Getting a car loan if you have a bad credit rating to be difficult if you don't know where to turn. Every lender is different. You have to know what type of lender that you need to apply with in order to secure financing. It's not as difficult as it may sound, though.
Most people think that it is really difficult. This is because they've been looking for car credit and all the wrong places. If you've been looking for your local dealership to get your car loan done, then you may have realized that sometimes they just do not have the power to do it. It's really up to the loan companies. The dealership doesn't actually approve you. It's the loan company that does.
Going around the dealership, and dealing with direct auto loan lenders that get people like you approved every day, is the real solution. By dealing directly with bad credit auto lenders, you are able to avoid the dealership interest rate mark-ups and get the real interest rate. Did you know that when a dealer marks up your interest rate, it can add a hundred dollars or more to your monthly car payment? Sad, but true. Getting a lower rate is one of the biggest advantages to dealing with lenders direct, aside from getting a quicker and easier approval.
You can also eliminate the need for an outrageous down payment. Most of the time, good companies online are able to provide you with a car loan with little to absolutely no money down.
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