Many people that have a bad car credit history think that they will only be able to get approved for a used car loan. This is a widespread myth. If you have bad credit, there are reasons that a new car is just as easily within reach as a used car is. Either is easily obtained online through special finance companies.
In the eyes of a lender that specializes in helping people get approved for car loans based on income, a used car looks more risky than a new car loan. This is primarily because a used car generally has an unknown mechanical breakdown history. It's also unknown if the vehicle will last for the term of the loan.
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New cars are obtainable if you have bad credit. With so many rebates and incentives available now, you can also save a lot of money. You may be surprised to know, that in the eyes of a lender, a new car is a lower risk.
Here's why...
A new car has a bumper to bumper warranty. This means that if a breakdown occurs, the borrower will not have to spend money on repairs. If the borrower doesn't have to spend money on repairs, then there is more money available to make car payments, right? Isn't that what the lender wants?
Now, I'm not saying that you're going to get approved for a $40,000.00 car loan if you've got a fresh repossession on your credit report. What I am stating is, that you may be surprised to find that you can get approved for a new car loan with a new car warranty, easier than on a used car through a special finance company online.
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