Having good credit is essential to getting great deals with loans and premiums but isnt it a bit unjust to make you pay for the mistakes youve done when you were younger and less mature in your financial habits? Most people who have bad credit records dont bother getting bad credit auto loans because of the extra requirements and the awful interest rates.
If people with bad credit apply for a car loans for bad credit, they are required to give proof of their personal information to make sure that what they are stating are true. Current bank statements and employment status are some of the information that many lending companies try to double check.
Some lending companies even require liability insurance and GPS tracking systems installed to make the car easy to find. These requirements may seem daunting but there are some tips that may help you get better deals and here are some of them:
Review your credit reports
If you check your past credit reports you will notice that not all reports may be accurate and your credit rating may be improved by correcting these inaccurate details in your credit report. If you dont correct these wrong information, you may end up paying for your down payment, car insurance premium, and interest rates more than you should. For more information about best car finance deals please click here.
Dont forget used cars
You may be lured by the slick new cars in the lawn but it may not be the right time to get one while you have bad credit. The interest rates for new cars are much higher than used cars and you can wait and buy new cars when your credit rating has improved. A used car will have a significantly lower price so it will end up with less interest and the insurance premiums will be also lower.
Specialized car dealerships
There are car dealerships that specialize on bad credit rating applicants and they sometimes have great promotions and sales.
Interest rate: Banks vs in-house financing
When looking for an institution to finance your auto loans for bad credit, deciding between a bank and car dealers in-house financing is essential. The interest rates vary from state to state and country to country but there are usually significant differences so you should really research on the topic before deciding.
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Source: http://www.tradefinancebank.com/loans-with-bad-credit-how-to-get-a-great-car-deal/
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