Purchasing a Car with a Bad Credit Loan
If you have bad credit, the usual method for getting finance to buy a car is applying for a bad credit car loan. As stated at the beginning of this article it's somehow difficult to get finance with bad credit from car dealerships. Nevertheless, some car dealers may be able to provide you with finance but they will probably charge you very high interest rates.
Banks do not usually provide finance for people with bad credit but if your problem is that you don't have a credit history at all, starting a relationship with a bank can be a great solution. You can request a checking account and a savings account and then apply for a car loan with them.
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Bad Credit Car Loans are provided mainly by financial institutions and high risk lenders specialized in this kind of loans. The interest rate charged for providing this type of loans is usually higher than regular loans but if you compare loan quotes you may find some interesting offers. Just make sure you credit report is not pulled too many times as this may lower your credit score. If you get declined, your credit report will also show this fact, so you might want to pull a copy of your credit report yourself and ask the lenders to pre-qualify you in order to avoid harmful records in your credit history.
Home Equity Loans as an alternative source of finance
Though it may sound strange, you can get finance for purchasing a car with a home equity loan. If you can't get a bad credit car loan and use the car as collateral you may be able to apply for a home equity loan using the equity you've build on your home as collateral. That way, you'll be able to obtain a considerable amount of money at a good interest rate that you can use for the purchase of your new car.
They main advantage of this procedure is the fact that you can have really bad credit and still get approved since your house is guaranteeing the loan. You'll also get a very competitive interest rate, much lower than the interest rate you would get with a bad credit car loan. And as a plus, the interest on home equity loans is deductible so you'll save plenty on taxes.
As you can see, there is no need to despair if you have bad credit. There are always ways to obtain finance even if the usual methods fail. You just need to do your research and consider different options. The car of your dreams is just a few steps away.
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