When you are in the market for a new or used vehicle, you are probably going to need some sort of financing. Used cars can be affordable if you take the proper measures to find the right lender for you. Not all used auto loans are treated the same, and rightfully so. Imagine if you have never missed a payment, you always have your debts paid off in a timely fashion, and have a really great credit score. If this was the case, you wouldn't have to find a car dealer who accepts people with bad credit for a guaranteed car loan. Although you would be able to get approved you would definitely have a higher interest rate due to the nature of the loan.
Having an above average credit history will really open up the doors to which lenders want your business. Leverage them against each other to try to find the best interest rates on used cars as you would qualify for financing from:
- credit unions
- car dealers (franchised and non-franchised)
- even some private lenders
Approved Auto Loans with Bad Credit
But enough with the pretty rainbows and unicorn stories, I am sure you are muttering to yourself something to the sound of "Yea, tell me more about the 1%." Well, let's cut to the chase. Getting approved for financing with bad credit is only as hard as locating where to apply. This is where used auto loans come into play, because as we were saying for people with good credit, you have many options for car loans. But with bad credit, even downright terrible credit, you still do have finance options, just not nearly as many.
Used Cars with Any Type of Credit
The beauty of financing used cars online is that there are sites that have established networks of car dealers that have setup their own subprime auto financing offices to be able to write car loans for bad credit. Some even focus the majority of their business towards bad credit. By filling out an online loan application , you are able to get matched up with the dealership that best suits your financial needs , while only filling out one application and waiting for the results.
Don't go driving around town in search of a dealership who will put you through the entire used car buying process to finally sit down for the paperwork to only get denied once again. Save yourself the time and public embarrassment by applying for used car financing from the comfort and privacy of your own home.