Applying For An Auto Loan? Watch Out For the Asterisks!

car loans


With economic downfall, getting credit has become marginally complicated. Life for car shoppers was easier earlier. Availing auto loans was a less complicated procedure. A leading financial expert has claimed that the days of walking into the dealership with no money down and still driving away with a car have passed. It has become very important to have a good credit history as well as sizeable down payment for guaranteed auto loan approval. With the plummeting market, lenders are reluctant to take high risks. They demand larger down payments so that they will not be in loss in case the buyer defaults and the car has to be repossessed.


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Prospective car buyers have to be more alert now, especially borrowers with credit issues. It is recommended to postpone the car purchase by a few months to build some valuable credit points. They will come handy while negotiating with the lender for better auto loan rates. Here are some tips to help buyers get reasonable deals:


  • First thing lenders look at in a loan application is the FICO scores of the applicant. There are subprime lenders that work with borrowers having bad credit scores. Applying for poor credit car loans from such lenders can be a great alternative.

  • Experian, Equifax, and TransUnion are three major organizations supplying credit scores to financial institutions. So, check your scores with all three of them, and find out which firm shows the highest scores. Approach a lender that uses your highest scores.

  • If one’s credit history is extremely poor, it is recommended to bring a cosigner along. Lenders get the security of two people for their loan. The catch in cosigner loans is that if the primary borrower defaults, the cosigner will also be penalized by the lenders.

  • No credit car loans are also a good way to avail car loans for people with credit issues. One can obtain these loans against any property placed as collateral.

We are one of USA’s leading auto loan lending and service providers. People who have been turned down in the past for credit can approach us. Our financial experts can surely figure a special plan for you. We have processes hundreds of no credit auto loans cases. No matter what your credit profile is, we are confident to help you out.