Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Is It Possible to Secure Bad Credit Auto Loans with Low Interest Rates?

By Robert Watson Subscribe to RSS | April 26th 2012 | Views:
loading
 
  



Bad credit implies the poor credit rating of a person. It happens when a person has a history of late payments, missed payments and filing for bankruptcy. Having a bad credit affects the persons ability to get loans. Lenders are wary of giving loans to persons having a bad credit history because it is presumed that he may default payments again. Securing an auto loan with bad credit is not impossible. The 3 things about bad credit auto loans that works as disadvantages to the person taking the loan are as follows:

* Finding a lender is not easy by a person with poor credit because it is assumed that he has a higher chance of defaulting.

* A person with a bad credit auto loan cannot file for bankruptcy as he can in case of credit cards or other unsecured debts.

* The biggest disadvantage is that a person with bad credit will have to pay a considerably higher rate of interest than a person with good credit rating or no credit history at all. Interest rates depend on a person' responsibility and credibility for loan repayment and his earlier defaulting makes the lender increase it in order to cover his risks.

But what does one do if he has bad credit? Can not he buy a car? Of course he can. A bad credit does in no way imply that buying a car is not possible. The person can get actually get a loan with low interest rates. Getting a poor credit auto loan with low interest rate is possible if you plan well. Following are a few tips on how to do just that.

Repair your credit:

Repairing your credit is a good idea before you apply for the auto loan. Forget all the numerous credit doctor scams on the internet and repair your credit the proper way. Start making timely payments on all your credit liabilities and your credit ratings are bound to improve. You will not only find a loan, you will find one with low interest rate.

Wait for the right time:

Apply for your loan when your rating reaches 600. You will get a much lower interest rate.

Make a down payment:

Try making at least 20% down payment. This is because it saves you from being upside down on your car loan.

Consider buying a used car:

A used car does not imply that it will be a run-down thing you will be ashamed to drive. A used car may not be very old, it may actually be quite new. You can search for one that has done a comparatively low time on the road. You will get a pretty low interest rate.

Find a cosigner:

Request a family member, relative or close friend to cosign with you for your loan. Choose someone who has excellent credit history. Your interest rate will be much lower.

The best place to shop for bad credit auto loan is online. Make sure you research well before applying.

Robert Watson - About Author:
RapidCarLoans.net offers low rate bad credit auto loans for people with poor credit or no credit for new or used vehicles with flexible terms such as no money down and no prepayment penalty through the network of sub-prime auto lenders. Applying for online auto loans eliminates the applications or processing fees that are normally associated with getting a car loan through a bank or automobile dealer.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/loans-articles/is-it-possible-to-secure-bad-credit-auto-loans-with-low-interest-rates.htm

Related Loans Articles Subscribe to RSS

Unsecured bad credit loans: Quick and Tension-Free Monetary Support
Published by Jeckel Hery on May 12th 2012 | Loans
Unsecured bad credit loans have brought comfort to all people living with critical conditions and wa...
 
Getting settlement when it comes to credit card
Published by Rajkumar Kaushal on June 19th 2012 | Finance
Getting settlement when it comes to credit card is not very easy sometimes because of the details an...
 
Urgent loans for bad credit- a great financial help for many borrowers in US
Published by Vikon Nail on May 18th 2012 | Loans
If you have credit problems, urgent loans for bad credit would be considered to be the ultimate way ...
 
Bad credit installment loans- Easy to avail quick money
Published by Gorgie Nork on July 4th 2012 | Loans
If you are availing bad credit installment loans, you can easily resolve cash hurdles with ease....
 
Urgent loans for bad credit- Any financial crunch may be resolved in no time
Published by Vikon Nail on June 15th 2012 | Loans
By acquiring instant funds via urgent loans for bad credit, you have the provision to meet unanticip...
 
30 day loans bad credit- Lucrative financial deal for bad credit people
Published by Bailey Molton on June 14th 2012 | Loans
By acquiring instant funds via 30 day loans bad credit, you have the right solution to meet cash cri...
 
Bad credit! No Major Issue to Avail Finance
Published by Jackfox on February 27th 2012 | Loans
Unsecured loans bad credit helps you in a proper way when you want to get rid of your fiscal problem...
 
The fundamentals consideration of adverse credit loans
Published by Alan Poly on December 27th 2011 | Loans
Adverse credit loan are very keen to propose including online providers and also a plethora of lesse...
 
Same day loans no credit check - without looking into their past records
Published by Sam Hopkins on December 5th 2011 | Loans
Same day loans no credit check provide funds to an individual on the basis of present earning. The e...
 
How to choose the balance transfer credit card offer?
Published by Alenpaul on January 19th 2012 | Finance
As many find themselves in debt with certain credit cards, and trying to renew their card ability th...
 
Fast installment loans for bad credit- Get relief of financial stress
Published by Gorgie Nork on November 29th 2011 | Loans
If you decide to relief financial stress quickly then you need to apply fast installment loans for b...
 
Fast payday loans no credit check- Unique financial solution for borrowers
Published by Kelin Smith on May 10th 2012 | Loans
By availing fast payday loans no credit check, it is possible for you to borrow quick cash up to $15...
 
90 day loans no credit check- Grab cash to fulfill your financial needs
Published by Alesia Ace on May 5th 2012 | Loans
By availing instant funds in form of 90 day loans no credit check, you will grab quick cash to meet ...
 
Loans without credit checks- Borrow quick money for your personal use!
Published by Kelin Smith on June 1st 2012 | Loans
By availing loans without credit checks, you have the ultimate option to meet unexpected fiscal woes...
 
Urgent Payday Loans No Credit Check – using for urgent credit payments
Published by Harry Tom on March 22nd 2012 | Loans

Urgent Payday Loans No Credit Check is simply out there online too and anyone will apply. He wil...
 
Student loans with bad credit- Right fiscal help for your further study!
Published by John Simen on May 28th 2012 | Loans
If you want to undergo further studies then you should go for taking student loans with bad credit i...
 
Cash loans no credit check- Ideal financial solution for bad credit people
Published by Alton Kiels on July 6th 2012 | Loans
In fact, Cash loans no credit check is a great financial help especially crafted for those bad credi...
 
Bad credit and mortgage refinance option
Published by Kam Brar on December 16th 2011 | Finance
As people think, it is not easy to get mortgage refinance with bad credit. There are various factors...
 
Student loans with bad credit- Perfect credit support for students
Published by John Simen on July 2nd 2012 | Loans
If you are availing quick funds via student loans with bad credit, you can meet higher education in ...
 
Money loans for people with bad credit- Attractive financial aid for poor creditors
Published by Lewis Jasvin on July 20th 2012 | Loans
If you are taking money loans for people with bad credit, you will get instant funds without any has...