Even car buyers with problem credit sometimes qualify for a new car and, if so, it’s important they understand the market if they plan on financing one with a higher-risk auto loan.
In our experience too few car buyers with problem credit understand the importance of saving in other areas to help offset the higher interest rates typical of the auto loans offered by high risk lenders.
Car buyers with problem credit often ask this question about the auto loans offered by our affiliate dealers: “Can I buy a car with bad credit and no money down?” The answer, in most cases, is “no” – unless they have a trade-in with a cash value that meets the lender’s requirements.
Military personnel with poor credit on active duty or, even in some cases, in the active reserves may find themselves eligible for what could be considered as an additional new car incentive.
Car shoppers that have experienced problem credit with either a slim credit file or one that contains mistakes can increase their chances of car loan approvals by having the inaccuracies removed and having accounts corrected before beginning the application process.
While it can be a problem even with good credit, car buyers with bad credit will find it especially difficult getting out of a car loan if they owe more on their current vehicle than it appraises for.
If you’re someone with questionable credit you may be wondering how you can offset the higher interest rates found on the auto loans underwritten by subprime lenders. Here at Auto Credit Express we believe that one way you can do this is by first picking the right type of vehicle and then taking a closer look at your car insurance.