Finding an auto loan with bad credit can be a lot of work!
When you get the bad news from your bank that you have been turned down for an auto loan because you have bad credit reported on your credit report, to some people can seem like the end of the world! Especially if the reason why you were turned down for an auto loan was simply because your credit score was slightly too low, can make you want to give up all together. But do not despair, there are many individuals in this economy going through the same problems as you. Its true, once you fall into the bad credit category in the lenders eyes it can be a lot harder to get approved on a car loan. But its not impossible! There are many things you can do to raise your chances of getting approved for a bad credit auto loan. Below, I am going to give you some tips on what you can do to obtain an auto loan approval with bad credit.
#1) Get a copy of your credit report. Go through the entire credit report and try and determine if everything on the report is accurate and true. Many times after someone runs and checks their credit report, they come to find out that there are a few discrepancies on the report that can brand them as a sub prime credit customer. So if you do find any inaccurate marks on your credit report, contact the credit reporting bureaus right away and dispute the items that are not supposed to be there.
#2) When running your credit report make sure you run a report that has your FICO Score. Back in the days, it was much harder than it is today to get a credit report with your credit scores. Now the major credit bureaus such as Experian, Equifax and Trans Union make it available to al consumers very easily. Knowing your score is very important because this gives you a good perspective on what to expect when you apply for an auto loan. The closer your score is to 700+ the easier you will be approved.
#3) Do some research. Go on the internet and research different auto loan lenders online. All the lenders offer different rates and terms and different ways to qualify for an auto loan. Find the best one that can give you a payment that will fit your budget and give it a shot. Also check out some auto loan services such as companies like www.GuaranteedCarLoan.com , that work with large dealer networks throughout the United States that specialize in bad credit. That can be another approach to obtaining a car loan online. There are tons of these services online.
#4) Try to raise your credit score. There are plenty of things you can do to prepare yourself a few months before you apply for an auto loan with bad credit. First you can pay down some balances on your credit card bills, also you can ask someone you know with good credit to add your name to their credit card so when they make payments on time, it will affect your credit in a positive way as well. This is a trick that works very well that is not known by many people. Doing this can raise your score by 15 to 30 points within the first 3 months alone.
So keep in mind having poor credit does not necessarily mean that you cannot get an auto loan with bad credit. It just means that you may have to do take a few extra steps to getting the loan you want. The key is, once you get approved, be responsible and make all of your payments on time. This way you will not have to worry about not getting approved again. Getting approved for credit just gets easier and easier when you pay your bills in a timely manner.
Want to find out more about Auto Financing With Bankruptcy, then visit Josephine M. Campo?s site on how to choose the best Bad Credit Auto Loans for your needs.
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