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Bad Credit and Car Loans

If you’ve got bad credit you might have trouble getting financing, and that can include everything from credit cards to mortgages to car loans. You don’t have to do without a car, though, even if your credit isn’t perfect. Instead, you can find some bad credit car loans that might not give you the best interest rates but will  help you get a car without paying prices that are way too high to be realistic. It’s true that you might have to pay slightly higher rates for car loans if you have bad credit, but that doesn’t mean you should be priced right out of buying a car at all. Check around for the best price, and you can find some ways to get a better car loan, even with bad credit.

What About Your Credit Union?

If you’re looking for a way to get a reasonable rate on your car loan regardless of your credit, try your local credit union. Credit unions are sometimes more likely to loan money than banks, and that’s definitely the case if you have a good relationship with one already. They’re often smaller, and more interested in relating to their customers than banks, which are generally involved in many investment strategies. With that being the case, you might be able to talk to the loan officer there and find out about your situation and what options you have, instead of only being told you can’t get a loan because your credit isn’t strong enough.

Have You Talked With Your Bank?

What bank you use and the size of your lender can also have a lot to do with whether you can get a car loan with bad credit. If you use a small, hometown bank you’ll be more likely to get approved because the people know you a little better. Smaller banks, like many credit unions, like to try to build relationships with their customers. They often take into account more than just a credit score and that can help you secure the car of your dreams – or at least transportation that can get you around town and to your job and your friends’ houses. Even if you work with a large bank you may be able to get a reasonable rate. What kind of credit problems you’ve had can be more important in some cases than how numerous or how frequent your credit problems have been.

Beware of Dealer Financing – Especially From Small Dealerships

A lot of people who have bad credit and are still interested in getting car loans will go with the dealer financing option. That’s fine if you’re going through a major car company dealership, but not as advisable if you’re on a lot where they advertise that you can buy there and pay there. Payments are usually made every week instead of every month, and they are often very high because of the outrageous interest rates that these places charge. Be sure to look around, ask questions, and read the fine print if you’re going to allow the dealer to finance your vehicle.

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