Check on These Specs If You Are Considering Availing of Auto Loans for Bad Credit

1. July 11, 2017 Check on These Specs If You Are Considering Availing of Auto Loans for Bad Credit These days, there's practically no stopping a car buyer from getting a car of their own, not even bad credit. That's because in spite of poor credit, there are still car dealerships ready to offer auto loans to their customers. This means you have to think positive and stop assuming the worst. Page | 1

2. You Can Be Viewed a Credit Risk For Various Reasons A bad credit score is defined as a score under 620. Essentially, you have become a credit risk. This could be for several reasons. For starters, it's possible that you have been late in making payments to both your credit cards and other financial loans. It could also be that you have already maxed out your credit limit for all of your credit cards. You can also get a bad credit score if all of your bank or credit card accounts are still relatively new. That means you have not established enough credit history yet, which is why lenders may view you as a risk. Sure, you can always wait till your credit score improves before you get a car. However, if you require a car now, it's time to inquire about auto loans for bad credit. Now, the best way to approach an auto loan with bad credit is to be smart with all of your choices. In other words, you want to get the most practical vehicle as much as possible. In order to gauge this, you need to keep certain information about the car in mind. Here are some of them. Engine Size When you're not looking to put your vehicle through regular heavy duty use, power is not exactly a critical issue. In fact, if you just plan to use the car around the city, it's fine to opt for a vehicle with a smaller engine size. This is where sedans and hatchbacks come in. They may not be as powerful as trucks but they can still get you around the city effortlessly. These smaller cars have smaller sticker prices and use less gas. Capacity One of the most critical things you need to look at is the vehicle's capacity. Especially if you have a family, you need to make sure that everyone can fit comfortably inside the vehicle. At the same time, you also need to ensure that there is enough cargo space for all your stuff. If Page | 2

3. you happen to be a family of three, a sedan should be enough for your bunch. However, if you are driving around with more people, you may want to consider getting an SUV or minivan. Fuel Economy When you are trying to save money so that you can pay bills and improve your credit situation, you need to make sure you have a fuel-efficient car. You can readily check this by looking at the car's estimated miles per gallon (MPG) rating. Generally, the higher this number is, the better fuel economy it has. Keep these information in mind when you decide on what kind of vehicle you will get on a bad credit auto loan. At the same time, you may also want to consider getting a used car since it is priced much lower than brand new models. Not to mention, they come with lower insurance rates and registration fees too. Take your time in selecting the right car for you. Buy smart so you can make the most out of your loan. About McLoughlin Chevrolet: At McLoughlin Chevrolet, we like to work with our customers in order to secure their dream car even if they have bad credit. In fact, we have one of the most recommended auto loans for bad credit programs in the country. We strive to find a car loan for any credit situation. Sources: What do engine sizes actually mean?, carbuyer.co.uk Car engine sizes explained, confused.com Bad credit car loans – 9 steps to getting a car loan with bad credit, bankrate.com What Is Considered a Bad Credit Score?, privacyguard.com Page | 3