Top Auto Loan Provider in
When you apply with Auto Loans Instantly, you can be assured you're
in the right hands. Most people have some type of bad credit
history and Auto Loans Instantly understands. We're here to help you
get the automobile you want, and the financing you deserve.
We can help you get a loan no matter what your credit history is.
The auto loan application is FREE, and easy to fill-out, it
usually only takes a couple of minutes to complete. That's it;
there is no obligation from you at all.
Remember it doesn't matter if you have bad credit, problem credit
or even bankruptcies. We realize that people get into credit
trouble all the time, our dealers will help you through your auto
loan and get you behind that new car you deserve.
Based on the economic forecast, auto loan interest rates are down
due to lowering interest rates from balancing the budget since the
year 2000. Auto loans are a lot easier to obtain at this time. If
you are looking to buy a new or used car you can get loans much
easier these days with bad credit, poor credit, fair credit or no
credit at all.
You can save time and money buying an automobile by applying for a
car loan online. You can rely on us for affordable hassle free
finance almost instantly. Bankruptcy is not a problem!
Want that Nice Car? Getting It
Financed with Bad Credit is Possible!
Getting a car financed with bad credit is not new to consumers
anymore. Even during the recession period, car buyers were still
seeking financing for a car even if doing so with a bad credit is
almost impossible. However, things are getting better now with the
automotive industry recovering.
Despite the uncertainty about the U.S. economy, Americans are
still buying more and more cars. Since 2011, there have been U.S.
car sales surges—a manifestation of the auto industry's recovery
from the recession years. For instance, Autodata Corp. had
recently recorded that U.S. consumers had bought 1.28 million new
cars and light trucks, marking a 20 percent increase from the
previous year's record. Overall, the automotive industry is
getting back on its feet and is even deemed as a hope to revive
the U.S economy.
Likewise, auto lending is also thriving as car dealers and lenders
have realized the lucrativeness of subprime lending. In fact, some
car dealers admitted that they gain more profit fixing financing
for people with bad credit than selling cars. The demand for bad
credit car loans started to rise as people who have acquired bad
credit during the onset of the economic crisis started gaining
confidence again about buying a car and getting it financed.
Lending institutions, especially banks, were reluctant at first.
However, this attitude has surprisingly shifted. Banks have
loosened their credit standards and are catering to more types of
borrowers now. This makes getting auto loans with bad credit
easier—a good news for both borrowers and auto makers.
According to Experian Automotive's report for the second quarter
of 2012, the average amounts financed for new and used vehicles
both increased. The average credit scores for both new and used
vehicles went down by 9 and 10 points, respectively. Interest
rates for both types of vehicles also decreased.
However, shopping for bad credit auto loans may not be as fun as
shopping for a vehicle. People with bad credit could still find it
hard to get approved for a bad credit car loan especially if they
have a very low credit score. Moreover, they need to spend time
doing some research so they can make an informed decision about
which loan offer they should settle for. Nevertheless, the fact
remains that it is possible to get their cars financed even if
they have a bad credit. They just need some wit and wisdom to get
the best offer.
Get the Car You Want with a Bad Credit Car Loan!
The first thing you need to do before applying for a bad credit
auto loan is to get a copy of your credit report from a reputable
credit bureau. It is important that you know about your credit
situation first before approaching a lender or a dealer. The
credit report is a document that contains your personal
information, payment history, credit score, and other relevant
details. Based on the FICO credit score range, if your score is
649 and below, you are considered as a bad credit holder and would
only qualify for an auto loan for bad credit.
Review your credit report to see if there are any errors or
inaccuracies on the information recorded. If there are any, report
them immediately to the reporting credit bureau to have them
corrected. This is important because sometimes, the false or
inaccurate information recorded in your report contributes to the
low credit score that you have.
Aside from checking the document for errors, familiarize yourself
with your credit history so you can explain to the lender or
dealer how you acquired a low credit score. Giving them a
convincing explanation helps you get approved for a car loan for
bad credit. In addition, getting a copy of your credit report
beforehand keeps you from being lied to about your credit score by
some unscrupulous lenders and dealers.
Another important thing about getting auto loans for bad credit is
shopping around, and this means taking the time to check out
various rates of car loans for bad credit in different loan
sources. Go to banks first. Remember that banks are now more
willing to cater to the subprime market thus, you have more
chances now of getting approved for an auto loan with bad credit
in banks. Aside from banks, you can also get financed through
credit unions, dealerships and online lenders. Credit unions are
as competitive as banks when it comes to their loan rates.
Meanwhile, dealerships usually act as the middlemen between you
and a lender. However, one disadvantage of seeking financing
through a dealership is you have to deal with their mark-ups. And
with today's technology, the fastest and most convenient way to
get a car loan with bad credit is through online lenders.
Auto financing for the subprime borrowers are now more diverse,
affordable, and flexible. As you check out offers in various loan
sources, make some comparisons to find the best offer. Compare
APRs or annual percentage rates rather than interest rates.
Moreover, by using an auto loan calculator, make some computations
to further see which offer will save you more money. When
examining an amortization schedule, pay attention to the total
payments and total interest paid at the end of the term.
The Federal Trade Commission (FTC) advises consumers to deal with
legitimate lenders and dealers only. Beware of dishonest, abusive,
and fraudulent dealers and lenders lurking around. Be most
vigilant when shopping for auto financing online. Moreover, avoid
too-good-to-be-true offers which are often used as traps by scam
artists who lure people with bad credit with an attractive offer.
To make sure that you are dealing with a good lender or dealer,
research about the company first by looking them up in the
websites of Better Business Bureau (BBB) and National Automobile
Dealers Association (NADA). You can also ask for recommendations
from your friends, family members, or relatives.
Finally, make sure that you will be able to pay off the loan on
time so that you will acquire a better credit by the end of the
term. Car loans with bad credit are actually opportunities for you
to rebuild your credit—as long as you make the payments on time.
In order to avoid defaulting on the loan, make sure that your
income can suffice the monthly payments. Do not also buy an
expensive car but be realistic instead with the price of the car
that you will buy. You do not want to make your credit worse by
purchasing something you cannot really afford. In addition,
consider the cost of vehicle ownership when setting your budget.
You can opt to take some time working on your credit first before
taking a new loan. In this way, you can get approved for a nicer
offer as you establish for yourself a better credit.
Indeed, you can buy that nice car and get financing for it even if
you have a bad credit. Bad credit car loans are no longer new in
the industry, but they have gotten better. They are also more
accessible now, making bad credit auto financing even more
possible for car buyers. Why don't you start calling up a credit
bureau now to get a copy of your credit report? Start applying for
a bad credit auto loan and get approved today!