STEPS TO FINANCING WITH BAD CREDIT
The first step in getting a car loan with bad credit is to be realistic. Many car shoppers get frustrated when trying to find a car with bad credit because expectations are set too high with respect to how much money a bank will lend them.
Also, keep in mind that when buying a car with bad or poor credit that some car dealerships will hold paper or finance for you.
Lastly, very seldom will a dealership let someone with bad credit finance a new or used car with no money down or a zero deposit.
Seek out car dealerships that specialize in bad credit poor credit financing. The banks and lenders these dealerships work with are better prepared to help poor credit - bad credit car shoppers. They may also be more flexible with regard to down payment and requirements than traditional banks.
On the down side, expect to pay a higher interest rate for a bad credit car loan than a shopper with great credit. One this site we have a large lender network.
Once you've located a car dealer you want to work with they will ask you to bring in copies of a paycheck, drivers license, electric bill, phone bill, or other bill that validates employment and your residential address.
In addition to these items you'll need copies of a bank statement, car insurance, and personal references. In some cases with car shoppers that do not have a personal checking account, some lenders will accept a debit card account.
Once you bring all the required information to the car dealer start looking at some cars while they work on financing. Most lenders want you in the store and may want to talk with you briefly. Be up front with the amount of down payment you can really afford.
Once the lender and dealer determine your lending level you can finalize or narrow down your car choices and interest rate.
Don't be alarmed at the initial interest rate. Many times a car dealer and lender can put you into a program that will allow you to refinance your car after 12-24 months at a lower interest rate. This will also allow you to start establishing or rebuilding your credit.
In closing, remember, be realistic with your expectations, and stay away from dealerships that claim they can get you into a car with zero down and zero out of pocket. Ask for references of other bad credit customers they have helped
To summarize there is help out there for bad credit situations and we have it. Let us use or expertise in financing bad credit and get you to the car lot that can help you drive today.