Questions when shopping for bad credit used car loans

Questions when shopping for bad credit used car loans

When it comes to people that are trying to get into a vehicle that have bad credit they have the simple questions like, "I have bad credit, can you get me a car loan?" This question is so generic that we can never answer the question with a definite Yes or No when it comes to car loans for people with bad credit. It's like asking an attorney "I've been accused of a crime, can you get me acquitted?" Or like asking a doctor, "I have a pain my neck, is it terminal?"

The questions are so vague that no professional could answer these questions without an interview or assessment of a person's situation. In many cases, there is a requirement for a car loan application to help determine if you qualify for city financial auto loan or a car loan with bad credit.

There are many different types of credit situations, some aren't so bad when it comes to getting car loans, and others are total deal breakers. It seems that every credit situation is lumped into "bad credit". Many companies markets to consumers online that search for bad credit car loans and bad credit used car loans. Many marketers make false claims such as 100% approved, or guaranteed financing for everyone, when really they can't.

These statements may not be 100% accurate, but it's a fact that only a small percentage of people will be able to buy a car with bad credit using the "guaranteed approval." If the subprime auto lender approves you for 50% of the purchase price, you're approved for a car loan, but it's unlikely that you will be able to raise the money down needed to buy a car too.

There are various types of bad credit and different types of car loan lenders that will finance people who have bad credit. National auto finance or regional finance companies have strict lending guidelines from which they decline or approve car loans, while car dealers with in-house finance programs create their own rules

This happens because many companies that finance car loans for people with bad credit sell their loan portfolio to investment companies on Wall Street. In order to sell the loans the finance company will share their lending guidelines with the investors.

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