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10/01/2010 3:21
on: Cars, Trucks, USVs, Shopping Scouts
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You have poor credit and you need an automobile loan. Have you traveled to a car dealership and stated you do not qualify for a car loan? Not all is gone. You in all likelihood can get a car loans you may just have gone to a car dealership who did not deal with very bad credit autos loans and no, not all auto dealerships do.
What exactly is poor credit? Car credit is broken down into stages with poor credit in the 300 ” 619 range. 850 is the highest and is considered excellent. If you drop in the very bad credit you can still qualify for a car loans you just need to find the lenders and car dealership who can help you. Having data before you look for a automobile is smart.
If you have your credit score that can save you money Your credit score will
change so expect to see deviations. There is also a car credit score that is used in the industry. Some automobile dealers and lenders will only deal with solid good or excellent. So if you have been declined dont think you have low-end poor credit. If you have your FICO score you will have a excellent estimate of where you are.
The interest rate you get will be higher. Getting a auto you can pay for the car loan first. You can trade-in when you credit is better. You can either refince later or sell the car and get a different when your credit is better. If your credit is just into the poor end it might not take much to boost it into the fair score. You might be able to get that better car.Poor credit does mean you are getting the short end of the stick. Well the honest truth is you are. Finding a lender is more trying and you pay more interest with very bad credit.You have a harder time finding auto loans and lines of credit and you do have to pay higher rates.
