Consumers with bad credit often either don’t know the different types of credit scores, what these numbers mean or even what their credit scores or even what they are before applying for an auto loan.
Car buyers with problem credit that are self employed should be aware of the problems they may encounter when applying for a car loan.
Car shoppers with problem credit will find some good news in the most recent data from Equifax if they’re contemplating applying for an auto loan in the near future.
At Auto Credit Express we’ve noticed that some reports from Experian Automotive, even those that don’t directly address the issues of bad credit buyers, often contain nuggets of information dealing with subprime car loans.
Car buyers with bad credit often have difficulty locating the right kind of car dealers that are willing to help them.
One way consumers with bad credit can tell if an offer to lend is legitimate is if the lender asks for a fee up front to process a car loan application.
Usually one of the first questions we get from car buyers with questionable credit is what interest rate they’ll be required to pay on an auto loan. And while that usually can’t be predicted, borrowers rarely ask what type of interest rate it is – something that could be equally as important.