The best way to get a bad credit car loan is by using an online lending service. If you have good enough credit that you can go through a car dealership and you feel comfortable with interest rates and the lending requirements that they offer, then that may be okay for you. It's hard to say because everyone's credit is different and everything has to be evaluated on a case-by-case basis. I myself, arrange my own financing every time I purchase a vehicle and I never use dealer financing.
It's up to you.
Commonly, when you have bad credit and go through dealership financing there are many stipulations for the loan that can be a real headache to have to go through. Having to come up with a utility bill, proof of income with paycheck stubs, filling out a long list of references of friends and family that can be contacted if you ever default on the loan and many other things that you have to come up with can seem a little bit degrading. Not to mention that the interest rates that car dealerships try to get you to agree to are loaded with profit for the dealership.
You can avoid all of these headaches and get an approval much faster and easier if you use an online lending source. Some are better than others and I certainly would not recommend that you do anything that would harm you.
There are many pluses to using an online lending source for your approval and the least of these are that when you get your approval notice by e-mail, you are free to shop for your next car wherever you want to and don't have to worry about whether or not you'll get approved.
No comments:
Post a Comment