A fair credit rating usually consists of a mix of good and bad accounts. Late payments, medical collections and other blemishes on your credit report without any major disasters, is usually referred to as a "fair rating". This can lead to difficulty when applying for a good auto loan rate.
The type of lender that you use makes a big difference when getting approved for more reasonable interest rates and payment terms. Major banks and financial institutions are becoming more strict about minimum credit score requirements for auto loans. Depending on what is on your individual report, you may not be able to get approved at all with one of the mainstream lenders.
Online auto financing and lending services can provide a good option. Being able to be matched with a lender that will approve you, based on your credit history and income level, can make life easier.
There are special finance programs for people of all credit scores. Some lenders don't even use your score as the determining factor in approving you loan.
There are a few good sources online that can help you to get approved quicker and also, will allow you to compare offers from multiple loan companies. This certainly makes getting a better deal much easier.
It's always best to do your homework so that you can make a wise decision as to who you apply with and what type of vehicle that you purchase. The make, model and year of vehicle can make a bigger difference in the interest rate that you can qualify for, than your credit score can. There are many factors involved when it comes to getting a car with a fair credit history, but don't dismay. There are great resources available to you online.
No comments:
Post a Comment