Bad credit auto loans

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Many individuals have poor or bad credit ratings due to various reasons.
Loss of job, medical illness, divorce is just some of things that can happen to all of us. These life
events can quickly bring your credit down.
Bad credit auto loans

However people with negative credit reports still need financial services in life, like loans to purchase
a car.

Now, more lenders look for ways to help people in these situations. There are even finance
companies that specialize in specifically working with people that have credit issues.
bad credit car loans
Bad credit auto financing, or bad credit car loans, are loan companies that specialize in car financing
options for people with less than perfect credit.
car loans for bad credit
There are nationwide networks of lenders that offer bad credit car loan programs. The loans are
designed especially for car and truck buyers who don't have the best credit reports.
auto loans for bad credit
They generally operate either one of two ways:

1) They will first pre-approve you for an auto loan. Then you will have access to a list of local car
dealers in your area that are members of their loan network. You visit one of those dealers and they
will look you up in their system. Or in many cases the dealer will contact you. Then you just select a
car you like, that is within the price you were pre-approved for.

2) They will first pre-approve you for an auto loan. Then you receive by mail a little package with all
the loan paperwork including a voucher check that can only be used by a car dealer after the dealer
calls in and provides basic info about the car itself. This can be used by any car dealer.

In either case you will know all of the terms of the loan. The interest rate. The amount of the
payments each month etc. BEFORE you agree to accept the loan. And before you ever speak to a car

It can be a new or used car depending on if the car's condition, mileage, age, etc. meets the lender
requirements. Remember the car is the collateral for a loan. So it makes sense that they are not
going to approve you for a loan then allow you to buy a car that has a really good probability of
being a lemon.

Things to keep in mind:

Because of the negative credit there is going to be a higher rate of interest involved. Nearly all the
lenders will require a minimum amount of income each month and you have to prove it. They will
require verification of exactly where you work and exactly where you live in case it becomes
necessary for them to take the car back.

The main benefits to you:

You get the car that you need! Making the payments on time each month will actually be helping to
rebuild and repair your credit

Some companies offer same day auto loan approval. It is offered regardless of your credit rating or
previous car loan history.

Nearly all auto lenders have a website that will allow you to conveniently apply online. You may get
lots of emails from car dealers looking to make a sale. For this reason we recommend not using your
main email address. You can easily set up a free email at yahoo or hotmail. Use that when applying
for the auto loan.

Having poor or bad credit does not mean you will not qualify for an auto loan. State to state, city to
city... no matter where you live in the U.S. There is a network of auto lenders that can help you.