Car Loan Bad Credit

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Buying Hybrid Cars - Even With Car Loan Bad Credit

Fuel economy is essential. There are so many cars on our roads that are gas guzzlers and pollute the environment. If you purchase a car that is economical with fuel consumption you are helping to:

  • Protect the environment
  • Reduce oil imports
  • Conserve resources
  • Save yourself money long term, even if you do have car loan bad credit.

There's a new breed of cars available in the U.S marketplace that will enable you to do this - Hybrid cars. These cars combine the best parts of internal combustion engines with an electric motor and can significantly improve fuel economy and reduce fuel costs. Although hybrid cars are more expensive than comparable combustion engine cars, the federal government is offering tax incentives on certain hybrid car models that can enable you to claim a one off tax deduction against your income tax return of up to $2000!

So what does this mean to you?

As 70% of cars are purchased using car loans or bad credit car loans you could recoup the costs of paying extra for a Hybrid car and the interest on a loan by claiming this tax deduction.

What if I have car loan bad credit from a previous vehicle?

If you have car loan bad credit from a previous automobile loan, there is nothing to stop you from applying for a bad credit car loan. Even if you are earning more cash than ever before you will still find that if you have car loan bad credit, or any bad credit on a consumer loan that has adversely affected your score, you will only be able to finance such a car using a bad credit car loan.

Where can I get a car loan from if I have car loan bad credit?

A professional car loan bad credit lender is whom you need to approach. Many lenders who offer standard car loans will not cater for those consumers who have poor credit scores. You should approach banks and credit unions to see if they can help with bad credit car loans. If you exhaust these avenues, many of the bad credit lenders who will help can be found online. They will have access to a nationwide network of lenders who offer such products and will spend time making sure they can get you the best deal available for your financial situation.

Of course, if you do have car loan bad credit, such loans do tend to carry higher interest rates as the lenders expose themselves to a higher risk in offering you a loan. But if you are pre-approved and you want to use the loan to buy a Hybrid car, the money you will save in fuel costs and tax incentives will help to outweigh this.