How To Get Pre-approved For An Auto Loan With Poor Credit

You can get nice rates on your car loan if you take advantage of what is called bad credit car financing and get pre-approved

. You can even get a wider range of options when shopping for a new car to buy. Your car shopping experience can be focused on getting the best price on a car, rather than worrying about financing.

The Advantages of Pre-Approval

Some dealerships would have you think that getting financing with bad credit is nearly impossible. Oops, not anymore, my friends. By researching lenders and their financing packages, you can find near market rates.

Pre-approval is like the proverbial monkey jumping off your back if you're negotiating for a good price on your new car. It is now easy to buy from a person or an actual dealership with pre-approval. This is because the dealership would be much more open to any form of negotiation.

Your First Step - Finding A Sub Prime Lender

There are two types of auto loans financing providers handle - prime and sub prime. So start your financing search by asking for loan quotes from several different lenders. If you have no idea who to look at, start with recommended sites.

When you ask for quotes, consider all possible terms. For example, selecting an adjustable rate loan will give you a lower initial payment than a fixed rate loan. You can also get lower rates when you buy your car from a dealership.

It's more than just fees you have to consider, but also the closing costs. The APR, or annual percentage rate number is one of the most valuable ways of getting the loan's overall cost. If you wish to refinance your vehicle, your best bet is to look for loans with lower application fees and higher interest rates. This can save you money in the long run.

Online Application Speeds Car Loan Process

You can now enjoy the convenience of going online when applying for most car loans. There would be less personnel needed to process your loan application if you just enter the required information on these online forms.

As a result, you can receive a blank check for you car purchase in five to seven days. Also, you would receive your loan contract with the check. When you are ready to purchase your car, you simply sign both the check and loan contract.

by: Kristin Drake

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