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Car Financing With Very Poor Credit

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How To Get Car Financing Regardless Of Credit

If you need a car but have a poor credit score, you know the pain of somebody who has trouble getting around town freely.

Car ownership has almost become a necessary thing in today's world. Unless you live in a major metro area that has a solid public transportation system, going through life without access to a car can be more than a little inconvenient.

Everyone with a poor credit score knows that if they could just get a better credit score, they would be in better shape financially and could likely get approved for a car. But, this can take time - and not all of us have the time it takes to improve our credit score. Either way, we want our own car right now.

This lens provides tips on how to get car financing, even with very poor credit.

Click For A List of Bad Credit Auto Lenders Near You

Poor Credit? Car Financing Is Still The Way To Go

Give Yourself The Present of Your Own CarIf you have very poor credit (a FICO score under 600), you probably have tried to think of a million different ways to get a car. Some ways that people in your situation have considered include:

1. saving up for 1-2 years and buying a very-low-priced, older used car

2. borrowing from friends and family

3. taking out a personal loan at a very high interest rate of 20% or more

While all of these options show some creativity and are indeed possible, most of them can cause more trouble than they are worth.

In the end, your best bet is to pursue car financing now. Short of winning the lottery, financing is still the best way for you to get a car fast and on your own terms.

Books on Getting an Car Loan

These books can help you get the auto loan you are looking for:
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Click For Tips On Getting 100% Financing Bad Credit Car Loans

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  • craigstinson Nov 12, 2010 @ 6:30 pm | delete
    Very nice Squidoo lens, I recently read on a website that car refinancing with bad credit can be a little bit tricky. Is there any other way to refinance my car without accepting another bad deal?
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Tips For Poor Credit Car Financing

The following tips can help you get the financing you need faster, even with poor credit:
  1. Start by choosing the right car. You may be eying a Mercedes, Lexus, or Cadillac, but you may want to settle for something more modest. Right now, the goal should be to get from point A to point B - not necessarily to impress your friends with your hot new set of wheels.
  2. Try to borrow or scrape together at least enough money for a down payment of $1,000 to $2,000. Having some money at loan signing will increase your chances of securing a loan.
  3. Conduct a search for poor credit lenders. These lenders specialize in working with people with low credit scores. In fact, that is their business model. Be sure to use software such as Microsoft Excel to organize your research on the various lenders.
  4. Before contacting lenders, research the possible interest rates given your current credit score. That way, you will have an idea of which offers are a good deal and which are not.
  5. Contact all of the poor credit auto lenders on your list. Make sure you do not just accept the first offer that comes along. Instead, always ask if they can do better before accepting any offer and signing on the dotted line.

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OutdoorExplorer

Everett is a lover of all things travel, outdoors, and adventure. When he's not working as a freelance writer, he's traveling around the U.S. and beyo... more »

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