Guaranteed Auto Loans for Bad Credit – Do They Exist?

Published in Bad Credit

Trying to get a loan with bad credit has become really difficult these days. Usually people with bad credit think it’s going to be impossible for them to get an auto loan. But is it really impossible to get a loan from bank while having bad credit? The short answer is no. Some banks will actually offer guaranteed auto loans for bad credit. They will first do a credit check to see what your credit score is so they can determine what interest rate they will give to you. They also usually ask for a decent down payment, however.

There are also dealers who offer guaranteed auto loans for bad credit. They too will do a credit check to determine what interest rate they are going to give you. The difference is these dealers will most likely work with you so you can afford the down payment maybe even rolling it into your monthly payments. They will also work with you to make sure you can make the monthly payments. So try to negotiate with the dealers and discuss your financial situation.

Now the other way to get guaranteed loan while having bad credits is to consult some financial companies. What they usually do is the same thing the bank lender will do. They check out your credit score, talk to you about a down payment as well as your monthly payment. Then they discuss some of your options.

The best way to get an auto loan with bad credit is to first know your credit score. This will help you determine what your interest rate might be. Next, you should look over your financial situation and see how much you can afford to put down and to see what you can afford to pay monthly toward a new car. Keep in mind that you will have a high interest rate when shopping for a car.

Being prepared and knowing your credit score and knowing what you can afford is one of the best things you can do to give yourself a better chance of getting one of these guaranteed auto loans for bad credit.

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