Most car buyers with poor credit probably know that not paying their bills on time – or even at all – can both lower their FICO scores as well as either prevent them from getting an auto loan – either that or cause them to pay a higher interest rate from a subprime lender.
Here at Auto Credit Express we often receive questions from car shoppers searching for online car loans that go something like this: “if I have crummy credit can I get an auto loan to finance a new car?”
Car buyers with problem credit that are currently financing a vehicle can, under the right circumstances, lower their car insurance costs while still maintaining the type of coverage that’s necessary for an auto loan.
In some cases a few minor tweaks can make a major impact in the auto loan terms by lenders to applicants with less than perfect credit.
Similar to the program Chrysler initiated early last year, select Volkswagen dealers can now offer problem credit car shoppers that need an auto loan the ability to pick out a certified used car from another brand.
We always suggest to consumers with poor credit that are considering financing a used car with their next auto loan that they should first do some research on the vehicle or vehicles they are considering.