DO YOU NEED A BAD CREDIT AUTO LOAN?
When you are looking for No Credit Auto Loans in College it may become overwhelming, especially if you think you have too poor of credit. We work with the best lenders to help you get the Bad Credit Auto Loans that you need!
AllCreditCarLoans was founded to help car buyers, even those who may have experienced credit difficulties in the past, get pre-approved for financing before going to a dealership. By separating car financing options from dealer price negotiations, we empower our clients to get the best deal possible.
We are dedicated to matching each car buyer’s needs to the best lender for their unique situation. In doing so, we continue to earn the trust and confidence of our clients.
If you’re looking to get the best deal possible on a car loan, regardless of your credit situation, then we invite you to apply today and let us get started helping you right away.
How To Get An Auto Loan If You Have Bad Credit
Are you in need of a new car, but are afraid it's impossible because of your bad credit? Well, the fact is that, today, consumers with bad credit have a wide variety of options available to them in regards to bad credit auto loans. In fact, it can be very easy to get the money you need, but it is important for you to do your research before getting a loan.
If you have bad credit, the first thing that I would recommend is to find out more about your own financial situation. What is your exact credit score (FICO) with the three credit agencies (Experian, TransUnion, and Equifax)? One place that you can find this information is the free credit report service at http://www.AnnualCreditReport.com At this site, you can place an order for a free yearly credit report. The credit report has everything but the credit score. You have to pay extra to get the scores, but it is worth it. It is valuable information to have on hand in your search for the best auto loan deal. With this information, you can do quite a few things to help yourself. The first thing you need to do when you examine your credit report is to look for errors. Correcting errors can help bring up your credit score some. Another way to increase credit score is to have a friend, or relative, with good credit add you as an authorized user to their credit cards. This connects their good credit history to yours. If you simply don't know what to do, there are credit repair companies that can help clean up your credit report. I have used a credit repair company in the past and was very pleased with the results.
When it is all said and done, a person with poor credit does have many options available. It is just a matter of doing the research and keeping an eye out for the best deal available. Your dream car is within reach, and having bad credit shouldn't hold you back.
No Credit Car Loans: Bad Credit, No Problem
If you are looking for a quick and easy car loan, a "no credit car loan" might be a good option. However, you need to know what you are getting yourself into with loans of this type.
No Credit Car Loans - the Background
The plain truth is that obtaining auto loans or any other kind of personal loan, for that matter, is not as simple as it used to be. Large commercial banks don't want anything to do with personal loans, especially financing new cars. In most cases, people who buy a new car from a dealer wind up financing their loan through the dealership. The dealer will most likely tack additional charges onto the bottom line.
What a Buyer Might Face With No Credit Car Loans
If your credit score is less than perfect you understand that you are facing many restrictions on the type of financing you can realistically get. Lending is a high risk venture. Now more than ever. The lender evaluates your repayment history. Nobody wants to lend money to someone known for defaulting on loans. Those who do, charge more interest and apply more restrictions. More interest equals to more of the money being paid back before you default. How your credit score affects your work ethic is another story. But, it is true. Some employers will not hire you if your credit is bad.
Similarly, you have the "title loan." You put up your car as collateral and agree to pay back the loan in a very short time. Usually about a week. This is basically legalized loan sharking. If you borrow $200, you pay back in the neighborhood of 3-4 hundred. This may help you buy a second vehicle, but think about it - is a second vehicle really that important? Why not take the bus for a while, save up and buy your second or first vehicle without all the extra charges?
Always carefully read all of the fine print in any kind of financial deal. If a no credit car loan will benefit your financial situation without putting you out on the ledge, then go for it.
Buying A Used Car With No Credit
If you're in the market for a vehicle and have bad credit, you've probably been asked by a car dealer or two about whether or not you have money to put down. This is common and depending on your credit score, you may or may not have to have a down payment. All car dealers have different requirements for money down and it can depend on a number of factors. Here, we'll take a look at how different types of car dealerships and lenders view down payments, as well as, how they can affect your loan approval.
New Car Dealerships
Most new car dealerships are able to apply rebates and incentives to reduce the need for money down. If you have negative equity in a vehicle that you're trading in, you may have to provide money down to cover the negative equity so that it's not carried over into your new loan. While buying a new car while having bad credit isn't so common, there are many manufacturer's that offer lower priced new cars with attractive financing incentives to make buying easier for people with lower credit scores. Kia and Hyundai are known for their bad credit financing programs and this may be something worth looking into if a new car is what you're interested in. You may wish to call your local dealer to find out about current rebates and incentives that you can use in lieu of a down payment.
Online Loan Matching Services
Services available online in some cases may be able to match you with a lender willing to help you get approved for a car loan with little to no money down. It's a matter of finding the right combination of vehicle and dealer, to work with your individual circumstances.
Having bad credit often leads to the need for a down payment when buying a car. New car dealerships may offer incentives or rebates to offset the need and used car dealers may be able to make the numbers work in your favor. Buy here pay here car lots generally always require down payments. Negative equity in the vehicle you're trading can prevent you from being able to buy without any money down.