How to Get a Car Loan with Bad Credit Score

You failed to do your homework on rates offered by dealerships. The total cost of car was more than your monthly income, the dealer offered you a raw deal and you did not read between the lines hence pay more than you bargained for. If this is the case, get a bad credit car loan and improve your situation.

Thought of selling your car and buying a used one? Well, it is simple and straight forward. The following tips will help.

Choose a second used car and know its exact price. Do not look at the monthly installments but at the overall price of the car after you pay for it. Find out the mileage covered and its current condition. Make sure you test drive it before buying. 

Know the value of your current car and trade it in to get the down payment. Improve your credit score and rectify your credit statement for at least six months. Clear any outstanding loans in your credit account and improve your credit ratings to increase your chances of getting a bad credit car loan.

Apart from banks and financial institution, search offline and online for bad credit car loan lenders. Find out their rates and the terms and conditions. Online lenders offer better rates and also save on time and costs as everything is done online.

Look for deals on used cars. What are the terms and conditions? What are the rates? Do not let the dealers dictate the rules for you. Talk about the deal and calculate exactly how much you will spend in the entirely. Interest rates on used cars are normally high while those on used cars are normally less. This should enable you save more money than you did before. 

A bad credit car loan can help you get out of tight situations when you had a bad deal with a previous loan.


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