A bad credit car loan is a personal loan which can help you pay for a car even if you have bad credit. It will be a short term car loan which you will need to pay back very quickly, and because of your poor credit rating, car loan rates will be much higher than usual. Nevertheless, if you're in need of quick money, poor credit car loans might be your only option. This guide will help you learn how to get an instant car loan with bad credit.
Step 1: Check Your Qualifications
In order to get a short term loan on bad credit, you'll need to fulfill 3 requirements. You need to be 18 years of age or older; have a job which pays more than $1000 take-home per month; and have a checking account. Be sure that all three of these apply to you before proceeding.
Step 2: Find a Lender
If you already have a company which you're loaning from, that may be a good place to start. Ask them if they can give you a short term personal loan. You can also ask other lenders which may be found online, through the phone book, or via recommendation from a car dealership. It's a good idea to contact several different potential lenders and keep track of the rates they offer for short term loans on bad credit.
Step 3: Compare Potential Lenders
Once you've found some lenders, do deeper research on each one. Find out about the interest rates they'll charge on your loan and any additional fees or charges they might require. Make sure you're completely qualified to receive a loan from each and ask for any relevant additional details. Once you've compared all the potential lenders, choose the one that offers the best deal.
Step 4: Get Your Loan
The lender you've chosen will guide you through the process of getting your loan. Once you've gotten your quick money, you can use it to make a payment on a car or whatever else you need.
Make sure you're aware of and prepared to deal with the consequences of getting a short term loan on bad credit. Getting quick money this way is not an easy way out, as you'll only have more to pay next month: you'll need to repay not only the loan, but the high interest rate on the loan. Sometimes, though, there's no other option but to get a short term bad credit loan. If that's the case and you've decided that a short term loan is what you want, a little patience and research will assist you in getting the best deal for you.