Ben Todd | Jun 2, 2017 | 1
Getting Car Loans For Bad Credit
Cars are a necessity, particularly if you don’t live in a large metropolitan location. But if you’ve got bad credit things can be difficult. With my experience in the load industry, I know some companies will make life challenging if you’ve got a poor FICO score. Getting car loans for bad credit is possible if you know where to look.
Without a car getting to work is a challenge and if you’re not working then the bills aren’t getting paid. If you’re willing to learn and make sacrifices, you can overcome this difficult situation. Working in the loan industry and having experienced this situation, I can give you advice on how getting out of this difficult time.
Before anything else you want to be sure you are employed. You may have to take the bus for a few weeks while you wait for a car loan. I was fortunate to have amazing friends who gave me a ride while I was waited for my loan. Obviously the bus takes more time but if that’s your only option, take it.
No Job Means No Loan
I work for the loan companies and I know that no job equals no loan. Some companies are willing to work with you so long as you’ve had your job for a few weeks. However, if you’re not employed, you might as well forget about it.
A job affords you many new options. Lots of dealerships will offer loans to those with poor credit. Typically you will have to make a down payment to qualify but it’s usually an affordable amount.
These loan can be expensive so I advise you to start small. My first car loan had an interest rate of 9% and there are some above 15%. That’s a lot of interest so you want to be sure you only borrow a small amount. $2,000 is probably the max you will want to spend.
Finding Car Loans With Bad Credit
Check out the ads on your local radio. Most dealerships offering this kind of loan advertise on local radio and television stations. Banks aren’t very helpful for a loan if you have bad credit and the process and denial can leave you feeling kind of silly.
You’ll also want to take notice of billboards in your area. These ideas may sound silly but when you find a dealership you’ll thank me. After I began working in the industry I realized just how many people are in the same circumstance and how many companies exist to help them. I can’t do anything for someone with poor credit but lots of companies can be a big help. I’ve found that the majority of these are small dealerships offering their own loans.
Bad Credit Car Loans Are Just A Temporary Solution
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This kind of loan will only do so much for you. You’ve got to fix your credit it you want to see improvement in your financial situation. You can accomplish this in a few months and at the end you’ll be glad you put in the tie and effort. If you do, one day you could be offered a loan with a great interest rate by someone like me. There are so many people who think I can push their loan application through to approval when there’s nothing I can do. Lenders simply don’t want to offer loans to those with poor credit.