Picking a Lender for Car Loans with Bad Credit

Finding a bank to approve you for a car loan can be especially difficult if they type of loan you are looking for is a bad credit auto loan

We know bad credit lenders

If you have poor credit and you’re currently searching for a lender, there’s a good chance you may not find one unless you visit the right kind of car dealer. We know this is true because at Auto Credit Express we’ve been dealing with these kinds of banks while working with car buyers with bad credit for the last two decades.

With our experience and after seeing the embarrassment and frustration that customers with bad credit often face, we also developed a web site featuring a bad credit car loan application. Applicants are then matched with local dealers that specialize in customer credit issues and work with lenders that look for ways to approve applicants instead of turning them down.

For most bad credit buyers, the alternative is a tote the note car dealer. This is a problem because usually these dealers don’t report loans or car payments to the credit bureaus, resulting in credit scores that remain unchanged. In addition, a higher percentage of these loans result in repossession.

But if you really want to reestablish your car credit, how do you go about finding a lender that offers car loans with bad credit?

Shopping around with good credit

If you have good credit – that is, if your FICO score is over 640 or so, you can shop around at a wide variety of banks and other lenders to get the best possible interest rate.

Shopping around with bad credit

If your credit score is below a 640 FICO, or if you have a limited credit history and no co-signer, finding a lender that will consider you is more difficult. There are over 30 lenders that do bad credit car loans and their lending requirements can vary widely. The issue for credit-challenged buyers, however, is that most of them don’t participate in direct lending. In order to qualify for one of their programs, you’ll have to visit a car dealer that does business with them.

Sifting through dealers

You can call around to different dealers, but chances are they’ll just tell you to come in and fill out an application. You might get lucky and get approved. If you don’t, it could prove to be embarrassing as well as a waste of your time.

But there is another option. One of the easiest ways to find one of these dealers is to go to a bad credit auto loan web site such as ours at www.autocreditexpress.com. In addition to a bad credit auto loan application, our site also features a resource section that includes informative videos as well as a number of auto loan calculators that will walk you through the screening and application process.

As we see it

Auto Credit Express specializes in placing customers with bad credit with dealers that can help them. These affiliate dealers are knowledgeable and work with a broad spectrum of lenders to ensure you have your best chance at getting approved for a car loan.

So if you are serious about getting your car credit back on track, you can begin a new chapter in your life by filling out our bad credit auto loan application now.

Posted on January 13, 2011 by in Auto Loans, Bad Credit, Lender Companies
Reader Comments

Comments are closed.

Apply Online Search