Finding a Bad Credit Lender

If your credit score only qualifies you for a bad credit car loan you will find that it is not easy finding a bank or loan company in order to get approved for a loan.

We know bad credit

The last 20 years the people here at Auto Credit Express have been working with people with bad credit and helping these individuals reestablish their auto credit by filling out an online bad credit car loan application and financing a vehicle with a second chance auto loan. During this time, we’ve provided our applicants with the information they need in order to understand this type of loan as well as the loan process, since a poor decision can trap them in a loan they can’t afford which could result in a repossession that could further lower their credit scores.

Unlike tote the note dealers, the bad credit car loans our affiliate dealers offer are with lenders that report your payment history to the credit bureaus, which can result in either raising or lowering your credit score. This means that if you make all your payments on time, you can raise your FICO scores and reestablish your car credit at the same time.

As with anything else, the key to a successful second chance car loan is focusing on the basics. In this case, this means being aware of how to locate a lender that will approve your credit application.

Applying for credit

At Auto Credit Express, we want you to know that there is a difference between choosing a bank for a regular car loan and a bank for a bad credit car loan. If you are unfamiliar with the process, here is what you need to know:

If you have good credit:

If you have good credit, that is, if your FICO score is over 720, you can shop around for a bank and get the best rate possible. As in any type of loan, the higher your credit score, the better the interest rate. If your credit score is between 640 and 720, you may find it more difficult to get approved and your interest rate will probably be higher than the “most qualified” applicants, but you’ll still have a decent chance of getting a loan with a bank or credit union.

If you have a low credit score:

If your credit score is below 640, the process is much different. There are over 30 national or regional lenders that originate bad credit car loans. Many of these companies are smaller local lenders, while some lend to customers in all 50 states. Their lending requirements are all different and most of them do not offer a direct lending option. In order to arrange financing with one of these lenders, you’ll have to go to a car dealer that does business with them.

How to find a dealer

In order to find one of these dealers you could try looking through your local newspapers or the yellow pages. You could also try looking online, although these lenders don’t usually list the dealers they do business with. You could even get in your car and drive around town to every dealer in your area to try and find one that can get you financed. Unfortunately, this can waste a lot of time. It could also lower your credit score by increasing the number of inquiries on your credit report.

The easiest way to find a qualified dealer who specializes in bad credit car loans is to go online to a web site such as www.autocreditexpress.com. Not only will you be able to fill out a bad credit car loan application in the convenience and comfort of your own home, you can also find out if you meet the basic qualifications for a second chance car loan and determine your budget for a car with one of the many auto loan calculators. We have over 500 affiliate dealers that specialize in bad credit car loans. Using a broad spectrum of lenders, they will able to place you with the best bank for your personal credit situation.

As we see it

Auto Credit Express specializes in placing customers with bad credit with dealers that can help them. Our affiliate dealers are knowledgeable and will treat you with the same high respect that they treat every customer that walks through their doors. If you have any questions that our web site can’t answer, feel free to call us at the toll free number listed on every page.

So if you are serious about getting your credit back on track, why not begin a new chapter in your life by filling out our bad credit car loan application now.

For more information, feel free to visit www.autocreditexpress.com to see what we can do for you.

Posted on April 30, 2010 by in Lender Companies
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