Used Auto Loans with Bad Credit
Getting approved for used car loans with bad credit can be easier than most assume. Even with a history of late and missing payments, there are still avenues that one can take to get approved for auto credit with the worst of credit histories.
Time and time again we see people with bad credit driving around, stopping at every car dealer in eyesight hoping to find one that will approve an auto loan for a used car. Submitting auto finance applications wildly will not only start to slowly chip away at your credit score, but frankly it can be a waste of time. Traditional car dealers hardly accept people with credit problems for their financing options if the dealership is not set up to provide their own subprime car loans. This is mainly due to the high risk associated with lending to people with a poor credit score, which most banks will not approve.
Finding a dealership that does not use a bank or other 3rd party lender for their auto financing but rather uses their own poor credit financing office will be able to provide financing to who ever it see’s fit; heck, they don’t even need to check a credit score to approve you. Imagine getting approved for an auto loan that is not based off your credit score.
No Credit Check Car Loans Do Exist… but…
This type of auto loan should be a last ditch effort to get approved for used car financing. People with horrible credit can even get approved easily with this type of loan, but don’t jump the gun before weighing out other options because of the availability. More often than not, car dealers that offer auto loans without a credit check will not report on-time payments to the major credit bureaus at all.
So even after making all of your payments in-full and on time, your credit score will not be influenced. But take note that some of these dealers will indeed check your credit not to decide whether to approve or deny you, but rather to verify your identity when issuing your financing.
Online car loans for bad credit are some of the easiest car loans to get approved for with a damaged credit score, apply online today!
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