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Bad Credit Auto Loans: Auto Loans for Everyone
The crisis in the financial markets is troublesome and everyone is finding it more and more difficult to manage everyday. This leads to missed credit card installments, delayed payments on utility bills and in some extreme cases – filing for bankruptcy. People are losing jobs at one end, and at the other some are just moving from paycheck to paycheck. Hence a lot of people are having a poor credit score. Bad credit auto loans are designed to help people with poor credit, in the event that they are looking for buying a car for themselves.
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Where to look? See tips below:
Car dealership companies
There are primarily two places for looking for bad credit auto loans – one is at the car dealership company and the other is a finance company. When I say finance company what I mean is a bank or any other financial institution. One thing you have to be sure about when looking for bad credit auto loans is that going into a car dealership company and asking for a loan, and at the same time negotiating rates for a car that you like, is going to work to your disadvantage. This is because the car dealer is not looking to sell you a loan; he or she is looking to sell you a car.
Hence you may not get the best deal and the interest rates and down payment figures will be much higher.
Also, at the same time, you may not be exactly aware about what the exact terms and conditions about the bad credit auto loans that you take from a car dealership company are. You will not know exactly what the break up is and what percentage of your money is going for the car and what percentage is going for the loan. Hence it is preferable to avoid taking a loan at the same company where you are looking to purchase a car.
Banks
The other option for looking for a loan for financing a car is your local bank. Bad credit auto loans are available at your local bank too provided you have a good amount in your checking account and are in good standing with the bank.
Credit Unions
The next place to look for bad credit auto loans is your credit union. Credit unions are quite helpful when it comes to such matters and can lift a burden off your shoulders.
Private financial firms
The other place to look for is private financial institutions that specialize in giving bad credit auto loans. A lot of these advertise on the Internet and many are listed in the yellow pages too.
Online
Online firms are your best bet when looking for bad credit auto loans because they have reduced overheads and hence can pass on the money saved as customer benefits. Hence you are more likely to get better interest rates at these companies. Also the requirement for down payment will be less. Hence this is the best area to look for bad credit auto loans.
Home equity loan buffer
If you have a house you can look for a home equity loan that will buffer any down payment you need to make. A larger down payment means lesser monthly installments which can really work in your favor. This is because the interest rate for your home equity loan will be lower because there your home acts as collateral. Hence your total interest burden will be less.
Goodwill hunting
Of course, the other convenient option for getting a loan is from your friends and relatives. While normally no one is going to foot the bill for getting you a car, you could request them to co-sign a loan with you, which could in turn help you get lower interest rates, as now the lending company will have greater faith in your ability to pay the loan back.Click here to compare auto loan offers
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