subject: How to Get Car Loans With a Credit Score Below 500 - Warning! It is Easier Than You Think [print this page] How to Get Car Loans With a Credit Score Below 500 - Warning! It is Easier Than You Think
Do you want to know how to get car loans with a credit score below 500? If you know what to do and where to look it is quite straight forward. I am going to reveal how to get these loans to make your life easier.
The problem with the average person with bad credit is, they assume that nobody is willing to lend to them. I understand why someone would think that, because a low credit rating will reduce your confidence.
However, there are actually many options for people with a FICO score below 500.
Things To Consider For Best Results
There are specific lenders that focus their business on low credit score auto loans. These are the lenders that are the best choice. Why is that? Well, they are prepared for FICO scores below 500 and are not concerned about it.
There focus is more on your ability to pay the loan back and use the car as collateral. Therefore, these are the areas that you should focus your application on to stand the best chance.
Firstly they want to know that you are telling the truth on your application. I am sure that you will not purposely supply false information to improve your chances. However, you may not know how they are validating what you say.
For that reason it is important to get a copy of your latest credit report. You need to make sure what you write on your application matches your credit report, are you with me?
Specific Things To Check
Before you apply for a loan make sure that you know your budget. Therefore, you should know exactly what car you want and how much it is likely to cost you.
There are a couple of reasons for this. Firstly you only want to borrow what you need. This will keep your repayments down. Also if you borrow too much there is a chance that your application can be declined.
For you to learn how to get car loans with a credit score below 500 you need to make sure that you convince the lender that you have enough income.
Remember to always include all your income sources on the application. If you have a partner, include their income as well. That way they will know that you have alternate options of income if the worst happened. Make sure that you follow these tips to finally learn how to get car loans with a credit score below 500.
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