November 20, 2017 · Cars · (No comments)

Submitted by: Marie-Claire Smith

Shopping for a car? This is no doubt an exciting time for you. It can be a lot of fun to consider all of the different automobile options that you have available to you. There is so much to think about, including the make, model, color and additional features you will choose.

There is one thing that can make the car-buying experience a bit less fun, however: when you have a less-than-perfect credit score. You see, anybody who has a credit score above 760 will easily qualify for the lender’s or dealer’s very best auto loan rates. And, even a score between 700 and 760 will help you automatically land a very attractive interest rate.

However, once your score dips below 650, you can be sure that you will have a much tougher time getting a loan offer at the lowest-possible rates. And, if your FICO score is at 600 or lower, you may even be worried that you will not get approved for a loan at all.

There is a silver lining in this cloud, however: there are actually a number of qualified lenders who are more than happy to extend car loans to people with bad credit scores. And, these loans to not need to be given at super-high interest rates, either. You just have to know where to look and how to apply.

If you want to find qualified bad credit auto lenders, here are 5 things to look for:

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1. Find lenders who have a strong online presence:

You can always apply for an auto loan from the auto dealer from which you plan to buy your car. But, this may not be your best bet. In fact, it is advisable to find a lender who has a strong online presence. This means that they have comprehensive, informative website. It also means that you can easily find them through doing an online search or finding a qualified Web directory of bad credit car loan lenders.

2. Make sure they advertise themselves as bad credit lenders:

Be sure that you only allow yourself to apply to those lenders who consider themselves to be bad credit auto lenders. Why? Because these are the ones who specialize in making auto loans to people who have less-than-perfect FICO scores. These lenders make it a point to largely overlook your credit score, instead evaluating your application based upon other factors.

3. Check out discussion boards and elsewhere for reviews:

Once you have at least 3-5 names of lenders on a list, go ahead and do some online research about each one. Check out discussion boards and other online resources and find out what people are saying about them. Any bad experiences? Any favorable ones? Write it all down and use this information to decide which ones to apply to.

4. Make sure you have read carefully their terms and conditions:

Any given lender’s terms and conditions – or what people sometimes call the “fine print” – will have some commonalities that are governed by local and regional laws. Still, each one also has considerable latitude about what they list there – and not all T&Cs will be the same. Be sure to make yourself familiar with the terms and conditions of each lender before you sign.

5. Do not sign until you have compared rates from at least 5 of these lenders:

Finally, do not accept any loan offer without first having compared the rates of at least 5 lenders. It could be that the 4th or 5th one you apply to ends up giving you the best interest rate of the lot.

Look for these 5 things as you find qualified bad credit lenders for your auto loan.

About the Author: Get access to more bad credit auto loan tips and lending resources at:

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Source:

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