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Bad Credit Auto Loan - Your best options?
Bad Credit Auto Loan - Your best options?
A bad credit auto loan isn't impossible to find-- it just takes a little work! If your credit is a little dented and dinged, it doesn't have to shut you out of an auto loan. There are those companies that will overlook bad credit. Auto loan options for you if you have less than perfect credit include on-lot dealer financing, getting a co-signer, attempting to repair your credit before you look for a bad credit auto loan and accepting less than ideal terms for a bad credit auto loan.
Your best starting point - before you even start looking for a car - is to check your credit report yourself. A new law passed last year entitles you to get one free credit report from each of the major credit reporting agencies every 12 months. The law is being rolled out across the country in stages, but by the end of 2005, whatever state you live in, you'll be entitled to check your own credit history free once a year to find out if you have bad credit. Auto loan and finance companies will use the information in your credit history to determine whether or not to grant you a loan and on what terms, so it makes sense to check first and avoid being surprised.
If you find errors in your credit report, or if a credit reporting agency is mistakenly reporting that you have bad credit, put off applying for an auto loan until you have a chance to clear up the mistake. If, on the other hand, your credit report legitimately lists problems, you can start looking for a bad credit auto loan through one of several different sources.
Because a bad credit auto loan carries more risk for the lender, it's difficult to find one with "competitive" interest rates. The best way to get a good interest rate - and begin repairing your bad credit is with a cosigned auto loan. By co-signing an auto loan for you, your co-signer takes responsibility for paying back your loan if you fail to make the payments. The interest rate is likely to be much better than you can get with any other bad credit auto loan - very close to the terms your co-signer would be offered. Just be sure to ask the lender to report the payment history in BOTH your name and that of your co-signer so that you can begin repairing or building your credit history.
If a co-signer isn't possible, or you prefer a loan in your own name, try to secure a bad credit auto loan on your own before going to the dealer. Your usual bank is your logical first choice. Make an appointment to speak with a loan officer at the bank where you usually do business, as they have an interest in continuing and extending their relationship with you. One possible option through a credit union, for instance, is to make arrangements for a bad credit auto loan that's tied to one of your other accounts as security.
The car dealer should be your last option for securing a bad credit auto loan. They have a vested interest in getting you into a car - but be aware that you'll pay premium prices for financing a bad credit auto loan through a dealership. If it's your only option, however, you may find that you can convert your high interest auto loan in the future if you're able to repair and improve your credit score. "@Copyrights 2005" - Bill A Smith works as a credit counselor for Ameri credit counseling firm. Bill has 10 years of experience in providing credit repair, credit counseling and credit management services to clients. Visit us at http://www.americreditservices.com/ and http://www.americreditservices.com/0-interest-credit-cards/ for non profit credit management services.
More Useful Resource and Updates on amortize car loans
- Credit crisis adds to pressures on auto dealers (AP via Yahoo! News)
Hundreds of thousands of new cars and trucks that would have quickly made their way to people's driveways a year ago are now stacking up on dealer lots across the country, with potential buyers worried about whether they'll keep their jobs, be able to pay for gas, or qualify for a car loan.
- US Rescue Plan Could Help Auto-Loan Cos - Rep. Barney Frank (Nasdaq)
WASHINGTON -(Dow Jones)- The chairman of the U.S. House Financial Services committee said Friday that ailing auto-loan companies will qualify for aid under the government's $700 billion Wall Street rescue plan.
- US Auto Loan Delinquencies On The Rise; $25 Billion Past-Due Study (Nasdaq)
DETROIT -(Dow Jones)- Auto loan delinquencies are on the rise as cash-strapped Americans increasingly struggle to repay car and truck loans, according to a study out Monday, the latest sign that the nation's economic woes are bleeding into the automotive finance business.
- Auto Loan Delinquencies Rise (The Auto Channel)
LAS VEGAS, Oct. 6, 2008 - As the economy struggles, automotive loan delinquencies are increasing, putting nearly $25 billion in loans past due, according to figures released by Experian Automotive, a part of Experian, at the Automotive Finance Summit here today.
- Auto dealers see bailout freeing car loan cash (9 News Denver)
WHEAT RIDGE ? Colorado auto dealerships anticipate the financial bailout bill will open up a tight credit market for car buyers.
- How to buy a car - even now (CNN Money)
Auto dealers are hungry for customers: Worried consumers are putting off buying big-ticket items, and buyers on the market are finding it harder to get a loan. So if your credit is solid, now is a great time to say, Let's make a deal.
- Maryland agency orders refunds for premium loan charges (Washington Business Journal)
At least nine Maryland premium loan companies charged Maryland Automobile Insurance Fund policyholders more interest than allowed by state law, insurance regulators said Monday.
- Need an auto loan? Expect closer scrutiny (The State Journal-Register)
Despite reports of financing problems in larger markets across the country, local car buyers with good credit should have no problem getting auto loans, Springfield automobile dealers and banks say.
- Delinquencies Are Increasing for Car Loans (WallStreet Journal via Yahoo! Finance)
Auto-loan delinquencies are on the rise as cash-strapped Americans increasingly struggle to repay car and truck loans, according to a study.
- Auto loan delinquencies rise (Business Journal of Tampa Bay)
It?s not just home loans that are going into default: Auto loan delinquencies also are on the rise.
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