A little information about car credit options
This section is designed to provide you with a little information about the car credit options that you have available to you if you’re struggling with credit challenges.
First and foremost, if you have good credit – that is, if your FICO score is around 640 and up – you can shop around for a car loan through banks, credit unions, and a variety of other lending institutions in order to get the best possible interest rate on your auto loan. However, if you have poor credit – below a 640 FICO score – or if you have a limited credit history and no co-signer available… finding a lender that will consider you for a car loan becomes considerably more difficult.
It is important to know that there are a number of regional and national lenders available to you that offer subprime car loan financing. And while some of their lending requirements may be similar, most will probably vary greatly from lender to lender. The major issue for buyers looking for bad credit, car loans is that the majority of lenders do not offer direct lending to poor credit customers. Because of this, most bad credit customers are forced to visit a car dealership that has signed with a lending institution in order to qualify for one of their bad credit, auto loan programs. Fortunately, there are a number of solutions.
One solution available to you is to call around and contact a number of different dealers. If you do, however, chances are that they’ll just tell you to come in and fill out an application. While you might get lucky and get approved with bad credit, the whole effort could end up being a waste of your time and embarrassing if they don’t approve you., which is likely to happen if you have poor credit. The reason is that many dealerships do not specialize in subprime lending.
That being said, there is another option, and it happens to be one of the easier ways to find a dealer or lender to get the bad credit, car loan that you need: quality online sources like Federal Auto Loan. In addition to offering a bad credit auto loan application, many of these sites also feature a resource section that includes informative videos and content, as well as a number of auto-loan calculators that will walk you through the auto finance and application process.
The top websites in the industry specialize in connecting customers who have bad credit with lenders and/or dealers that can truly help them. These dealers are not only knowledgeable in the area of bad credit auto-financing, but they also work with a wide variety of poor credit lenders that can offer you the very best chances of getting approved for a bad credit auto loan.