Finding Auto Loans for Extremely Bad Credit

As credit scores continue dipping below what was considered “acceptable,” many individuals e-mail us for tips on finding auto loans for extremely bad credit. Well, we all have to face it -- credit scores are not what they used to be. Even lenders have come to face this truth and are modifying their policies accordingly.

Banks and other lending institutions understand that even individuals with extremely bad credit could be on their way to recovery and that the auto loans offered to them may not be such a bad risk after all.

While finding an auto loan for extremely bad credit may not be a cake walk, there are options available out there, especially for those willing to do some research.

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

As a starting step, we, at DontSpendMore.com, have compiled a list of auto loan providers so you can cut down on your research time and focus on the car-buying process itself.

Your credit worthiness, though a determining factor, is not etched in stone. Even if you have bad credit, there may be some providers who would work with you. Special terms and higher fees and rates may apply, though, and you may have to follow discretion.

The convenience of comparison shopping at DontSpendMore.com, though, is extremely facilitative in the research process. Here are some issues you need to work on before proceeding with the application.

1. Compile all your financial documents (including your income documents) so when you apply for the auto loan, the process will be seamless.
2. Determine your credit standing. Contact all the credit bureaus to obtain your credit report. By law you can obtain one free credit report every year. For more information, please visit www.ftc.gov
3. Carefully review the credit report to find errors and discrepancies. If anything is inaccurate, contact the respective credit bureau to clear out the issues.
4. A clean credit report and high credit score will make your application more attractive for lenders.
5. Make a list of all available resources to establish your financial situation. Come up with a dollar amount you can set aside to pay for monthly loan payments.
6. Obtain a list of loan offers from multiple lenders and make a side-by-side comparison to determine the best auto loan solution for your current needs.
7. Remember, you can always negotiate the loan. Some lenders will consider your request if you have a good credit standing.

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