Is it Easy to Get a Car Loan With Bad Credit

Most car shoppers that have a low credit score wonder is easy to get a car loan with bad credit? The answer to this question can be very broad as there are many variables that can be involved however, there is an easy solution.

Depending on what your credit score is, it can be nearly impossible to get a car loan at a local dealership. Don't let anybody fool you, it can be very hard with some lenders. While there are some dealerships that focus on helping people that have  bad credit, you will find that some of those dealerships that are not reputable may take advantage of your situation. This can cause a lot of frustration because the last thing that you want to do is be pressured into a car that you really don't want and into payments that you really can't afford.

While you are rebuilding your credit, the easiest way to get a car loan that will help you to reestablish your credit is through a lending network. There are some special finance car loan companies and websites that can help you to not only obtain a car loan but also, to help you reestablish her credit with reasonable interest rates and low monthly payments.

My recommendation to anyone that is wondering how easy it is to get car finance with bad credit, is to take a look at some of the opportunities that you have through online lending services. You may be surprised what is available for you in your present situation.

Instant Car Loans With Bad Credit

Getting an instant car loan when you have bad credit is like a dream come true to many Americans. There are sources and lenders now that didn't exist 5 or 10 years ago. Getting into the car you need and want now, is right at your fingertips.

With the modern information age, more and more people are turning to the internet for shopping, banking and even car loans. It's convenient, fast and saves money vs traditional lending. Loans are available for people of all income ranges, credit histories and for those with limited funds.

There are many advantages to getting an instant online car loan:

Real time, instant approvals

Lower interest rates

Down payments can be avoided

Approval is guaranteed, once issued

No waiting

You can choose where you shop for your car

The biggest advantage of getting an online approval for your next car loan is that you are not limited to a dealership inventory. Typically, when you get approved at a dealership, you're limited to the cars that one dealer has. This can be really frustrating when you have to make a choice not based on what you want, but based on what you're approved for. Arranging your instant financing online gives you the freedom to choose to buy your next vehicle, wherever you wish. This allows you to shop local auto shoppers and classifieds, look for cars for sale by private owners or use online car auction sites to snag a great deal. Avoiding the headaches of repeated credit applications is a plus, as well.

Instant Approval Car Loans After Bankruptcy

Chapter 7 bankruptcies and more commonly, chapter 13 bankruptcies leave a mark on your credit report that lasts for 7 to 10 years. Obviously, you're going to need a car loan before those 7 to 10 years are over. So where can you go to get an instant approval for a car loan after you have had a bankruptcy.

The first thing you need to understand and keep in mind is that your bankruptcy has to be completely closed, discharged and over with, before you can logically expect to be able to obtain auto financing anywhere. While it has been said that there are some finance companies that will give you a car loan while you're still in a bankruptcy, you don't even want to think about how high those interest rates are and the terms of those types of loans.

So if your bankruptcy is fully discharged or dismissed and is completely over with then you can obtain instant approval auto financing. While your local dealership may not be able to do this for you, there are legit lending networks and lending services on the Internet that can help you to get what you need. Keep in mind, just like everything else and every other opportunity that you come across, you cannot trust everything as being legit.

Getting in instant approval online is very simple and you may be surprised that you can actually get better terms than you may be expecting. As always, it's a good idea to shop around even when you have bad credit.

Info on Bad Credit Car Loans For People That Have Low Income

If you have bad credit and a low income, it's very challenging to get approved for a car loan. This article looks at the basic requirements set forth by companies that do offer auto financing for people in this situation.

If you have low income and are in need of a car loan with bad credit, there are a few options that are available to you. Buy here, pay here car dealerships, local banks and online financing solutions have various pros and cons while online opportunities through companies that have low income requirements may be the most convenient solution.

In-House Dealer Financing

Buy here, pay here car dealerships are car lots that offer to finance their own vehicles without a credit check. A minimum down payment is required in most cases and payments can be made on a weekly, biweekly or monthly basis. The interest rates and prices are usually high, so this option is something that should be considered a last resort.

Your Local Bank

Local banks or credit unions have different loan requirements so you will need to consult with your local resources. If you have an account with a local bank or credit union, then you may find favor when applying locally at one of these locations.

Looking Online

Online financing options for people that have bad credit can offer you an opportunity to be matched with an auto lender that caters to people in your particular situation. Some lenders work with marginal, fair and bad credit, and each lender is different. Some sites have large databases of lenders that you can be matched with based upon lender approval criteria and your credit and income. A low minimum income of $1500.00 per month is required. Bankruptcies must be discharged and repossessions are ok, so long as some requirements are met.

If You've Got Bad Credit, Get Car Financing Right Now With Special Finance!

Regardless of the bad marks on your credit report, you can get approved for a car loan, online. Any bankruptcy that you have must be either discharged or dismissed and you have to be 18 and over. Monthly payments are based on your monthly income.

So many people have bad credit these days and it's fortunate that there are loan companies popping up on the internet that offer solutions. With so many people banking, shopping and meeting friends on the internet, it makes sense that car loans are available online, too. It's convenient and allows you to choose where you want to shop for and buy your next car. The days of having to sit in line at a bank or in a car lot waiting room to get approved are over.

Qualifying is easy and online lenders are available for people of all credit scores. You don't have to be embarrassed about your credit. With the state of the economy now, you may be surprised that people with credit problems are becoming the majority, rather than the minority.

To qualify with most reputable online lending services:

You must be 18 or older

You must be a U.S. Citizen

You must have a valid social security number

You must have a valid driver's license

Any bankruptcy must be discharged or dismissed

If you think that you would like to get a car loan online, you open up new possibilities for yourself. You can not only buy a car at the dealership that turned you down, you can choose to buy your car from whoever and wherever you choose.

If You Have Bad Credit and Need a Car Loan - You Don't Have to Wait to Get Approved For Financing!

For people that have good credit, they can just walk into any dealership, pick out a car and drive away with what they want. When you have bad credit, it's an entirely different experience and one that can leave you feeling pretty low.

What is even worse is that it seems as if you'll have to wait a few years before your credit will improve enough that you can get a good car loan.

Getting a good car loan is much easier than you may be thinking. By using online car loan companies, you are able to get a faster and a better approval. You can also get better terms and eliminate the need for a cash down payment.

A lot of salespeople will try to encourage you to pick out and drive a vehicle before the financing process has even begun. This is because they want you to be emotionally involved in the sale. It is to your advantage to prearrange your loan approval before this happens.

Here are a few tips to help.

Don't be fooled into thinking that you have to purchase a warranty for used vehicle as a stipulation of your loan. This is not the case, although dealerships will commonly make you feel obligated to purchase one.

You can save alot of money on a car purchase, simply by backing out of the deal when you get to the finance office. Keep in mind though, they may try to call your bluff and not come down on the price or the interest rates. One way to ensure that you get the best deal on financing is to arrange your loan before you head to the dealership. If you have bad credit, there are some good sources on the internet that can help you.

I'd Get Fired If I Told You This About Bad Credit Car Loans

As a former car salesman, sales manager and finance manager, I can tell you things about buying and selling cars that you've probably never even imagined happen on car lots. Here's another that you may find interesting.

When a customer is approved for a bad credit car loan, there are generally stipulations in the approval that the dealer must abide by in order to get the "deal funded". Getting the deal funded simply means getting paid for the car by the loan company, which holds the title for the borrower.

These stipulations are commonly known as...

Proof of residence required

Proof of income required

Previous year tax returns required

80% advance

90% advance

95% advance

There are others, but let's take a look at the "80% advance"...

Let's say that you're looking to buy a car that is priced at $10,000.00. Your loan application has been approved and there is a stipulation that the loan company will only provide an 80% advance. What this means is, that the loan company is only going to give the dealership $8,000.00 for the car. The other $2,000.00 (which you will be paying payments on) is the responsibility of the dealer. This means that the dealer is telling you that he's selling you the car at $10,000.00, but in reality, he's only getting paid 80% of that.

So where does the other 20% come from? How does the dealer get paid the other $2,000.00? He's got to make a profit, right?

Well, if you have a trade in that's worth $5,000.00, he may tell you that it's only worth $3,000.00. The difference between the trade in "allowance" and the ACV or "actual cash value" of your car, makes up the difference. He allows you $3,000.00 for your car, when it's really worth $5,000.00 on trade. Make sense? The dealer gets the other 20% that the loan company won't advance on the loan by manipulating the numbers.

That my friend, is something I would have gotten fired over for telling a customer.

You can bypass dealer financing by arranging your auto loan online. There are companies that specialize in helping people with bad credit, get approved for no money down car loans.

I Need a Car Loan But I Have Poor Credit

Even if you've been turned down for an auto due to poor credit, you'll be happy to know that there are lending sources online that are willing to help you get into an auto loan with little to no money down. Credit problems have held many people back from being able to take advantage of recent rebate programs funded by the government. There are still people that are in need of auto financing.

People that are still in need of auto financing will find that qualifying for a real car loan is simple. There is no need to use a buy here pay here type of car dealership, as real financing is now possible.

People that have good credit have to meet very strict guidelines in order to obtain a prime interest rate. The qualifications and standards for getting approved through lending sources online for bad credit, are much different. You can get a better interest rate with a company that specializes in helping people with poor credit.

Allowing you to re-establish your credit history with a real car loan, these types of lenders make getting approved so much easier. There is no need for the frustration of going lot to lot, looking for a deal or approval. The deal and credit offer comes to you with these types of lenders. It's so much simpler and can make the car buying experience so much more pleasant. There's just no need to have to worry about getting approved for the car that you're looking for when you know in advance.

I Need a Car Loan and I Have a Bad Credit Rating!

Obtaining car finance when you have bad credit rating can be very difficult. Many people find themselves applying a car dealerships only to get turned down. There are a few things you need to know that will help you along your way. Knowing where you can get approved will help you out a lot. The truth is that not all lenders will approve you and you need to focus on most lenders that are most likely to provide you with financing.

Car finance companies that exclusively work with people that have a bad credit rating, is the ticket for you. Don't waste your time with companies that are more geared for people that have good credit.

While there are some companies that can help folks that have marginal credit, the majority of them are to be really tough to get approved with. The best thing for you is a car loan company that does nothing but, process bad credit car loan applications all day long. It's not a challenge for them.

These types of companies do it every day and have no problem getting you together with the auto loan company that is best suited for you. What could make things he easier for you? If you have a bad credit rating, there's really no better option.

An added benefit of initiating the financing end of the car purchase online, is that you can avoid the pressure of dealing with salespeople in the dealership. You're able to take an honest look at your finances, see what you can qualify for ahead of time, and make a more educated, informed decision about your purchase.

I Need a Bad Credit Car Loan With No Down Payment

Dealers just don't give you as much respect, it seems, when you have bad credit.

You test drive a car, fill out a credit application and in about 5 minutes, that big smile on the salesman's face seems to turn down a bit. He's telling you that you've got credit problems and "We'll have to see if we can get you approved".

He then takes you from the car you really wanted and walks you over to three or four older cars that you can choose from. "How much money do you have for a down payment?", he asks.

You're frustrated and confused. The sale price, the payments, the interest rate, the attitude that you can sense from the finance manager... it all seems, unfair. 

You know you can make the payments on that newer model. You know you can. It's just that past problems are getting in the way. There were reasons that you couldn't pay your bills before and now you're ok. It's just that credit report that everyone thinks is a measure of your worth.

It's not the end of the world and you can avoid all of these headaches and frustration. There is a better way.

You can get approved for the car you want, regardless of past credit problems. Yes, you can. Do you have a job? Your job is your good credit. It's simply a matter of knowing where to get this easy financing. No money down is required, by the way.

Foreclosure? Repossession? Bankruptcy? Getting approved online is the easiest way to get into the car you want with a lower interest rate and without a down payment. The secret is to work with an online finance company that actually specializes in helping people with bad credit get a second chance at auto finance.

I Have Bad Credit and I Want a Legitimate Car Loan Online With No Down Payment and No Gimmicks!

Smoke and mirrors. That's what I think of when I look at some websites on the internet. When you've got bad credit and you're looking for a real car loan without hassles and gimmicks, it's tough sometimes knowing where to turn. It seems like there are thousands of websites on the internet and it's just tough knowing what is real and what isn't.

Well, you'll find that there are some good companies, but it's like trying to find a needle in a haystack, as the old saying goes. Here's a few tips that will help you in being certain that a company that offers bad credit auto loans is legitimate and isn't just trying to snag your wallet.

1) Is the company registered with the BBB Online (Better Business Bureau Online) and for how long? This is a good indication of legitimacy as any company that been in business online for any length of time will be registered.

2) Does the company have a long, long track record of helping people to get approved? Or, have they just popped up yesterday and are new to this business? What accomplishments have they made in respect to getting auto loans approved?

3) Do they offer real auto loans or are they just in the business of generating leads for auto dealerships? There's nothing worse than wasting your time filling out a form in the hopes of getting a loan, only to get a car from a dealer trying to sell you a car.

4) Can they truly offer a no money down auto loan package, or is that just another advertising gimmick? Always read the fine print.

If you have bad credit and want a real car loan, there are some legitimate companies online that can provide you with an auto loan with little to no down payment. Even if you've had a bankruptcy, repossession or a foreclosure.

Finding them though - that's another story.

I Can't Get Approved For a Car Loan - What Should I Do

If you haven't been able to get approved for a car loan in your local area, it may simply be that the dealerships that you've been dealing with don't have the lending resources to help you. There are lenders for everyone and if this is the case for you, online lending sources that offer legitimate auto financing options for people with bad credit can be the best solution for many people.

You will find that dealerships in your area all deal with different lenders. Sometimes new car dealership have more resources available to them than standalone used car dealers. Either way, you can benefit from using a lending network that has thousands of dealers and lenders at their disposal to get you approved.

Don't be discouraged.

You just haven't been to the right place yet. Have you had a repossession? If it hasn't been included in a bankruptcy, then it needs to have been 12 months ago, at a minimum. If it was included in a recent bankruptcy, then that's ok.

You also have to consider income requirements. You need to have $1,700.00 or more in personal or household income to qualify for most auto loan programs that help people with bad credit.

You will have to have a job. No one will extend credit to you for a car or a credit card if you don't have a source of income. This can however, be social security or disability income if that may be a situation that you are dealing with.

How to Get Out of a Car Loan When You Just Bought Your Car

There used to be a man in Valdosta, Georgia that had the nickname of "Torch". Torch was a big guy, and that's about all of the description that I'll tell you. I've heard, but never seen, that you could give Torch $600.00 in old $20.00 bills and he'ld take care of your car loan for you. For another $400.00, the car was guaranteed to never be found. Torch is now in federal prison.

Wanting to get out of a car loan right after you've bought your car is simple if you act fast.

If you just bought the car at a dealership within the last couple days to a week, you can get out of your loan. The dealer won't tell you this, but all you have to do is call the finance company that the contract is with and tell them that you feel that you were misled about the car by the dealership. Tell them that you are returning the car to the dealer in the original condition and that you will absolutely not pay the loan if they send it through. Trust me, this will have their attention and they absolutely would rather back your contract out of their system than to have an instant repo on their hands. This works only if they have not yet sent a check to the dealer for the car. Don't ask them if they have or not because they can cancel the check to the dealer, easily to avoid an instant repossession.

Trust me, it works if you act quick.

How to Get Instant Approval Auto Financing For People That Have Bad Credit

When you have bad credit, getting approved for an auto loan can be a very frustrating experience. Most all car lots offer auto financing through a dealer network of lenders, but it can take quite some time for you to get in approval and no one wants to sit and wait only to get bad news. Sometimes dealers will do what is called a spot delivery, without authorization from the financial institution, which can lead to you having to take the vehicle back if your financing falls through.

Other options that are available to you include online auto financing. Getting approved over the Internet is a much faster process, as with legitimate sources there are numerous lenders that are waiting and standing by to give you approval. Credit applications are constantly reviewed and it is a very fast-paced business.

Before you set out going from dealership to dealership looking for approval, possibly you would wish to explore the opportunities that are available to you with online auto financing. You may find that you will be in a much better position to get approved. You will also be in a better position to negotiate the price of a car as well as your auto loan rate. This gives people that have bad credit a significant advantage when it comes to purchasing a car.

By far, the quickest and fastest way to get approved for an auto loan when you have bad credit is by using an online lending service. Not only will you be able to obtain a lower auto loan rate by cutting out the middleman, you'll be able to get a faster response to your application.