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Buying a Used Car with Bad Credit? Let the LoanexFastCash help!
While buying a used car with bad credit can be more difficult, it is by no means impossible if you go to the right places. Most banks credit unions and the auto finance divisions of major car manufacturers aren’t the place to start, because they are primarily interested in lending to those with good to excellent credit.
Buyers with bad credit should begin by searching for dealers who advertise that they work with those with troubled credit. The internet is also a good source for both dealers and lenders who can help you to buy a used car with bad credit.
How to buy a used car with bad credit!
- It is important to know your credit score and have a copy of your credit report.
- A down payment can make a big difference! If you can, putting 20% down can often make a dealer/lender evaluate your credit more favorably.
- Look for a dealer who advertises that they work with all types of credit. They have the sources and the knowledge to help you get that loan!
- Co-signers with good credit can make all the difference. While it is not always easy to find someone willing to co-sign, particularly if they have good credit it can be a tremendous help!
- Finding the right car and the right dealership can be the start to rebuilding your credit with on time payments!
Where to buy a used car with bad credit!
In almost every city and town there is a dealership that has a reputation for working with people who have credit challenges. The best way to buy a used car with bad credit is often to start with them rather than come to them as a last resort. Knowing what your FICO score is can prepare both the dealer and you for some of the difficulties. Remember that the loan rate you are likely to be offered is going t be higher than the advertised loan rates of banks and credit unions and the length of loan may be shorter. But working with a dealer/lender who knows and understands sub prime auto finance will get you the best terms and competitive rates for this type of credit!
Can I buy a used car with very bad credit?
Yes, it can be done. The best place may be to begin right here at the LoanexFastCash.com, where we have a network of dealer/lenders familiar with credit of all types. The application is simple, the site is secure and the service is prompt and professional!