Bad Credit Car Loan

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The Painful Truth Needing a Bad Credit Car Loan

I've just been refused a car loan as I have bad credit! What's bad credit when it's at home? I need a new car to get to work and pick up my kid from school so I just don't know where to turn!'

A familiar situation in today's society.

All too often people do not understand what their credit rating is or why they have bad credit. In a recent report by the Consumer Federation Agency, 2/3 of consumers did not realise that that their past payment history affected their credit rating. In this ill-informed environment, it's fortunate that there is a plethora of lenders out there who offer bad credit loans and specifically for the circumstance outlined above, bad credit car loans.

It's wise to check your credit score. If you find you have a score <600 it will very difficult to get a standard car loan. There may be several reasons why you have a low score and some of them are noted below:

  • Defaulted on your mortgage
  • Missed payments on your credit cards or any other loans
  • Been bankrupt
  • It could simply be an erroneous entry against your name but this can be rectified by appealing.

This does not mean to say that you have to walk or catch a bus. You should consider applying for a bad credit car loan otherwise known as a car loan bad credit.

You will probably find that bad credit car loans will have higher interest rates than normal car loans. But as you have narrowed your choices available to you, this may be your only option! And as this option may still mean that you will get better interest rates than you would do with a car dealer then surely its worth trying?

There are significant benefits to taking out a car loan bad credit.

  • Better car loan rates than dealers can still be achieved.
  • Keep up your repayments and your credit rating will improve.
  • Once your credit rating has improved you will be able to refinance your bad credit car loan and obtain a car loan with even lower interest rates and subsequently, lower monthly payments.

What have you got to lose?