Bad Credit Car Loan On the Car Lot

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Bad Credit Car Loan On the Car Lot
A bad credit car loan may not be your only option for purchasing a new car. Just to clarify - what I mean by "bad credit car loan" is a high-interest loan of the type that's usually offered to those that can't get a loan through traditional channels. They're the kind of loan you'll get at one of those little car lots that pepper the inner city landscape whatever the city you live in - the ones with big fluorescent signs that read "BAD CREDIT? CAR LOAN FOR ANY CREDIT! BUY HERE - PAY HERE".

All right. Let's be real here. If your credit is THAT bad, you may have no other option than to use a car dealer that can offer you a bad credit car loan. And if it IS your only option, it's a lucky thing that they exist. Sometimes you need a car and there's no way around it. Before you decide that a Bad Credit Car Loan dealer is your only option, though, there are a few other steps that you should take.

First, don't assume that your bad credit disqualifies you for a standard car loan. Financial institutions that are reluctant to extend you a personal loan or a home mortgage may be far more willing to offer a bad credit car loan. Why? Repossessing and reselling a car is far easier than foreclosing on a home - or squeezing a personal loan out of a client who's defaulted on payments. One of the single most important things you need to know to help you get a new car for the lowest price possible is your credit score or rating. If you know your credit score, you have a leg up on finding out what kind of terms you can find on a car loan.

Second, research possible loan sources. Some places that you should check before you apply for a bad credit car loan are:

1. Your own bank or credit union may offer you a car loan at reasonable rates, especially if you maintain a savings or money market account with the same bank.

2. A family member may be willing to cosign a loan with you. The guarantee of repayment by someone with a better credit rating is often enough to get you better than "bad credit car loan" interest rates.

3. A household finance lender like Beneficial or Lending Tree may have more lenient terms than a bank.

4. Standard automobile dealers have a number of financing options - but don't expect to get good interest rates. If possible, you should NEVER shop for a car without having financing arranged first. Make every effort to be pre-qualified for an auto loan before setting foot on the car lot. Prequalification doesn't obligate you to anything - but it does give you something in hand when you go car shopping.

By pre-qualifying for a loan before you visit your car dealer, you'll give yourself some financing options. That may help you avoid the temptation to accept one of those high-interest bad credit auto loans from a finance company with whom the dealership does business. If, on the other hand, the dealership can get you more favorable terms, you're not locked into a loan for which you pre-qualified, but didn't make a formal application.

Finally, if your only option is a 'buy here-pay here' dealer that specializes in bad credit auto loans, be certain to check all the terms carefully and get everything in writing.

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