Buy a car with bad credit - 4 Tips for Getting Approved

Financing a new or used car with bad credit is feasible. However, there are ways to get the stamp of pre-approval and possibly acquire a reasonable interest rate. Do not enter the car buying process blindly. People with good credit have many options. On the other hand, if your credit is bad, you have to find a good deal. Here are four tips to help you get a car loan with bad credit.

What is your FICO score?

The low FICO scores range 300-850the score, the higher the interest rate received on a car loan. low credit score does not remove a loan with the possibility of a new or used car. However, low credit rating is a strong influence on the rate of interest for these loans.

Before applying for an auto loan will receive an online copy of your credit report and score. If the score is below 600, consider switching to buying a car. Instead, spend six months to improve yourScore.

Maintain the permanent position

Along with the credit rating, loan lenders require applicants for employment are constantly cars. Often, an applicant must earn at least $ 1,200 per month. For stable work is usually done with the same employer for 90 days. Changes in exchange for the employer to avoid every two three months ago. To prove employment, auto loan lenders may request copies of your last paycheck stub.

Get pre-approved by a Sub-Prime AutoLender

Before browsing our selection of vehicles to car dealerships try to approve you with a sub-prime lenders in line to get. These lenders will help many people with bad credit financing. E 'credit requirements are flexible, but sub prime auto loans have interest rates higher. If you want to buy a new car, you accept the higher rate and then refinance at a later date.

Apply with a co-borrower

The easiest way to approve a loan for the carbad credit is considered a co-borrower. If the person is a co-signer on loan excellent credit, this may justify a higher price. Of course there are risks to the use of a co-signer. If the principal debtor is unable to make regular monthly payments, co-signer is responsible for the loan.

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