How to Get Preapproved for a Bad Credit Auto Loan
Posted by Dewey Kearney on March 25, 2011
What are your chances of getting preapproved for a bad credit car loan?
What you need to know
If you have poor credit or absolutely no credit, you are probably thinking “They will never give me a car loan”.
During the past five years, we’ve been asked many times “what does it take to get a bad credit car loan? Our answer is – APPLY! But apply to one of our specialty dealers. A car loan with bad credit is relatively easy to obtain if you apply to the right lender; where a conventional bank would not approve you without a co-signer.
Our commitment to consumers with poor credit is something we feel strongly about because we have been there ourselves and we have lenders that love to say yes. Will you have to pay a little more interest? Naturally, until you have proved your worthiness but it’s not forever. You must start rebuilding your credit and if you need a car, what better way!
There are dealers that brag about “buy here – pay here”. These “tote the note” dealers won’t help your car credit issues since these dealers don’t report loans or loan payments to the credit bureaus and because of the extreme interest rates and poor quality cars being sold have a high rate of repossession. Many times these dealers purchase cars from an auto auction that a regular dealer won’t resell for these reasons.
Poor credit auto loan preapprovals
One thing we won’t do at 1-800BadCredit.com is trick consumers into filling out an application by telling them half truths.
If you need a car and you have bad credit you MUST get preapproved in order to guarantee your interest rate and the amount you are preapproved for. If you just “go car shopping” you are setting yourself up for a big disappointment; don’t do it.
Check out our lenders; they have been specially selected as reliable and honest and have approximately an 85% approval rate. So unless you have a long history of repossessions you have a very good chance of getting that auto loan you need.
If you are serious about getting your car credit back on track, you can begin now by filling out our bad credit car loan application from any one of our approved lenders. Click here for a list of car lenders that have been specially selected because they “love to say yes”>
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