Have you been turned down for a bad credit auto loan?

Author:: jennifer
Date:: June 6, 2007

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Have you tried to get a car loan and been denied? Were you told that the decision was based on your credit score? When you are denied a used car loan because of your credit score that doesn't necessarily mean that you cant get a loan. Generally a credit score of less than 620 puts you in this category. There are still many credit lenders that specialize in bad credit auto loans, but of course, the interest rates on this loan are quite high much higher than loans for people with better credit scores. So what can you do? There are a couple of things you can do to try and get a better interest used car loan and check your credit report - make sure that everything there is accurate. You can get a better interest rate loan by clearing up missing information from your report than just putting up with the misinformation and finding companies that have bad credit auto loans.
Don't rely on the dealer. They usually make a percentage on the loans they are able to sell.
Check out the banks to see if they have special bad credit loans. You might even try capital one credit. If you are in Canada check out bad credit car loans Canada on the web to see if you can find lenders there.
Shop around for car loans. Your rates will vary from lender to lender and take your time in deciding.
Remember that your credit score can change. So even if you have to finance at a higher rate, your score may change in a couple of years and you can refinance at a lower interest rate.

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