Do You Need a Car Loan But Have Bad Credit? Let Me Show You How! By Dewey Kearney

Posted by admin on July 5, 2010

Auto loan financing may seem impossible to obtain if you have bad credit. If you have been because of your credit rating then you need to seriously consider opting for a pre-approved auto loan. If you have tried to get regular financing through a car dealer and been turned down, I’m sure you believe it is impossible. How is this possible you may be asking yourself and by now even think this is too good to be true. Let me explain what exactly are pre-approved loans? How are they different from normal bank loan that the dealer offers, if you can qualify? Well, read on for the answers.

Bad credit and loans do not exactly go hand in hand. Firstly, there is a very legitimate reason for the denial of your loan applications by majority of lenders. The reason is the credit score. People with a low credit score are people in the eyes of most banks that  have a good chance of defaulting on the loan, thus making them a high risk factor for the lenders. Therefore banks that arrange financing for dealerships will not accept the risk, and since the mortgage bubble broke who can blame them?

Specialized Lenders for Specialized Loans

Car loans for people that have had credit problems are handled by specialized lenders who offer bad credit auto financing. They offer a wide array of bad credit auto loans that are specially designed for people with a bad credit rating.

We have done the research for you and have lenders right here that want your business. There is one qualification though. You are saying; OK here it comes, — you must have a total household income of at least $1500 per month. Approximately 94% of our applications are approved. This reduces all the hassles for you. No need for the embarrassment of being turned down at the car dealers. Personally, I was turned down myself years back and I know the embarrassment a person feels.

Negotiation

There is no negotiation involved, no haggling (don’t you hate that?) or any other things that go with a normal car loan. You fill out one simple form, within minutes they will tell you how much car you can purchase (dollar amount), if you accept they email you the forms or else will send you a check to take to the dealer, and that’s it. You go car shopping and have fun!!

What can you expect at the dealers when you shop?

1. They will try their best to get you into a higher priced car, expect that, it’s a car dealer’s job. Don’t fall for it; remember you are already PRE-APPROVED.

2. They will try to get you to let them pull your credit again to see “if you are qualified” for more vehicle. Don’t do that either because every time your credit is looked at your credit score drops a few more points and you already know it’s low.  Stick with the plan and you will drive out with a smile on your face – guaranteed! What’s the upside of this for you? You get that newer car you need and as you make the payments on time within just a few months you will see your credit score begin to climb! It’s car buying season. Get yours today!