Bad Credit Used Car Loans – rpmGo.com

Fear for your chances to get a used car with a bad credit? You shouldn’t. Millions of people have credit problems so if you find yourself as one of them don’t despair. Getting an auto loan despite the less than clean credit history is very possible. Bad credit is nothing you should feel ashamed of, it’s something that can happen to anyone. If you give it time and perseverance from your part the bad credit history can be slowly erased.

If there’s the case in which you cannot wait for that clean sheet since you need a car now, then here are some directions you can head to.

Bad Credit Used Car Loans

But before you head to any decision making, remember these points. They are very important. Don’t head for a car with a monthly payment higher than you think you can afford. Also don’t let the car dealer convince you otherwise, they will try, since car dealers don’t care if you can afford to pay or not therefore leading you into a situation where you’ve paid a good part of the car while using it, and in case you can’t afford payment anymore the dealership from which you bought the car has absolutely every right to come and claim it, leaving you with no car and no cash.

There are many ways you can head for in gaining a bad credit car loan even if your credit isn’t exactly “whistle” clean. But remember, you need to afford the monthly payments, the occasional repairs and some maintenance once every couple of months.  You will inflict credibility to no one if you don’t have a monthly income, but that is actually common sense. You wouldn’t risk a loan to someone who cannot pay you back right?

Another absolute requirement is a phone with your name on it. You will not convince any lender if you don’t own a phone, since there is no reliability and no way to contact you.

Keep in mind that people employed by the lenders can make checkups on you monthly to see how your job is going. If you have a decent place to work with a decent salary then consider sticking around for as much as possible since the more time you have worked for one employer, your credibility will rise considerably making your chances in getting a loan better than ever. The same goes for address of the place you live. As long as you are located in the same place for longer time, a lender may gain increased confidence in you.

Another good solution would be a membership to a Credit Union and try to get an auto loan from them. Usually they have more relaxed criteria that may get you the loan despite the lesser credit history. If you have made loans to them in the past and paid them fully, you have the best chance since they know and trust you as a customer.

In case your credit is on the limit, or you don’t meet the exact requirements, you may ask a friend to enter as a co-signer to a loan with you. This person must have good credit history and meet every criteria regarding job, salary, monthly income, address etc. Be careful though, if you have a really bad credit rating than not even a co-signer will offer enough credibility for a bank to take a chance on you. And also be careful because, if you get the loan and cannot pay the monthly fee for it, the co-signer will be forced to pay for it in your place.

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