, you dont have to be discouraged. Many car loans are not available for those who have credit issues. As a matter of fact, most lenders on the internet specialize in poor credit car loans. Much more than local lenders, they know how to work through tough credit issues and get the financing approved. In recent years there have been several new loans introduced into the market which have expanded the number of people who qualify for car loans.
One very important new loan is the guaranteed car credit. This loan is for those who have a steady job and a steady pay check. If you are in a situation where you can both document your job and your pay, theres a good chance you will qualify for a guaranteed auto finance loan. Your poor credit score takes a back seat to your job. This is great news for those who are working hard but have poor credit and finding financing a challenge. Look for websites and lenders who can provide guaranteed used car financing .
Those who have newly immigrated to the US or even those who have recently finished school or gotten a divorce will find that they really dont have any financing so when they go to apply for a loan they dont have a credit score. This hurts more than it helps and you often get turned down. When this happens the loan you need is a no credit check auto loan loan. This is a loan especially tailored for those who dont have any or much of a credit history. Its a way to get you approved. While the rate on this loan may be somewhat higher than a traditional loan, it lets you get started and build your credit history. The next time you go to buy a car, assuming you have paid on time, you can get a lower rate. Think of it as a starter loan.