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2 Comments »There are three main categories of auto finance lenders for people with bad credit. They are Direct Lenders, Indirect Lenders, and Buy Here Pay Here In House Financing.
Direct lenders lend money directly to the consumer. When you borrow money from a direct lender you can shop like a cash buyer. Direct lenders, however, have more strict underwriting guidelines, that is to say they do not do a very good job approving people with bad credit. I would recommend that you have a credit score above 580 if you apply with a direct lender. Direct lenders may finance the following loan types:
A private party auto loan is a loan to purchase a car from a private party. Most direct lenders for people with bad credit do not offer this option. (more…)
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