In the old days of bad credit car financing, you were limited to a few cars on the car lot that the dealer tells you that you can get approved for. Worse is when you had to use a buy here pay here lot because you couldn't get approved for anything through a regular dealership.
Those days are gone and there is GREAT news for you!
Now, even with horrible credit, you can fill out one application online and have multiple finance companies competing for your business. When they compete, they offer lower interest rates and especially lower payments, which is what you want anyway, right?
Having bad credit, you are probably discouraged and think that you'll be that one person that doesn't get approved and don't want to get your hopes up. I'm proud to tell you that 99% of people that apply for car loans online through special finance companies get approved. It may not be for a $40,000.00 automobile, but you can get approved for a good vehicle based on your income.
Interest rates are much lower with online finance companies that specialize in helping people that have credit problems. Payments are lower because of this and there usually is no need for a down payment.
When you have your own financing arranged before you go to a dealership to shop, you can focus on negotiating price with the dealer, rather than them controlling the situation by hanging "loan approval" over your head. It's a relaxing feeling to walk into a dealership and make an offer, rather than being told what you can and cannot buy.
Bad credit car financing isn't that hard. You just need to use a lender that specializes in helping people that are in your situation.
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