The meaning of the term, "Same Day Car Loan" is a little confusing because it can refer to two different things. Any loan that is applied for and approved during the span of 24 hours is technically a "Same Day Car Loan." However, this term is often used to describe a no-credit-check loan that is extended by a dealer (as opposed to a bank or credit union) to a buyer with bad credit.
If You Have Good Credit
If you need to buy a car quickly and your credit is good to excellent, you can get fast approval for auto loans with competitive rates by simply applying online.
- Shop for appealing offers. Just a quick internet search will yield a number of auto loan offers from a variety of sources.
- Make a list. Narrow down your lender options to the few that seem like they would serve your needs the best. This way, you can put them side by side and compare the competing terms and perks.
- Fill out applications. After determining which lender you would like to work with, fill out the application, and make sure that the information you provide is as accurate and detailed as possible. If, after applying, the deal that comes back to you isn't quite what you had expected, you can apply with another lender, but try to limit the number of applications that you submit. Too many credit inquires can do damage to your FICO score.
If Your Credit is Poor
Suddenly losing access to transportation may mean that you have to find a replacement vehicle as quickly as possible. But what if your credit is less than perfect and you have limited cash on hand? If this is the case, you can turn to a dealer for what is often referred to as a "Same Day Car Loan for Bad Credit," or simply a "Same Day Car Loan." Generally, these loans don't require credit checks, and they are processed almost instantly by dealerships that do their own financing.
- Shop around if you can. Having bad credit may make you think that your options are limited, but even with bad credit loans (which generally come with higher interest rates anyway), some deals that you are offered will be better than others.
- Understand what you're signing up for. Even with the best terms possible, these are loans that you take out of necessity. And you have to accept the fact that these contracts typically come with higher interest rates and payments than conventional loans. Be prepared to end up paying more than the actual value of the car.
- Have your payments automatically drafted. If possible, let the dealer know that you are willing to allow your account to be drafted. This stands as insurance that the payments will be made, so you are less risky as a borrower. And you may be offered better terms for your loan if you are compliant with this kind of arrangement.
Get Help from the Experts
If you have bad credit, and want to make your car buying experience as simple and stress-free as possible, remove all of the guess work by contacting Auto Credit Express.
We will match you with a lender in your area who can give you the best deal possible. Just fill out our fast and secure application to get started today.