Category Archives: Good Credit Auto Loans

3 Places to Get Bad Credit Auto Loans

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Why Would you Need Bad Credit Auto Loans?

The main reason you would be looking for bad credit auto loans is because you need a vehicle. Many times you have credit that is not all that good and it is not something you could have controlled. This is why so many people have turned to getting one of the bad credit auto loans that is out there for you.

Are you looking for an auto loan, but your credit is less than perfect? This is the normal anymore and that is why there are so many special financing groups ready to help you with bad credit auto loans. Here are some tips to help you get the loan you need without paying an arm and a leg for it.

A Few Things to Know about Bad Credit Auto Loans

First, you need to avoid most buy here pay here car lots at all costs. They will just put you into a vehicle that is not right for you and charge you twice what it is worth. Plus their finance rate is going to be as high as the state will allow, which means they are not only charging more than what the car is worth, but also making a huge profit off the interest as well.

The only buy here pay here car lots to consider are those with at least a 10,000 mile 50/50 warranty. They usually have very good vehicles and are much more reputable. They will treat you better and will not charge you as much in interest or the actual price of the car. These buy here pay here lots are usually okay to deal with.

Second, you should be ready to fork over a large down payment. The more you can come up with down the easier it will be for you to find the deal you want. There are plenty of new car dealers that will even give you a good deal if you can put a few thousand down on a vehicle.

The last thing to know is that you don’t have to settle for a 10 year old car and a high payment. There are plenty of dealers that will work with you. Pull your credit from all three bureaus and find out what your credit scores are. Call around and be honest with the car dealers. Tell them your scores and whether or not you have filed bankruptcy, had repossessions, or have any judgments. They will be able to give you an honest answer as to what they can do if you are honest with them.

Use these tips along with your own common sense and you will have better luck with bad credit auto loans. You will be able to find the right auto loan for you and get into the car that you want.

Where you can Find Bad Credit Auto Loans

1. Your Bank

Believe it or not sometimes your bank does bad credit auto loans and they can give you a loan. It is all about the relationship you have with them and if they cannot help you they can certainly give you a few recommendations of lenders that can.

2. New Dealerships

Another option you may not have thought about for bad credit auto loans is a new car dealership. Many dealers now have a program for bad credit customers because it has become so common and they have to sell their cars. This is certainly a place to check before you move onto a buy here pay here type of lot.

3. Online

The last option you have is a website called My Auto Loan and this site deals exclusively in bad credit auto loans. You can get exactly what you are after from this website, and you will know how much you are approved for before you go shopping for your car.

Basically if you take your time and you explore all your options you can find the car loan you need even if you have bad credit. Having bad credit does not make it all that bad for you, but you do have to know where to look in order to find the right one of the bad credit auto loans for you.

Find Auto Loans for People with Bad Credit by going to this website: Online Auto Loans

Not So Simple Interest Bad Credit Auto Loans

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Low interest rates auto loan is the auto loan meant for the bad credit borrower who can present stable credit history and at least a FICO score of 500. The low interest bad credit auto loan is certainly not for those borrowers who are not in the position to pay the monthly loan amount and have poor or rather dwindling credit history. A bad credit lender who offers the loan to the borrower will look into his/her financial antecedents, and once the lender finds the antecedents to be stable he will plan the car loan amount and the rate of interest. Simple interest loan is the basic type of car loan where the interest will be charged from the borrower every day. If the borrower is planning to pay the loan amount early, then the interest payments will automatically stop the very moment complete loan is paid by the borrower.

The loan paid by the borrower will include original car price + Cumulative Daily Interest Rates – Total Payments Made. The best thing about simple interest car loans is that the borrower will not be charged of any interest penalty in case he/she wishes to pay the full loan amount early. The rule of 78’s loan method has also undergone massive changes as the result of modern loan disclosure laws and computing the simple interest loans have become all the more easy.

Even if you have bad credit history gets ready to avail auto loan through online auto financing. There are auto loans where simple interest is charged from the borrower. Under the simple interest means, the lender will charge interest on your loan every day on the balance you own. It’d mean that if you pay the loan amount due in the starting of the month rather than when the loan is due, you’d end up paying low interest rates. This is a kind simple interest bad auto financing is the best choice available before the borrower. But, it is significant to find here that not every lender will be happy to provide simple interest rates on the auto loans. There are many conditions that lender will judge before settling for simple interest rate auto loans.

Auto loans for bad credit compounded using the simple interest loans. Make it sure that you understand the concept behind the computation of simple interest rate. Discuss the simple interest loan terms and conditions and once you are confident go for the bad credit simple interest car loan. For those with bad credit there are some detailed guidelines and necessity in order to qualify for a car loan that varies from differs from lender-to-lenders, some lender demand more documents or more down payments if your credit is not good. Many people get confused with terms Prime and Sub-Prime, people with good credit get loans from banking, credit union, where as sub-prime borrower usually prefer to get financing through online car finance companies that provides for people with bad credit history. Here autoloanfinance.net through large connection of networked dealers and subprime lenders chances of getting car loans bad credit are much higher than other places. In some cases first time buyers are approved within 48 hours. Having bad credit should not stop you getting back on roadies. So apply online and get your car loans with bad credit at very affordable interest rates.

Acquiring auto loan at low interest rates is not that easy, however AutoLoanFinance.net with large connection of financial network chances is much better to get approved for the low interest rates. If you have bad credit need auto loan author recommends applying online for bad credit auto financing to get best interest rates applied.

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TOP 7 Steps – PRE-APPROVED CAR LOANS! – “13 Car Buying Mistakes” – Kevin Hunter – Longview WA

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http://www.mintvalleyfcu.org/ Interview with loan officer Amanda Owen from Mint Valley Credit Union and TBFS Host Kevin Hunter, Author of “13 Car Buying Mistakes.” Top 7 things to know on how to get pre-approved on a car loan before car shopping. Whether you have good credit or bad credit, always start with your own bank or credit union first!
Amanda Owen from Mint Valley Credit Union, located in Longview Washington discusses the top seven (7) considerations you will need to make when you’re car shopping. They include the following:
1. Know your Budget
2. Know your Credit Score – How to get a FREE CREDIT REPORT!
3. Documents needed: Drivers License, Proof of Insurance, Pay Stubs, Debt Obligations, and References.
4. Co-Signer: Identify a good co-signer of your credit has been hurt lately, or if you have bad credit. This will save you money on interest rates, and make it possible to get a car loan.
5. GET PRE-APPROVED! This move can save you hundreds and thousands of dollars because the office a car dealer makes most of their money in happens to be with their loan officer!
6. Know WHAT kind of car or truck you want, and know what the approximate market value is. Car buyers who are informed make smarter decisions and are much better negotiators.
7. Know your Trade-in value. You can call dealers to get an approximate value on your trade before you ever set foot on a car lot.

Amanda Owen from Mint Valley Credit Union was our special guest for this interview. A special thanks to Amanda and to Mint Valley Credit Union for allowing Amanda to participate and share this important information with car buyers! Many car shoppers have no idea where to turn when it’s time to buy a car. They worry about credit scores, or wonder if they have good credit or bad credit. How do you know? This simple advice video shares with you the steps you’ll take to get a pre-approval on a car loan, allowing you to car shop with confidence.

Why is a pre-approval so important? It’s simple: If you are no longer worried about what type of financing you can get approved for, you can put your attention to negotiating the best possible car deal for you. Once you have a price for your new car and your trade-in established, you don’t have to worry about the unnecessary hassle the dealer will put you through in the finance office. Did you know that approximately 50% of all dealer profits are made after the sale of the car? That’s right! It happens right in the finance office, and unprepared car buyers get taken advantage of while signing a car contract.

Concerned about the future of Cowlitz County? Contact www.citizencommissioner.com and share your ideas today!

Cory Vaughn discusses the advantages and disadvantages of using a credit union when financing a vehicle. It can be a great way to secure financing on a new or pre owned vehicle, let us know if you have any other questions! www.mikepattonauto.com
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