If you have bad credit then it is not impossible to get a loan for a new or second hand car but there are some important things that you need to understand before you apply. With a conventional loan a lender will look at the applicant's credit history and their ability to pay off previous loans, their income from regular work and also take into account the deposit that the applicant is willing to make towards the loan. These factors will not differ with a bad credit car loan except that the lender is aware that the individual does not have a perfect credit rating.
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A few years ago this kind of loan for people for bad credit would have been very difficult to find. But since the economic downturn so many people have found themselves in this situation because they have lost their jobs due to downsizing or companies simply running out of money. A new industry has sprung up to cater for this as they realize that a large majority of these people will pay the loan back. These bad credit lenders offer both unsecured and secured loans based on the circumstances of the individual. The loans attract higher interest rates than conventional bank loans but in some cases these are not too much more. If security has to be offered in the form of a property or counter signatory then you need to think carefully about this before agreeing to the loan.
The bad credit loan process is often the only way that those with blemishes on their credit record can obtain financing for a vehicle. The lenders involved in these transactions are continually dealing with people that may have defaulted on previous loans or paid them back late or even been the victims of bankruptcy. It can be tempting for people in these situations to visit car dealers that offer this kind of in house lending to high risk cases. The interest rates and deposit requirements are often high with these dealers and it is possible to obtain a better loan deal elsewhere. The other drawback with these kinds of loans is that often the dealers will not report the loan arrangement to the various credit agencies so if you pay it off on time there is no upgrade reported on your credit record.
Before you make an application you need to be prepared. One of the first things to do is to be familiar with your credit rating by obtaining a report from one of the quality credit agencies. You need to be able to tell your story to the lender as well. You should include details of your previous employment and if you were laid off the details behind this. Also you will need to explain where your current income is derived from and show pay slips and sometimes an employment contract. If you have been the victim of a lay off and have bounced back by getting a new job in a reasonable amount of time then this will be seen in a favorable light by the lender.
There are many lenders online that specialize in this type of loan. Do not believe that your choices are limited here because of your bad credit. You need to spend time applying to as many companies as possible until you find the one that can offer you the best terms.
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