How to Compare Bad Credit Car Loans

December 10, 2012

There are many companies that offer bad credit car loans on the market today. If you find yourself in need of this kind of car loan, then it is important to research and investigate the different loan offers before making a final selection for an auto loan.

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Step 1

Order your credit report. Since your credit score is a major factor in determining the type and quality of auto loan you will be offered, the first thing to do is order a copy of your credit report so that you will know your credit score going into the loan process. With this information in hand, you can either conduct some preemptive credit repair to improve your credit score, or you can go ahead and apply for a loan.

Step 2

Apply for a car loan. There are many companies online that offer loan clearinghouse services. The advantage of applying for a car loan this way is that you will receive multiple bad credit car loans to review and compare. If you are uncomfortable with using online lenders, you will need to visit several different car loan lenders to gather information about what loans are available from sources like banks or credit unions.

Step 3

Review the loan information. Each loan offer will have different details. Evaluate the loan interest rate, the length of the loan and any other services or products that might be included in the loan (insurance, fees, annual registration, etc).

Step 4

Decide which loan offers you the best advantage and complete the loan application process. With funding in hand, you can then go to your seller and purchase your car.

Even with bad credit it is possible to find lenders who are quite willing to work with borrowers for a bad credit car loan.

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