Bad Credit Car Loan Sources
Bad credit can cost you a lot of money in extra interest charges.
If you have had problems getting a good rate on a car loan because of poor credit, these lenders
can help:
Household Auto
If your credit score is above 550, then Household Auto will
approve you. Plus, you’re dealing directly with the lender, not a middleman like
a car dealer. You can finance (or refinance) up to a 72-month term.
800AutoYes
Great online lender with excellent customer service. Very good
rates for those whose credit was spotty in the past, but are on the upswing now.
Auto
Loan Web
Works great if you were rejected elsewhere. Establish
new credit here if you’ve had no bad credit in last six months. They can get you
a loan even if you have a discharged bankruptcy, tax problems, public record
lawsuits, or other situations. Auto Loan Web is great also if you have no credit history and
can’t get a loan.
Important
Note: If you have poor credit, NEVER finance at the dealership. They’ll just
add an extra 3% surcharge to your car loan.
They’ll also try to pull a few scams on you. Beware of the phrase “subject to
loan approval” appearing anywhere on your car purchase paperwork.
That’s just an excuse for them to call you in a week, tell you that your loan
fell through, and demand a higher loan rate. If you don’t comply, they’ll
repossess the car.
So, be extraordinarily wary when financing at the dealership. Always read and
understand all your paperwork.
Remember, signing your name acknowledges that you do, in fact, understand all of
the loan documents!
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