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1. Client Login +1 (800) 830-0488 Call Us Now HOME PRICINGS & SERVICES WORK WITH US CONTACT BECOME AN AFFILIATE BLOG More All Posts BASICS HOW TO.. Ben Anthoine / Yotis Tonnelier Mar 28 3 min read HOW TO GET A CAR LOAN WITH A BAD CREDIT SCORE? If you are heading towards buying a new car, it is important to keep in mind that your credit history plays an important role for a car loan approval and also impacts the interest cost you pay for your purchase. Getting a car is not an easy job with bad credit. Bad credit can also push aside your stable income and good job history. It is not easy to get a car loan with poor credit score as it can stand strong in the way of your new wheel set firmly. If you have bad credit, get prepared to shop on a higher cost. STEPS TO GET CAR LOAN WITH POOR CREDIT SCORE: Below we have summarized basic gate way to get your car loan in an easy way even if you are struggling with bad credit. 1. Work on your credit first: If you are planning to get a car loan, have a look at your credit report at first. You should have a close eye on your report even months or an year before actually getting it. If your report needs a clean-up, go for that first. Credit report clean-up includes paying off past due accounts, adding positive information to your credit report and disputing credit report errors. TIP: If you have a clean report before applying for a loan, it will give you better chance of getting approved with good terms. 2. Check current interest rate: It is recommended to check online for the latest average auto loan rates. Doing this, you can understand better about what rate you should expect. With a good credit score, you will have better chance to qualify for a below average rate. On the other hand, if you have a bad credit, you will definitely have to pay a higher interest rate. 3. Avoid adding more bad credit items: When you are moving towards a new car, make sure you behave your best. Avoid any kind late payments, avoid getting any further major credit obligations (like new credit cards), etc. 4. Get pre-approved: You can shop more realistically if you have a pre-approved loan amount. It is better to talk with your credit union or the bank about getting car loan and find out the procedure to get pre-approved. 5. Read the paper work properly: Loan documents are not easy to read, but they are also not impossible to understand. Take your time and read all the terms and conditions of the loan paper. Make sure that the paperwork matches what your dealer said verbally. Only sign when you agree to all the terms and understood them correctly. 6. Watch out from SCAMS: If you are someone with bad credit, consider yourself top target of the scammers. Bad credit holders are target of countless scam. No matter how desperately you need the new vehicle, be patient and take your time to make the most financially sound decision. 7. Skip the extras: When you are buying a car with bad credit, be mature and skip the extras features happily. This is because your bad credit will not let you get approved for high loan amount. In this case leather seats, sun-roof, and a good speaker system may not be available for you. Do not make your loan payment higher by adding these features when you already have to pay a higher cost due to bad credit. Keep it low! Other than all the above steps discussed, the best you can do to fix your credit is contact Credit Elites. Get your free consultation now! Call (800) 358-0236 Visit www.creditelites.com RELATED ARTICLES: ARE YOU ELIGIBLE UNDER THE SBA LOAN REQUIREMENTS? SBA PROGRAMS WHAT IT TAKES TO MEASURE YOUR CREDIT SCORE? HOW TO.. 0 views HOME PRICINGS & SERVICES WORK WITH US CONTACT BECOME AN AFFILIATE BLOG More © 2020 by www.creditelites.com