For people with bad credit, trying to get approved for a car loan can become a task that seems nearly impossible. There are some options that many aren’t aware of though that could save you some time and trouble. With a good income and few other factors falling into place, getting approved for a loan isn’t as difficult as you would think.
You’re most likely inside one of your best and safest options right now, and don’t even know it! A home equity loan boasts much lower interest rates than most bad credit car loan companies could ever come close to, and to top it all off, the interest you do pay is deductible as mortgage interest! Why this option isn’t the most popular, I can’t explain. But it is surely a safe and effective way to finance the money you’re looking for.
A common trap…
There’s always a not-so-green side of the grass, and that would be those increasingly popular buy here, pay here dealerships. We’ve all heard the commercials about getting car loans with terrible credit or even no credit, but what’s the deal? Well, it sounds like a good deal – walk in, make a down payment, drive away. What they don’t tell you is that in the trunk of that car is an interest rate that’ll scare you right off the road. That is, if you justify the price of the cars. These guys are praying that you don’t know what their cars are really worth. Take a look at the odometer before you roll off the lot – I’m betting you there will be a pretty large 6 figure number on there. These places aren’t the best option for everyone, but for those of you who’ve found yourself in a bankruptcy or have nightmares about your credit score, these places are a very real option for some.
Of course, one of the last places you might think about heading to for a car loan might just be the same people you’ve always trusted with your money – your local bank. Even credit unions are sometimes willing to give you a hand if you’ve kept your payments up-to-date. Banks make money by giving it out. When a bank can afford to give you a loan, and trust you to make timely payments, they’ve helped their business, too. It can’t hurt to ask!
And finally, one of the most talked about ways to find some help with your financial woes, is online companies that exist just for that purpose. Using a trustworthy service online can be the best possible way to go, as long as you know that the company you’re dealing with is really out there to assist you in getting that loan you need with an interest rate you can handle.
605 credit score? Visit Buyingcarswithbadcredit.com.
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