subject: Are You Making A Sound Decision By Taking On A Bad Credit Car Loan? [print this page] So here you are tired and frustrated, after been turned down time and time again from various dealers, you are at the point of almost losing hope. You current situation and outlook is bleak, and you are just praying for a call back from your dealership regarding your approval. At these tough times it is crucial for you to think clearly, use your learned knowledge from these articles to steer clear of any financial traps dealer may add on. Although you are desperate for a car, you don't need to buy what the dealer is telling you to buy. For many years dealers have been telling the sub prime customers they need to purchase add on insurances, such as loss of income, disability insurance, or even extended warranty. The false pretence is these products will make your application look more favorable to the banks, but the truth behind this scenario is much more sinister. The finance manager is paid by the product they sell, the more products they manage to push on to you means higher commission pay out. Knowing that you are in your time of needs, you can be virtually convinced to buy anything that will help you get your car loan approved. They often add on thousands of dollars worth of completely useless junk just to put you further into debt. Not know these facts ahead of time can really hurt your financial future, because you are now further into debt rather at a much higher interest rate.
If you are currently in a similar situation as I described above, your best option is to contact a bad credit car loan lender directly and quickly. Tell them about your situation, and let them resubmit your credit application to their sub prime banks and lenders. But you must be careful of not to over apply, be sure you stick to one lender at a time, not multiple. Wait for the answer patiently, and pick out a vehicle that is lower in capital cost, or sticker price. Because usually when you apply for a loan, you have a limit of approval amount, try to stay under the limit as much as you can so you have a chance to rebuild your financial future. Few good choices of vehicles would be imports because of their higher resale value, just in case you need to sell your vehicle in the near future you will not be buried into your negative equity.
