Getting approved for an auto loan is tough when you have damaged credit or no credit. For some lenders, your assurances to pay back the loan or even showing you have the financial means to easily make the monthly payments aren’t enough.
Bad credit can be a pain. But, with a little work and patience, you can restore your credit back to its former glory. And, surprisingly, a bad credit car loan can be what puts you back on the map of life.
Bankruptcies will remain on your credit report for up to 10 years. If you are aware of this fact, then you may be wondering what your chances are of getting approved for an auto loan. The good news is that you can still be approved, but you will need to be sure you work with a dealer that can help you.
Car buying can be a tricky thing when you have damaged credit. If you go to the wrong place, you could end up overpaying for a car that will give you nothing but problems.
Are you thinking of buying a new or used car, truck or SUV? If so, you may be checking out vehicle prices online in order to determine exactly what you can afford. And while you’re doing this, don’t forget to factor in a realistic estimate of what your interest rate might be. This rate will be largely determined by your credit score, so you will want to find out just how well or how poorly your credit is rated.