Getting Bad Credit Car Loans Without Down Payments

Author: Robert Worley

Author: Robert Worley

So many people have been turned down by numerous lending companies that some people are beginning to believe that actually acquiring bad credit car loans is actually nothing more than a myth. Some have even come to believe that it is all part of some ploy by dealers to attract people to their businesses. Bad credit car loans, on the contrary, are a reality, though you would need to know where to look for them and how to go about applying for them. Your bad credit is not actually written in stone and there are lenders out there who are willing to consider your application as long as you can prove to them that you are a genuinely legitimate borrower and intend to return the money in due time.

Not all credit companies determine your honesty by your credit report. Though many car credit lenders will critically analyze your credit score before they approve the application, a lender specializing with bad credit car loans would rather show flexibility and would rather increase the interest a notch than disapprove your application. Things such as your career or an upcoming raise or promotion are also taken into consideration in your benefit.

Though many car dealers don't require you to pay a down payment, lack of down payment usually fetches higher interest rates. Usually people offer to pay a down payment of at least 20% to get better interest rates. A good down payment fetches lower interest rates because it increases the risk factor the lender would have to take when lending you the required capital. If you own an old car you can get it appraised for the newer car, model or make instead of paying the down payment. This way you will only need to pay the difference in the prices of both cars and it is much like a down payment.

There are a lot more online creditors than offline and it would be a good idea to check them out, you can never know which way fetches better rates. Besides you can apply for quotes from online lenders by filling out their online forms free of cost, on a no-obligation basis. Definitely something you would not be able to do while dealing with a regular car loan lender.

Remember to be sure you purchase the car you need and can afford, not the car you like and your budget cannot afford.About the Author:

Robert Worley has been entrenched in the car loan industry for numerous years and writes articles to help consumers understand the upsides and drawbacks of getting car loans and bad credit car loans. Robert is amazing at answering common, everyday questions in his articles and news posts. To read more from Robert and his other articles or if you would like to apply for a car loan or bad credit car loan, just visit his website: capitalcarloans.com.

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