With the economy in a credit crunch, more and more Americans are having credit troubles. If you are one of those American with bad credit, not credit or little credit there are ways through which you can get a bad credit car loan, as thousands of people are qualify for Bad Credit Car Loan daily. Click here to apply for a Bad Credit Car Loan.
Improve Your Credit Score
Prior to seeking a bad credit car loan there are a number of things you can do to ensure that the loan process goes well and in your favor. First, you should do a thorough review of your credit report (report detailing your FICO score).
When you have obtain your credit report look for ways to improve it. One of the best ways is to pay your bills on time as this affects about one third of your credit score. A low credit score can translate to high interest rate for you, and therefore you will end up paying much more than you would like for a car loan.
Then, you should determine how much you would like to spend and whether or not you would prefer a new or used car. Many industry experts would advice to get a used car as new vehicles loss 15 to 20% of their value from the minute they live the dealership. So, find a reliable used car. Do use a calculator through the process that way the dealership can not trick you and that you know exactly what you are getting into.
A low FICO score usually translate into high interest on a car loan, which, in turn, means higher monthly payments. Second, you should determine whether you want a new car or used car and how much you are willing and able to spend. It is advisable that you purchase a reliable used car no more than 5 years old, partly because used car a less expensive, and partly because new cars loss about 10% to 20 % of their value from the point of leaving the dealership.
Dress formal, look smart and confidence. People usually access you by the way you are dress and bias has a way of creeping in.
If you apply online you can get multiple quotes from many car dealerships and banks across the country. Let lenders compete to offer you a loan. By doing this you can select the best loan structure that fits you budget and financial goals. Simply Fill out the quick application on Car Down Loan to get going