Car Loans For Poor Credit Are Easier to Find if You Know What to Look for
Used car loans come in many variations to fit the requirements and needs of different borrowers. The intent is to make car financing rates properly reflect the perceived risk to the lender based on the credit of the borrower. This is a good thing in that in this process it also makes financing much more widely available and not just to those with good credit. In the US today more and more people are finding themselves with poorer credit than they once had and more in need of financing not based on their having good or excellent credit.
Let’s take a quick look at what’s available for car loans for poor credit. One of these may be exactly the type of loan that will work well for you.
1. Special auto finance……..is the term that’s often used for in advertising car loans for poor credit. If you see this term you will know that you are working with a dealer or lender who in experienced in working with less than perfect credit and will know who to go about getting you the best car financing rates available.
2. Guaranteed bad credit auto loans….. are also for those who are credit challenged. These often require that you have a job that can be verified and an income that can be documented. If you have a steady job, it can go a long way in replacing your poor credit score when it comes to getting financed for your next car. When you see guaranteed bad credit auto loans and you have a job, there’s an excellent chance you can get financing.
3. No credit car loans…… are for those who have little or no credit history. People often think if you don’t have a credit history that it’s a positive since they don’t have bad credit. Unfortunately this isn’t true. Most auto lenders won’t approve a loan for someone with no credit. Now there are no credit auto loans which are just for this purpose!
When looking for your next car, be aware of these terms and they will help you more quickly find the lender or auto dealer who can help you get your next car financed!
