subject: Getting a good rate on a loan with bad credit - what you need to know [print this page] Author: Georgie Henderson Author: Georgie Henderson
You may have seen advertisements or her people talking about no credit check car loans but you probably also wondered if statement isn't just an oxymoron. the fact of the matter is, you can in fact did a car loan without a credit check. There are, however, going to be some costs associated with your unwillingness to provide a credit check.
Most of the time the advertising you see for car loans in the commercials and magazines requires stellar credit. They seemed to make it appear as if you do not have good credit, you quite simply cannot get a loan to get a car. I admit, at times this feels like the man is trying to keep you down. The rich upper-class and can afford cars, luxurious ones, don't have any problems getting car loans for people like me who earn $10 an hour can even afford to have somebody else buy me a car.
Loans are big business and the people giving them out want you to pay them back. A credit check is almost the only tool at their disposal and they use it very discriminatorily. Obviously, there are some discrepancies with the system and whether or not it accurately depicts you as a consumer, but lenders need to take into account the probability that you will be able to pay them back. When you go to the dealership to purchase a car, you will find that many of them don't actually have no credit check car loans. Instead, they might have other financing options that make sure that what ever option you choose you aren't getting screwed. You want to make sure that your financing rate is as low as possible and try to shop around at different car dealerships.
If you do in fact find a dealer with a no credit check car loan, make sure that that no credit check car loan is respectable and competitive. Odds are that if they are offering a no credit check car loan the rates will be sky high and you'll be penalized for not wanting to supply the dealership with your credit check.
No matter what it is you do, make sure that you shop around. Remember, you are the consumer in this and it's everybody is out to make money off of you. You pull all the chips in your hand so make sure that you attempt all your options.About the Author:
George spent four years in school learning about monetary policy and the financial system before being flung in for the past 14 years. He has just recently retired to write full time but just can't seem to keep the loans and credit issues out of his mind.
