Poor Credit Auto Loan – Get The Car You Want

So you have poor credit and you need an auto loan.  Have you gone to a dealer and been told you do not qualify for a car loan?  Not all is lost.  You probably can get a car loan you may just have gone to a car dealer who did not deal with poor credit auto loan and yes not all car dealers do.

So what is poor credit?  Credit is broken down into levels.     

Excellent  760 – 850

Good  700 – 759

Fair  620 – 699

Poor  300 – 619

If you fall in the poor credit you can still qualify for a car loan you just need to find the lenders and car dealers who can help you.  You will also need to know a few things.

Knowing your credit score can help you.  There are fluctuations but you will have a good idea if you are Fair credit or indeed poor credit.  Some car dealers and lenders will only deal with solid good or excellent.  So if you have been turned down don’t think you have low-end poor credit.  If you have your credit score you will have a good idea of where you are.

Getting a poor credit auto loan

Some pointers

•    Know your credit score
•    Have an idea of how much you can afford for payments
•    A Cosigner might be needed
•    A down payment – 20% can go a long way in securing a loan
•    20% down might limit the type of car you can purchase

Poor Credit Auto Loan Interest Rates

The interest rate you pay will be higher.  You might want to go for a car that does not cost as much and try to improve your credit.  You can either refinance later or trade in the car and get a new when your credit is better.  If your credit is just into the “poor” end it might not take much to boost it into the “fair” score.  This could save you money.  Take a look at Very Bad Credit Car Loan at just how much having bad credit costs you. 
Many times people feel like they are “getting it” when they are having difficulties.  Well the honest truth is you are.  You pay far more for everything when your credit is “poor”.  This just makes things that much more difficult.  You have a harder time finding loans and lines of credit and you do have to pay more.

Check out our free download on some quick tips on improving your credit.
 

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