There are good companies online that offer people with bad credit, the ability to simplify the car buying process. Here’s three options.
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A low credit score can certainly hamper your ability to buy a car. Most major banks and lenders don’t offer car loans to people that have bad credit. Fortunately, there are companies that provide auto financing for people that have credit problems. The “problem” with that is, that many of those types of companies charge very high interest rates and require down payments.
Is In House Financing a Good Option?
One such type of company that offers this to those with troubled credit, is commonly referred to as a “buy here, pay here car lot”. These companies generally always require down payments and charge very high interest rates, sometimes ranging well above 20% and as high as 30%, depending on state laws. Should you choose to entertain the idea of using in house financing through these types of dealers, proceed with caution and make sure you know what you’re getting yourself into.
Using Local Resources…
Other lenders that provide secondary auto loans can include credit unions and local banks. You can expect to pay a significant amount of interest on such a type of loan through these types of sources, although they are a better option than using the above referenced car lots. One advantage of using credit union or local bank financing is the ability that you would have to purchase a car from a private seller.
Is There a Simple Option to Buy a Car with Bad Credit?
Online companies that offer to simplify the process of getting bad credit auto financing offer a unique proposition. They can help to eliminate the need of filling out multiple applications, by offering a central point for applicants that allows them to be matched with a dealer or lender that will offer them a car loan, based on their individual credit history. These types of services vary in their scope of geographic coverage. Some sites provide localized service, while others are able to help people on a nationwide basis, therefore increasing the odds of approval through select associated bad credit car lenders.
For more information about good online companies and services that can help with obtaining bad credit car loans, please see http://www.BuyingCarswithBadCredit.com or see the link above.