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But a car loan is only installment credit and if these consumers are seriously interest in credit repair, they’ll also need to reestablish at least one line of revolving credit. The easiest way to do this is to get approved for some type of credit card.
Car buyers with damaged credit can, in some instances, increase their chances of qualifying for an auto loan by correcting the inaccuracies and having outdated negative entries removed from their credit file before starting the application process.
From our experience the results pretty much speak for themselves when consumers with damaged credit allow some time before applying for a car loan to, among other things, check their credit reports and correct any mistakes.
It’s a fact that consumers with damaged credit that are financing a vehicle with a subprime auto loan have a better chance of successfully paying it off if their car doesn’t break down.
Most car buyers with poor credit probably know that not paying their bills on time – or even at all – can both lower their FICO scores as well as either prevent them from getting an auto loan – either that or cause them to pay a higher interest rate from a subprime lender.
In some cases a few minor tweaks can make a major impact in the auto loan terms by lenders to applicants with less than perfect credit.
But for most consumers with questionable credit that need a vehicle, these loans are one of the few ways they can simultaneously raise their FICO scores while ensuring that they have a reliable way to get to and from work. And while most of these folks realize they have less than perfect credit, many ask themselves how they’ve gotten into their current financial troubles.