What you need to know about your chances of getting preapproved for a bad credit car loan
In the know
If you have poor credit or absolutely no credit, you might be wonder what your odds are of getting preapproved for car loans with bad credit.
During the past twenty years, we've been asked this many times here at Auto Credit Express, where our commitment to consumers with poor credit extends to our web site featuring a bad credit auto loan application – something we felt was necessary after dealing with the concern and frustration that customers with poor credit often feel after visiting a dealer that doesn't offer second chance auto loans.
And while these folks can usually be helped at a tote the note dealer, this won't help their car credit issues since these dealers don't report loans or loan payments to the credit bureaus while many of these loans end in repossession.
But if you do decide that a bad credit car loan is the way to go, how do you get preapproved and where do you find the right kind of dealer to reestablish your auto credit?
Poor credit auto loan preapprovals
One thing we won't do at Auto Credit Express is trick consumers into filling out an application by telling them half truths.
Here is something we read in an article on another auto loan web site:
“Regardless of your credit history, you can get approved for a low interest auto loan…. Comparing lenders will help you find the best rates.”
Whoever wrote this has either never been in special finance or, if they have, they're certainly out to fool consumers into believing something that isn't true in order to get their credit information.
Here are the facts:
1. If your credit score is low, there is no way you'll get approved anywhere for a low interest auto loan.
2. If your credit history is really bad, you may not get approved for any kind of auto loan – at least not without a big down payment – and possibly not even then.
3. It's very difficult to compare bad credit auto loan lenders. Most only lend indirectly through car dealers, so you won't be able to compare interest rates unless you visit a dealer that's signed up with these lenders. Even then, it's the finance manager that will choose the lender based on the terms of the credit decisions received (provided there is more than one credit approval).
As we see it
As someone with bad credit, you need to know how the loan process works in order to decide where and how to reestablishing your auto credit. A great many bad credit auto loan web sites are just trolling for your credit information and don't represent a legitimate offer of credit based on your credit score and credit history.
Unlike those sites, at Auto Credit Express we specialize in placing customers with bad credit with dealers that can help them. These dealers are knowledgeable and work with a wide range of lenders to give you your best chance at getting approved for a bad credit car loan.
So if you are serious about getting your car credit back on track, you can begin now by filling out our bad credit car loan application.