Even finding a lender that offers bad credit auto loans is not easy
Why we understand
If you have bad credit you may be wondering why it's so difficult locating a lender that deals in horrible credit auto loans.
We understand your frustration because we've been involved in bad credit car sales since 1992 here at Auto Credit Express. Because we know people faced with taking out a problem credit auto loan usually have questions, we even created a website so they can research such issues as reference requirements and credit scores as well as today's topic, finding a lender for your best chance at an approval for a bad credit car.
Your FICO scores
For car buyers with fair to good credit - a FICO score of at least 640 or more - checking rates both online and at banks and credit unions is usually the best way to find the lender with the best interest rate.
But with a credit score below 640 and/or a limited credit history and no co-signer, the issue of finding a lender that's willing to approve your application is more difficult.
Bad credit lenders
There are at least 30 national or regional lenders that offer bad credit auto loans and their lending requirements can vary widely.
The biggest hurdle for credit-challenged buyers, however, is that nearly all these institutions are indirect lenders. To receive a credit decision from one of them, you'll have to submit an application through one of the franchised new car dealers they loan through.
Identifying a dealer
You can begin your search by calling around, but in most cases a salesperson at the dealership will instruct you to stop by and fill out an
application in person. Sometimes you'll get lucky and receive an approval - but if you don't, it can end up being both embarrassing as well as a total waste of time.
But there is an option.
Most applicants find that the easiest and least stressful way to locate a dealer that can offer approved auto loans to people with bad credit is to go online and submit a credit application to a bad car credit web site such as ours at www.autocreditexpress.com.
At our site you'll find a resource section that includes informative videos as well as a number of auto loan calculators that can walk you through both the screening as well as the application process.
When to start
At Auto Credit Express we specialize in placing customers with bad auto credit with dealers that can give them their best chance at getting approved for a bad credit car loan.
So if you're ready to take that first step, you can begin now by filling out our online car loans bad credit application.