Bad credit auto loans

Posted by admin on April 30th, 2009 at 12:00am

Question:
Information on bad credit auto loans?
Does anybody know of any decent companies to go with for bad credit auto loans? I need a car immediately and don’t have good credit and no cash for a down payment. Is there a company that will assist us? Our poor credit is not because we don’t regularly pay our bills. There are two individuals with the same name, both are in the navy. One is discharged. The other person’s lack of payments on his bills has been associated with our credit. We have worked very hard to get most of his information out of our report but they still have been unable to get some removed as fast as others.

Answers:
We’re currently in a recession. Far too many banks and lenders have already gone out of business by making high risk loans to people with poor credit, including bad credit auto loans. When the many high risk borrowers recently defaulted on their loans, these banks and lenders lost all their revenue and went bankrupt.

No lender will currently take a high risk chance from now on. Your credit history reveals you are not to be trusted with money. Therefore nobody will provide you with a loan.

There are predatory lenders that may want to take a chance on you. However, these crooks will charge up to 99.9% APR. You must make regular payments every two weeks and if you’re one day late, they’ll repossess the car. If you agree to one of these places a $15,000 car will cost you $35,000 by the time you pay for it all. Over three hundred percent higher than the actual price. And they don’t give report to any of the three credit bureaus except when you default. Then they issue them the repossession notice.

There are millions of people still living in a dream. They still believe lenders are begging customers to borrow, even though they have poor credit. They need to realize the facts. We’re in a recession as a result of all the bad credit loans made to high risk people that have ended up in default. Your probability of getting approved with a primary or secondary lender with bad credit and no down payment is nil.

Under Cars and Bad Credit