation on the road. Make all payments on time for at least six to 12 months. Having established a solid payment history, you can request an auto loan refinancing. A refinance can give you the opportunity to reduce their interest rates and therefore reduce your monthly payments to pay off the loan early. Refinancing may allow you further reduce your payments by extending your loan terms and stretching the payments over a longer period.

Source: http://usedcarloanswithbadcredit.blogspot.com/2012/08/auto-loans-advice-for-buying-car-with.html

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