If you have bad credit and you need a loan for a car, do not despair! There are many lenders out there who provide bad credit auto finance options. The key thing that these lenders look at is not necessarily your credit history or what has happened in the past. What is much more important to them is your current financial situation and your ability to repay the loan going forward.
Whatever your financial situation, there are some steps you can take to improve your chances when applying for a car loan with bad credit.
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First of all, do you have any cash you can put down as a deposit on the loan? If you can make a decent sized down payment, your chances of getting a loan improve drastically. If you can put together 20% of the price of the vehicle as a down payment, you will be in a very strong negotiating position. Not only that, but obviously the less you borrow, the less you will have to pay back.
Secondly, is there anything you can do to reduce you existing debts or increase your income? One of the main factors that lenders look at when evaluating a loan application is the debt to income ratio. If your can get your debts lower and your income higher, you will have a much improved debt/income ratio. This will show you are a less risky proposition for the lender than someone with a higher debt/income ratio.
Finally, you should investigate a wide range of different options when looking to source a lender. Shop around, because there are deals to be had. Yes, bad credit loans generally have higher interest rates than standard personal loans, but those rates and the terms and conditions of the loans to vary quite widely. So don't just go for the first bad credit loan that you see.
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