Bad Credit Car Loans

Car loans are often the easiest way to fulfill your dream of buying a new car, but if you are afraid your credit history may jeopardize your ambitions, there is still hope. Bad credit car loans are specially designed to those individuals who have not been able to develop a solid credit history.

Let’s face it, emergencies, illnesses, accidents, job losses, and other unforeseen factors could derail even the most careful individual into a financial crisis. If you are the victim of a similar situation, now may be the time to start rebuilding your credit. Bad credit car loans could provide you with the much-needed cash to purchase your next car.

Type Brand Type Loan Amount Credit Level Details/Apply             100DayLoans -- Pay Day Loans, Up to $1,500 in One Hour   100Day Loans PayDay Loans, Personal Up to $1,500 All Credit Scores, Good, Bad Credit OK             PayDayMax -- Pay Day Loans, Up to $1,500, Fast Cash, Up to 30% Off Initial Fees   PayDay Max PayDay Loans, Personal Up to $1,500 All Credit Scores, Good, Bad Credit OK             Auto Loans -- One Application, Up to Four (4) Lenders Respond with Loan Offers   myAutoloan Auto Loans See Terms Good Credit Preferred             Prosper-- Peer-to-Peer Loans for a Variety of Needs (Personal, Debt Consolidation Loans, Home Improvement, Autos, Small Business Investment, Wedding Expenses, Major Purchases, etc)   Prosper Variety of Loans See Terms               Discover Credit Card   Discover(R) $0 0% Intro APR* Upto 20%* Cashback when you shop through Discover.com

Some banks have specially-designed policies to accommodate individuals with bad credit, despite the negative connotations associated (in terms of risk). There are several reasons why lenders may be willing to offer such loans. The prospect of gaining employment again and reworking your financial future is certainly a consideration. Some lenders may seek some form of collateral or security as well.

Here are some tips you may want to consider:

Obtain a free copy of your credit report

There are many credit reporting services who offer to monitor and provide a copy of your credit report. Though useful, did you know that you are entitled to one free copy of your credit report every year? Yes, the government requires credit bureaus to offer you a copy of your credit report, FREE, once every year. For more information on how you can obtain one, visit www.ftc.gov

Carefully review your report to spot discrepancies and mistakes. These could cost you dearly. Correcting just a few mistakes could cause your credit score to jump significantly.

Do some patch work

Don’t assume the credit bureaus have done their homework right and everything on your credit report is accurate. Many consumers are increasingly becoming aware of errors, discrepancies, mis-information, and inaccuracies on their credit reports. Don’t assume the profile is final. Work closely with the credit bureaus if you notice anything amiss. Remember, your future is at stake.

Don’t sign-up for the first lender

Obtaining a bad credit car loan could be challenging, but don’t signup with the first lender that comes your way. Do some comparison shopping and research different lenders. There are many lenders who offer a special category of bad credit car loans. Comparing different lenders is the first step to find an affordable car loan. 

Read the fine print

The fine print often contains finer terms, clauses, and other legalese that could impact your loan terms significantly. Don’t be one of those individuals who dread the fine print and just skim through it as a formality. Often these terms are non-standard and could bind you into arrangements you may want to understand very carefully.

Don’t hesitate to ask questions

If you don’t understand something, speak to your attorney, financial advisor, and others who could counsel you in the right direction.

Negotiate

Just because you have bad credit does not mean you must accept the loan terms as they are offered to you. Negotiate with your lender to ensure the loan terms are in your best interest. This is where comparing multiple lenders comes in handy. The more lenders you have communicated with, the better it is for you in terms of obtaining favorable terms for your bad credit car loan.

Good luck buying your new car!

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