Can I Get a Bad Credit Car Loan With a Credit Score of 550 and If So What Does it Take to Qualify

If you have a credit score in the 480 to 620 range and are looking for auto financing, you've probably gotten a bit irritated with the answers that you've been given at local car dealerships. Usually, they don't have the lenders and the resources needed to get someone approved that has that low of a credit score, without your having to pay really high interest rates.

With really bad credit, you have to use lenders that specialize in helping people that are in this situation, and frequently your local dealership may not have the answers that you need.

With a credit score of 550, you'll need to meet some basic lending requirements in order to get approved. You should be aware that there are sources online that can provide legitimate auto financing for you, but you will have to meet some basic guidelines.

There are programs available through select lenders that will allow you to get a car with little to no down payment. Although you may not qualify for a $40,000.00 vehicle, getting a reasonably priced auto with payments that are affordable is well within reach.

Yes - you can get approved with a credit score of 550. You can actually get approved with a credit score BELOW 550 if you use the right lenders.

Here's a sample of the typical requirements to get qualified with a good online lender...

1) You have to be 18 years old.

2) You must have a j.o.b. (just over broke) and make at least $1700 per month. If you make more than that, you'll probably qualify for better programs.

3) If you have a repossession, it needs to have been either over 12 months ago - or it needs to have been a part of a bankruptcy.

4) If you have had a bankruptcy - it needs to be completed. The meeting of creditors needs to be completed and you should have no further obligations. There is one exception... if you're in a chapter 13 bankruptcy, there are lenders that will approve you if you have permission from the court to incur new debt.

That's the basic requirements for getting approved with some of the better online lenders. An auto loan is a "secure" loan, as there is collateral - which makes getting approved for a car, easier than a credit card.

So if you have bad credit, you should definitely explore online auto financing. There are companies on the internet that are eager to help you... they're just waiting for you to find them.

Buying a Vehicle After Bankruptcy - Is it Possible to Get a Reasonable Interest Rate

Depending upon whether or not you filed a Chapter 7 or Chapter 13 bankruptcy, auto financing is available for you however, not everywhere. The fact is simply that there are very few lenders that will offer you reasonable interest rates and payment terms without asking for a very large down payment. This is for obvious reasons as if you have gone through bankruptcy, you have demonstrated financial instability. The good news is that there are lenders that are willing to help you, it's just a matter of finding them. For many people that do not have specialized lenders in their areas that focus on helping people after a bankruptcy discharge, it can seem like there is nowhere to turn.

With so many people filing bankruptcy in America, due to the meltdown of the economy, there are lenders that are specialized and arranging auto loans for people in this situation. One thing that you have to keep in mind is to make sure that you're avoiding any lenders that engage in predatory lending practices. These are readily identifiable based upon the high interest rates and enormous down payments that are requested.

With some companies helping people after bankruptcy, it provides a good opportunity to rebuild your credit while driving a good vehicle that you can be proud to own. There is nothing worse than making high payments on something that you don't like to begin with. Fortunately there is help available and a few simply apply, you may be very surprised at exactly what you can qualify for based on your job time and income.

Buying a Car With Zero Credit With No Money Down

When you first start off in life and don't have any credit it can seem a little bit overwhelming to think about having to fill out a credit application and wondering where in the world are you going to go to get approved for car loan. This can seem very intimidating if you don't have any experience with car finance. Having zero credit however, can actually help you out in contrast to, people that have bad credit and are looking to get the same loan.

Getting approved with zero credit is actually not that hard. Rather then your past credit history qualifying you for car loan, your job and your time at your residence are your good credit. Many lenders have a lot of respect for young people that are working hard and are looking for an opportunity to get their first car loan. There are in fact a few sources on the Internet that can help you do just that.

You can get a low interest rate and a down payment is not required, so long as, the price of the vehicle that you are wanting to buy is reasonable. A brand-new car is a very good choice for you and the lender, because a new car warranty means that you will not have to come out of pocket for car repairs. Lenders like the idea of you having more money available each month to make your payment and not having to pay for costly repairs, allows you to do that.

Buying a Car With Bad Credit - What Options Are Available For You

One of the most you're taking experiences that someone could go through when they have bad credit is being turned down at a car dealership. There is no doubt that there is just no feeling like it. This can leave you wandering around the Internet trying to find answers about how to get approved.

The good news is that there are answers for you on the Internet. Not only is a good information about buying cars in general but there are also legitimate sources that you can use to obtain auto financing even with bad credit.

Most people have their priorities backwards when it comes to buying a car. They look pick out a car, then they try to get financed for it. In reality, this is the opposite of what you should be doing.

You should avoid the purchase of any type of finance product in a dealership finance department. You will be much better off buying these types of things on your own. These include gap insurance, credit life insurance, and extended car warranties.

Also, keep in mind that down payments are only needed under certain circumstances. You don't have to put money down if the price of the vehicle is in line with the true loan value of the car. This is certainly the case when it comes to true secondary lenders that specialize in working with folks that have credit problems. You can do much better than you may think and the benefits of online auto finance are tremendous.

Buying a Car With Bad Credit - Getting Approved Online

When you get decline for auto financing at a car dealership because you have poor credit, it can leave you feeling like the world is ended. It hasn't though, although it may certainly feel like it. This, causing a lot of frustration, can leave you with a lot of unanswered questions.

Those unanswered questions can be answered with opportunities that are available to you online with bad credit auto financing through specialized lenders. Special finance companies are available to help you.

A lot of folks put the cart before the horse, so to speak, when it comes to purchasing a vehicle. They choose the car that they want to buy, then they try to get approved for it. When you have bad credit, this is not the way to go about it.

Keep the following things in mind when shopping for a car.

If you do find yourself in a dealership finance department, you will do much better to not purchase any additional extended warranties or insurance coverages without first seeing what is available through other sources.

Also, remember not to get caught up negotiating payments. That's a standard dealership ploy to keep you distracted from the actual price of the car. Negotiate sale price first, then everything else, second.

You don't have to accept the first or second deal that the dealership offers you for financing. You can get a better deal elsewhere if you just explore options that are available to you on the internet. Not only will you get a better rate, you'll be able to negotiate price better with the dealer.

Buying a Car When You Have Credit Problems

Did you know that the majority of people in the United States now have bad credit? Whether being due to the economy, job layoffs, irresponsibility of youth or other reasons, the majority now have bad credit.

Does this mean that you can't get approved for a car loan with bad credit?

No.

It just means that you have to know what you're doing and where to do it. If you rely on a dealership finance department to get you approved, then not only will it be less likely that you'll be approved for the car you want, you may not get approved at all. If approved, you can bet on one thing... you'll pay a much higher interest rate using a dealer finance department than if you get your own financing outside of the dealership.

Did you know that it's much easier to get an auto loan online than it is walking into a bank? If you have a job, you're approved... it's just a matter of how much you're approved for. Interest rates are lower with online car loans and that means lower payments, too!

Don't be discouraged thinking that you can't have what you want. You probably can. It's just a matter of understanding the system and knowing what to do and what to avoid.

If you've got bad credit and want a car loan, the last place you should depend on to get you a good deal on car financing is the dealership. Deal directly with lenders and you'll save money with an easier approval.

Buy Here, Pay Here Dealers & No Money Down - Lower Payment Alternatives

So you've got bad credit. You've had some mistakes, maybe some major credit problems and you're thinking that you have to use buy here pay here dealers in order to get a car. You're shopping around, trying to find a good deal.

Good luck.

Buy here pay here dealers charge thousands more for cars than they would ever sell for at a regular car dealership. Why is that? It's because you are desperate to get approved and think you don't have any other option.

You have a much better option.

Regardless of your past credit problems, there is a much easier alternative to using a car lot that offers "in house" financing. You can get approved online. Yes. It is so easy. There are finance companies that specialize in helping people with bad credit, get approved and in the car that they really want.

You can get in the car you want with no money down, with lower payments and a lower interest rate without having to be humiliated. It is so easy to get approved with an online finance company that works with people with horrible credit. Basically, the car is the loan collateral and your job is your credit.

The benefit of getting approved online is that you can take an approval letter into any car dealership and simply negotiate the price of the car. When asked to fill out a credit application, just tell them that you already have your financing arranged and you're just looking for the best price. It's a great feeling.

Buy Here Pay Here Dealers & No Money Down Bad Credit Car Loans

Buy here pay here dealers are known to require a down payment. In many cases, the down payment covers the amount that the dealer paid for the car and the rest, that you make in payments, is profit. Not all dealers operate this way, however it's a common practice.

As dealers that offer in house financing determine how much they will loan on a vehicle, you can expect that the price they charge you is much higher than what they would be able to get for the vehicle if they were to sell it cash. The reason is simple. Most customers at a buy here/pay here car lot are buying based on payments, not price.

These types of car lots are a last resort for people that have credit problems and have been turned down by other car dealerships. What many of these customers don't know is that if they had done their homework, they would have realized they could get financed easily through a company that specializes in helping people with bad credit, get car loans. They could have saved their money they used for the down payment, also.

If you want a no down payment car loan... you can get it, so long as you have a job. You must be 18 years or older and be a U.S. Citizen. A valid drivers license is required, of course.

Regardless of past credit problems, bankruptcies, repossessions, foreclosures and the like, you can get approved online for a bad credit car loan. There are a couple companies that offer this service. The benefits of getting a car loan online are tremendous. It frees you from having to put down a down payment and you can choose to buy your car anywhere you want to.

Buy here pay here car dealers are like everything else in life, some are good and some should be avoided. Your best bet is to seek out your own financing with a company that specializes in helping people like you. It's easy, it will save you a lot of money both by avoiding a down payment and by avoiding the tremendous finance charges you would pay.

Buy Here Pay Here Car Lots That Advertise - We Finance Anyone

Some car lots advertise with the generic slogan of "we finance anyone". Are these car lots that provide guaranteed car loans for people with bad credit, worth looking at? Is this a viable option for you if you have a low credit rating? Let's take a quick look into the world of buy here pay here financing.

Buy here pay here financing is similar to putting a vehicle on layaway until it's paid for. The difference is that you are able to drive the vehicle and pay interest on the balance. It's not a real car loan and there's not a real loan company involved.

Being that there isn't a real loan company involved, you can really lose your shirt with the down payments that these places want for cars. What's worse, is that you usually end up paying for a down payment, what you could buy a car on the street for that is a similar make and model with comparable mileage.

There's really nothing worse than having given over your hard earned cash for a down payment, driving away only to realize later that you've been had. The money for the down payment is lost, you owe more on the vehicle than it's worth, so it's pay the payments or not. Not paying the payments is a definite loss, so it's a catch 22 situation.

If you have credit problems, you'll do much better to check out lending services that provide financing for bad credit. You may have been turned down locally at regular car dealerships. There are companies though, that can approve you for a real car loan, when others can't.

Buy Here Pay Here Car Lot (BHPH Dealers)

You're sitting there at your computer and looking for a way to get a car because you have bad credit and you don't really think you have very many options. It's frustrating. Buy Here Pay Here car lots (BHPH Dealers) are not the answer to your problem.

Regardless of how horrible and mangled your credit history may be, there are a few loan companies that specialize in helping people with horrible credit get quick car loans. Whether you've had repossessions, foreclosures, bankruptcies, collections, judgments, liens or mistakes, it doesn't matter. You can get approved.

Getting approved online is fast, simple and quick and only requires you to have a job, be over 18 and be a U.S. Citizen. A valid driver's license is required.

Once you have your pre approval letter (printable online), you simply go shopping. Wouldn't it be a great feeling to be able to walk into any dealership and pick out a car? Wouldn't it be great to be able to negotiate the price of that car and make an offer on it? This is much better than having to drive a car, get your hopes up only to get turned down!

Getting approved online is so much easier than getting approved through a buy here pay here car lot. Loan companies for second and third chance finance actually prefer to deal with you directly, rather than through a third party (dealership). You can get approved and the only reason that you think you can't is because of what others have told you.

Get your confidence together and apply for a car loan online.You can avoid bhph dealers.

Buy Here Pay Here Autos - Dealers That Finance Their Own Cars

If you have credit problems, you may be considering "Buy Here, Pay Here Autos" as a solution. Although it may be tempting, you may find that upon learning a few facts, that this type of establishment does not fit within a positive financial outlook. This article will explain a few key points to consider when looking at the prospect of using dealerships that finance their own cars.

Buy here pay here is a form of auto financing that involves the dealer holding the title to the vehicle until it is paid for. Payment arrangements are made between you and the dealer, and if you default, the vehicle is quickly repossessed. Generally, there are no credit checks involved and it's simple to get buy here, pay here financing with a down payment.

Hold it right there, cowboy.

Down payments are always required at these types of car lots. Autos sold at buy here pay here lots are typically cars that cannot be sold by normal dealerships. They are purchased at car auctions cheap, and usually the amount requested for a down payment equals a good portion of what the dealer paid for the car. What you pay in car payments and interest, is primarily profit.

As there are no third party banks involved in the financing, the dealer has no loan value that has to be considered in the sale. Autos that normally would only be sold for $3,000.00 by a private owner, have been sold by these types of dealers for as much as, $8,000.00. That is excluding interest charges, which can be equal to 30% in some states.

If you have credit problems, you may find that avoiding those types of establishments will be of tremendous benefit. They will not help you to repair your credit, and there are better options available online with legitimate, reputable lending services that are in business to help you to avoid those types of catastrophic financial mistakes. Real auto financing is obtainable, even with a low credit score and buy here pay here autos is rarely ever needed.

Buy Here Pay Here & Second Chance Auto Finance Dealers

If you have suffered with credit problems of any magnitude, it is probably crossed your mind that buy here pay here financing may be something that you need to consider. Second chance finance car dealerships that offer to finance their own cars without a credit check can be very appealing at first glance. It is when you delve deeper into these types of financing schemes, that you realize that these are typically predatory lending outfits that will add no light to your financial future.

Buy here pay here dealerships buy cheap cars at car auctions and resell them to the public for several times what they pay for the vehicles. They cater to people that are in desperate situations and don't feel that they have any other option. As these people don't feel that they have any other choice, they are normally asked to pay insanely high interest rates. Add to that, that the price of the vehicle is normally inflated thousands of dollars above and beyond what it should be sold for, you will end up paying more in profit to the dealership then you can imagine.

What further compounds this, is that buy here pay here dealerships have a 30% or higher repossession rate. This is not because of two and three monthly payments, this is simply from payments that are a couple weeks late. In other words, if you are late on a payment you can expect to repo truck to snatch your vehicle so the dealer can resell it to the next guy.

Buy here pay here dealers can be avoided. There are companies that are able to help people with bad credit to get into good auto loans that will help you to rebuild your credit.