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Low Credit Auto Financing? LoanexFastCash has them!
We use a lot of euphemisms in our society. We rename lots of things to make them sound better. A credit score below 620 sometimes referred to as low credit can also be called sub-prime, high risk but mostly it’s a bad credit score. So if you have a score like this and you need a car where do you turn? To a specialist in auto loans for low credit scores, like the LoanexFastCash.
Here Are Three Options for the Best Auto Loan for Low Credit Scores
- Direct auto loan lenders who will accept your application but may not approve your loan. Low credit auto loans require a certain expertise that all lenders don’t have!
- Buy Here/Pay Here Used car lots that often have vehicles of higher mileage and lesser value but whose rates and terms can be higher and less attractive and may have practices which are ethically questionable.
- Dealer/Lender networks like the LoanexFastCash which have the experience with low credit score financing, but can also provide the vehicles the used car lots don’t get backed by full service departments should you need them.
Tips on buying a car with a low credit score!
Co-signers are great if you can find one with good credit who is willing to take on your debt, but a more practical solution may be where you shop for the loan. Banks, credit unions and the finance arm of an auto manufacturer are not you best bet. Look for a dealership, financial institution or dealer who advertises low credit auto financing. Yes interest rates are higher on low credit score loans but there is probably no quicker way to improve a low score than a paid auto loan agreement.
Shop for the lowest interest rates available! Low credit score rates are high, but the best rate available for this type of credit can make the payments less burdensome.
Down payments are important! 20% is the industry standard and if you can come up with a down payment of that size the interest rate you are offered will likely be somewhat better. Can’t do that much? Shoot for at least 10% as any less can definitely make you less attractive to a lender if you have need of low credit score auto loans.
Pre-Qualify for a car loan with a low credit score?
It’s possible to even pre-qualify with a low credit score. Fill out an application right here and you can be pre-qualified for a loan amount which you can then use to shop for the best deal!
Car loans for low credit scores are more available online!
For more than 10 years the internet has been a great source for car loans for those who have low credit scores. The LoanexFastCash.com is here to help with the experts at our dealer/lender network to provide you with the car and the loan to pay for it!