Car Loans For Those With Poor Credit 5 Points Of Wisdom}

Filed Under (Finance) by 4Wct7D on 27-12-2016

Submitted by: Marie-Claire Smith

There is nothing like the smile the face of a person with poor credit who has managed to qualify for a car loan – despite their low credit score. As the person drives off of the lot, you can see twinkle in their eye and a sense of victory in their proud chest that only comes from going up against the odds and winning.

His or her smile is even bigger and brighter when they have managed to qualify for a low interest rate on their car loan.

You may be able to imagine yourself in the same situation right now, driving your dream car off of the dealer’s lot, your poor credit score not having gotten in the way of your chances for qualifying for a loan.

Of course, while it may look easy, you will have to take just the right set of steps in order to find yourself in this situation in the near future. You will need to follow the wisdom of those who have gone before you in successfully taking out an auto loan, despite their low credit score.

When it comes to taking out car loans for those with poor credit, you need to make the right decisions every step of the way. Here are 5 points of wisdom for you to follow:

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1. Choose your car wisely:

The first step in securing a car loan despite your bad credit score is to choose the right car. You need to be sure you find a car that makes you feel good – and one that will serve your needs. However, you also need to find a car that is in a low price bracket. This will give you a much better chance of qualifying for your car loan.

2. Pull your free credit report:

If you are a U.S. citizen, every year you are able to pull your credit report from each of the major 3 credit bureaus: Equifax, Experian & TransUnion. So go online and pull your report. You won’t get your credit score (without paying a bit extra), but you will have the opportunity to review your entire report(s) and look for misreported items that need to be corrected.

3. Fix up your credit report:

If you have found any items on your report(s) that need to be fixed, do not hesitate to do so right away. Write each relevant credit bureau and ask them to fix the items. Doing so could result in an improved score within a matter of weeks or less.

4. Compile a list of 5 poor credit car loan lenders:

In life and in finances, you will always benefit from improving your odds. In the world of auto loans, this means applying to as many lenders as you have time to apply to. Before you start applying to any lender, however, make it easy on yourself and prepare a list of 5 poor credit car loan lenders. Having backup lenders will help you keep your momentum going and give you the courage to follow through until you get approved for the loan you need at the right rate.

5. Apply persistently to at least 3 lenders:

Now, apply! Be sure to apply to at least 3 of the lenders on your list. To choose which 3, go to the website of each lender (from #4 above) and research it carefully. Choose the ones that look the most credible and trustworthy.

Follow these 5 points of wisdom as you apply for car loans, even if you have a bad credit score.

About the Author: Get access to more bad credit auto loan tips and lending resources at:

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Source:

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