If you have a credit score of 480, are in the midst of a bankruptcy that is not completed and have an income of only $800.00 per month, then guess what? You’re not going to be getting an auto loan approved! While there are sources that can get you a real car loan with bad credit, there is simply no such thing as guaranteed auto financing for bad credit. It’s a marketing ploy that lures people into dealerships.
Buy here, pay here. While there are car dealerships that promise to finance anyone regardless of their credit history, like most things – there is a catch. Large down payments are required by these types of establishments and the amount that you have to put down pays for most of the car. The remaining payments that you have to make, along with the high interest rates charged make these dealers profit at the expense of your financial predicament.
There are better ways of purchasing cars with bad credit…
Cash. As hard as it may seem, you can get a reasonable ride that will take you from point “A” to point “B” for a couple thousand dollars. It might not be the best looking car on the block, but will allow you to save money for something better in the near future. Being able to have a title in your hand and own what you drive is much more rewarding than having used that money at a buy here, pay here dealership that you’ll owe thousands to for a similar vehicle.
Online Lenders. There are companies that don’t have problems giving auto loans to people that have bad credit if they merely meet income requirements and basic guidelines. There are a few good companies online that can accomodate you, if you qualify based on your monthly income. Is auto financing guaranteed with these companies, regardless of bad credit? Absolutely not. You will however, have a much better chance of getting a real car loan without the headaches and hassles of using a buy here, pay here car lot.
http://www.BuyingCarswithBadCredit.com can direct you to a legitimate online auto lender that can help you to overcome the challenges that you’re facing and get behind the wheel with a real car loan.
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Tags: Auto Loans