subject: Find Poor Credit Car Loans With Low Interest - 3 Poor Credit Loan Funding Tips [print this page] Find Poor Credit Car Loans With Low Interest - 3 Poor Credit Loan Funding Tips
To buy a car is to take out a car loan: at least that is the case for 98% or so of the car buyers out there today. These days, if you are wanting to find a car that is not only roadworthy but also stylish and safe, you are probably going to need to take out a loan to get it.
Getting a loan is normally no problem for anyone who has a steady income and a strong credit score of 680 or higher. However, if your credit score is considered fair or poor by major credit bureaus like Equifax or Experian, you may have more of a challenge in qualifying for a loan.
People with bad credit can expect to have a much harder-than-average time getting approved for a loan. And, even when they are approved, they will almost certainly not be offered the same competitive interest rates that those with good or excellent credit scores can command.
To get behind the wheel of your own new or used car faster and with lower monthly payments, check out these 3 poor credit loan funding tips to find poor credit car loans with low interest:
1. Own up to your past financial hardships:
There is no question that if you have a fair or poor credit rating, you have hit some bumps in the road in the past in terms of your finances. That is okay. With the right lender, this will not present any problems when it comes to qualifying for a loan. However, a poor credit car loan lender worth their salt is still going to ask you questions about your financial history. So, run your credit report and be ready to answer any questions that the lender may ask you. They're not looking for perfection, so don't worry about trying to come off looking perfect. Just be honest with your answers and move on.
2. Be sure to apply exclusively to poor credit car loan lenders:
While you're at it, make sure that you are talking to the right folks. Only those auto lenders who specifically advertise themselves as being poor credit car loan lenders should be on your list of candidate lenders to talk to.
3. Be assertive in saying "no" when you receive your first offer:
As you wheel and deal with any given lender, do yourself a favor and refuse the first offer they make to you. Remember, they are businesspeople - they want to get you a loan as much as you want a loan. Say "no" to their first offer and keep negotiating for a better rate.
Take these 3 poor credit loan funding tips into account as you look for poor credit car loans at low interest.
