Even though recession caused job losses and terrible
depreciation of credit scores, a car is and will always remain a
necessity. No matter what your credit score is, you need a car to go to
your job. In America, a car is a requirement for staying employed. Are
you worried that your bad credit history wont let you avail a low rate
auto loan? Do you think you will face rejection because of your poor
Well, lets put an end to your misery. This article will give you tips
and suggest reliable methods and strategies to get guaranteed approval
on bad credit car loans.
Is This Really True?
We have heard and seen these words innumerable times: Bad Credit Car
Loans with Guaranteed Instant Approval, Guaranteed Approval on Car Loans Even with Bad Credit,
Bad Credit- No Problem, We offer guaranteed approval, Bad Credit
Borrowers can Get Guaranteed Approval, 100% Guaranteed Approval Bad
Credit Car Loans, etc. These and many more attractive advertisements
raise our hope of getting a bad credit auto loan. But, are bad credit
borrowers really offered guaranteed approval on bad credit car loans?
The answer is yes. But, there are some requirements which you need to
fulfill. You have a bad credit score and offering you an auto loan is
considered risky. When a lender is taking a risk and offering bad credit
car loans, it is obvious that he has some criteria. Lets understand how
you can get easy approval on bad credit car loans.
How to Get Instant and Guaranteed Approval on Bad Credit Car Loans?
Whats The Exact Number?
The very first thing that you need to do while availing a bad credit
car loan is to know your credit score. There are chances that your
credit score may not be very bad. You certainly dont want to end up
paying more when you have an average credit score.
When you check your score, you have the opportunity of removing all
errors. This will improve your credit score. Also, if possible, pay-off
as much debt as you can so that you can have a decent debt-to-income
Car Loan First, Cars Later
When you apply with car financing companies, they send your bad
credit car loan application to its network of lenders and dealers. There
is a possibility that the lender may require you to get your car from a
specific dealer. If it happens, all your efforts of finding that
perfect car will go waste. So, first apply with a few lenders and online
car financing companies, get bad credit car loan quotes from them and
then, decide on the car.
When you decide to buy a car, a used automobile will be a better
option than a new car. A used car costs less which means a lower loan
amount. That’s why; a lender wont have a problem in providing low rate
auto loan to you.
Put Money Down
It is essential that you make a down payment. By doing so, lenders will understand that if you are financially capable of paying a huge amount, smaller monthly payments wont be a problem for you. Also, you
will lower your loan amount which will increase the lenders willingness
to offer guaranteed approval on your bad credit car loan.
A Co-Signer Can Work Wonders
If you have a co-signer, the lender is assured of the safety of his
money. If you fail to make payments, the lender can get it from the
co-signer. That’s why; having a co-signer will increase lenders faith in
your car loan application.
The Online Way
Online auto financing companies have tie-ups with large number of
lenders and dealers. That’s why; they guarantee approval on car loans
with bad credit. They forward your application to their network. The
network reviews your auto loan application and offers you car loan
quotes. But, you must choose a reliable online car financing company for
submitting your personal information. You are giving your SSN and other
financial details. So, you have to be extra cautious. Check the
company’s security certificate. Ensure that the website is 100% safe and
While dealing with your bad credit score, you must not lose hope.
Remember its just your credit history and it cannot determine your
present. Use these simple strategies and lower the lenders risk. Dont
forget them and guaranteed approval bad credit car loans will become a
reality for you.
All the best for buying your new car!
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