how do i get a n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
How do I get a Car Loan with Bad Credit? PowerPoint Presentation
Download Presentation
How do I get a Car Loan with Bad Credit?

Loading in 2 Seconds...

play fullscreen
1 / 8

How do I get a Car Loan with Bad Credit? - PowerPoint PPT Presentation


  • 21 Views
  • Uploaded on

Two things borrowers should keep in mind: take the time to sit down and make a budget to determine how much car they can afford, and avoid dealer financing, because it often comes at a high price.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'How do I get a Car Loan with Bad Credit?' - matthewdearth08


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
how do i get a

How Do I Get a

GET A

CAR LOAN

Even With Bad Credit

it is possible to get a good car loan with

It is possible to get a good car loan with bad credit, although it will require

some extra work. A few steps can dramatically improve the quality of used

car loans available to people with poor credit, and a wise borrower will do

his or her homework before going out to look for a car. Two things

borrowers should keep in mind: take the time to sit down and make a

budget to determine how much car they can afford, and avoid dealer

financing, because it often comes at a high price.

the first thing to do is to assess

The first thing to do is to assess how bad the situation

really is by ordering a copy of a credit report from

Equifax, Transunion, or Experian. It is important to

review the credit report for erroneous information, as

correcting this information will clean up someone's

credit history, and often result in an increase in their

credit score after a few months. People who want to

get a car loan with bad credit should also focus on

keeping their credit from getting any worse by making

payments on time and staying on top of bills. Paying

off substantial balances or reducing carried balances

on credit cars can also cause a dramatic spike in

someone's credit score, which will result in a loan with

better terms.

people who want to apply for a car loan with

People who want to apply for a car loan with bad credit

should be prepared to pay a higher interest rate than

the rate advertised by the lender, and they should also

be prepared to provide a larger down payment.

Borrowers may also find that the best rates will come

from local lenders, as they may have more flexibility

when it comes to the terms of loans for individual

borrowers. Someone with bad credit due to mistakes

made a few years ago who can provide supporting

documentation that he or she is being more

responsible today might be able to convince a loan

officer to reduce the interest at a credit union or local

bank, while a national chain will usually not

accommodate unique situations.

it is important to shop around and to actually

It is important to shop around, and to actually speak

with loan officers. The advertised rates on car loans

reflect ideal borrowers with high credit scores, but the

bank should be able to provide examples of its tiered

financing so that borrowers with bad credit can get an

idea of the kind of interest rate that they will be offered,

and how much they will need to put down to get a car

loan with bad credit. Borrowers may find that it helps

to use a car financing calculator to determine how

changes in the down payment, length of the loan, and

interest rate change the monthly payments and cost of

the loan over time. The difference between 8.75%

interest and 9% interest might not look like much on

paper, for example, but it can be huge when it comes to

loan repayment.

it is important to shop around and to actually 1

It is important to shop around, and to actually speak

with loan officers. The advertised rates on car loans

reflect ideal borrowers with high credit scores, but the

bank should be able to provide examples of its tiered

financing so that borrowers with bad credit can get an

idea of the kind of interest rate that they will be offered,

and how much they will need to put down to get a car

loan with bad credit. Borrowers may find that it helps

to use a car financing calculator to determine how

changes in the down payment, length of the loan, and

interest rate change the monthly payments and cost of

the loan over time. The difference between 8.75%

interest and 9% interest might not look like much on

paper, for example, but it can be huge when it comes to

loan repayment.

after shopping around a borrower should have

After shopping around, a borrower should have

developed a list of several lenders who will offer a car

loan with bad credit at an interest rate which seems

reasonable. Then, the borrower can ask for

“prequalification,” in which a loan officer runs the

borrower's information through the bank's system to

get an actual quote on a loan. Prequalification can alert

a buyer to how much money the bank is willing to lend,

and what kind of interest rate and repayment terms to

expect. Borrowers are by no means required or

expected to take out the full amount a bank will offer,

and since some banks overestimate the amount people

can afford, it can in fact be a bad idea to use this

number as a yardstick when looking at cars to buy.

source

Source

Image Source:

australianpremierfinance.com.au

Article Source:

wisegeek.com/how-do-i-get-a-car-loan-with-bad-credit