subject: How To Buy A Car With Bad Credit [print this page] Having bad credit is never an ideal situation, but it happens to a lot of people in tough economic times. It can take awhile to build up your credit once a blemish occurs, which could make it hard for you to find auto financing when you need it. Then again, you could always look into a bad credit car loan from a special dealership to get you into a vehicle despite your bad credit. Not many places will do that, but those that do can literally be lifesavers in times when you need a car. Here is a basic overview of how this type of lending process works.
To qualify for a bad credit car loan, you will need to be able to show proof of your income via check stubs or potentially past tax returns. The time you have been on your job will be a factor in the decision, but some places are lenient about that as well. The dealership that gets you a bad credit loan will only be worried about whether or not you have money to pay for a car every month. If you do and can prove that, you can get a loan from them.
You will likely be dealing in a buy here pay here situation, which means that you will be getting the money for your car directly from the dealership. This may also be called in house financing. Most of these deals will come with high interest rates, but that is only because the dealership is taking a risk by giving you a loan. You have had problems in the past that could repeat themselves now. The dealer simply needs to protect himself in the event that that happens.
If you are in need of an auto loan but do not have the credit it takes to get standard financing, a bad credit car loan could be just what you are looking for. You can still find a great car at an affordable price, but you will not encounter the same judgment because of your past credit troubles. This loan will also give you a great way to quickly build back your credit so you can start qualifying for loans once again. By the time you get it paid off, you should have no issues walking into a dealership and getting a new car. Amazingly, a simple loan for bad credit can do all of that.
