Car Loans For People With Bad Credit

Posted by admin on October 25th, 2008 at 12:00am

Question:
Car Loans for people with bad credit?
My wife and I are about to buy a used vehicle. We’ve been conducting our research and submitting online car dealerships financing applications and we have not been approved. My wife’s credit score is 630 and mine is in the middle 500s. We own a car that we will want to trade in to assist with the down payment we currently have which is approximately $2000. I understandbanks have tightened up on their lending ability. Does anybody know of any legitimate services offering car loans for people with credit? Any information will be appreciated.

Answers:
There are a large number of banks that issue car loans for people with bad credit. The two ideal options are:
1. Go to a very big dealership that says they help people with credit problems in their advertisements. A large dealership will typically have more banks they work with, more skilled leading specialists on staff, and much better relationships with the banks.
2. Issue a high down payment. The extra money you put down, the better your chances are that the bank is to give you the loan.

Also, keep in mind two other things:
1. Based on current rebate offers, a new vehicle may be more simple to finance with a lower payment as well as a lower down payment for you.
2. Many credit unions are great for people with credit problems.

My suggestion is to find a dealer you feel comfortable conducting business with. Believe it or not, there are genuine car dealers and honest car salespersons. Try to search for one you feel good talking to. Normally, you will get the better deal from a “decent person”.
For car loan quote: http://www.loansandinsurances.com/

Under Cars and Bad Credit