Purchasing a car can be a stressful experience especially if your only option is to apply for a bad credit car loan. Essentially, having bad credit is not the end of the world as there are several ways to improve your credit prior to applying for the loan. Additionally, there are a number of dealerships that will actually grant you a car loan; however you will not reap the rewards of having a prominent and excellent credit history.
It is recommended that you view your credit report prior to applying for any car loan. When you apply for a loan, it is guaranteed that the lender will check your credit score. Generally, a low credit score and poor credit history negates a promising payment history and financial security. This would be the perfect opportunity to initiate steps to improve your credit.
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First of all, make sure that all of the information on the report is accurate, up-to-date and complete. Many consumers are unaware that it is possible to correct any errors or dispute any false claims listed on the report. This procedure is available through the authorization of the Fair Credit Reporting Act which allows you to question any items listed in your report. These items will be investigated and removed if found unwarranted. You can do this yourself, you do not need to pay a company to do this for you.
Unfortunately, any information that is verifiable will remain on the report. Therefore, if you must purchase a car and your credit score continues to be below standard, don't give up. It is possible to purchase a car at dealerships that specializes in bad credit car loans. These dealerships will grant you a loan for both new and used automobiles. Bad credit and low credit scores reverses the possibility of low percentage financing or minimum down payments. More so, you will not have access to competitive interest rates. As a matter of fact, the interest rates will be extremely high because it is a risk for the lender to grant you the bad credit car loan. Loan programs and interest rates are primarily based on the lender's perceived risk in loaning you the money.
Fortunately, each automobile bad credit loan lender has its individual credit standards. Meaning, each will view your credit history differently. If you have taken the initiative to improve your credit prior to applying for a car loan, you will have an excellent chance of receiving the loan from a lender who focuses only on bill payment history that has improved. There are bad credit car loan lenders that accept slow pays, bankruptcy, bad credit and marginal credit. You are encouraged to research lenders that specialize in bad credit which enables you to find the credit standard that will fit your budget and credit classification.
The most rewarding step that you can take prior to purchasing a car is to improve your credit report. Your credit history says a lot about your financial reliability and stability; thereby establishing your ability (in the eyes of the lender) to maintain a car note. Obtaining a bad credit car loan is not at all a dishonorable solution, yet fixing your credit is the ultimate resolution, and will pay you dividends in many ways than just your bad credit car loan.
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