As if it isn’t exhausting enough shopping for a car, trying to get approved for a car loan when you have bad credit takes that exhaustion to a whole new level. You may wonder if the car you need is even within reach. Well, it can be. Don’t give up yet, because your search can be free, easy, and safe when you begin your financing search with FederalAutoloan.com. We can help you on your way to apply for a car loan with bad credit.
FederalAutoLoan.com is an online consumer connection service that eliminates wasted time hunting down dealerships that only reject you because of your less-than-perfect credit. Our application process is safe, SSL encrypted, so your personal information is secure. Plus, we are accredited by the Better Business Bureau with a great rating, and this means we’ve agreed to uphold the business guidelines it has set up.
Just So You Know…
Traditional bank and lending institutions that won’t offer high risk auto financing look at specific things before they decide if they are willing to loan you money. They will check out your credit past, the application that you completed, and how much money you can put down.
If your bad credit is categorized as habitual, (you struggle paying your debts in a timely manner) unfortunately, you will have trouble getting approved through traditional means. Situational bad credit is another category. This is if you found yourself in a situation in which a major medical problem or job loss affected your ability to pay your bills. If this is the kind of bad credit that you have, it will be a bit easier for you to be approved, but with a higher interest rate.
Depending on how you answer questions on the credit application, your chances of being approved can either be helped or hindered. If you are in a situation in which you struggle with a lower-than-average income and a less-than-perfect job history, your chances of being approved do decline. However, if you have an average monthly income and a fairly consistent job history, this will help your image, even with a poor credit history.
How much money you put down initially also affects the lender’s decision to approve you or not. If you chose to provide a larger down payment, you are more likely to be approved, and you may even receive a better interest rate. When you put down more money, this tells the bank or lender that you are also taking a risk, not just them. In all, if you save up and put more money down, your chances of being approved go up, and you may not even need a bad credit auto loan. A co-signer may also improve your chances of getting your financing and could improve your rate as well.
If You Look Online for a Dealer and/or Lender
FederalAutoLoan.com wants to assist you in making this tedious, frustrating process easier. Our goal is to connect you with true specialists in bad credit or no credit financing, so that you might be approved for a loan that you were unable to get anywhere else. Not only that, we give you as much information as we can so you can make the best decision possible, even it it’s not with us. You need a website that the Better Business Bureau ranks highly, and we are. Dedication to our customers, resolving issues hurriedly, and providing them with the most up-to-date information are qualities that FederalAutoLoan.com prides itself on. We want you on the road in the car that you need… And hopefully get you on the road to improving your credit score as well.