Is your credit score a little lower than you’d like to admit? Believe it or not, you aren’t alone. Hundreds of thousands of Americans have found themselves in the exact same situation.
When it comes to financing a vehicle, it seems as though lenders do all they can to either make sure you cannot be approved for a loan, or force you to scrape together every penny just to make their monthly payments. So what can those of us with less than okay credit do? Well, as it turns out, there are all kind of companies who are well known for helping individuals to get pre approved for auto loans with bad credit.
Trying to get get your credit back on track can be a challenging endeavor. Experts say that the absolute best thing you can do is to use a credit monitoring tool to stay on top of things. Sites like creditkarma.com will allow you to do this for free, so you can raise your score and use it as a bargaining chip down the road for better rates when you refinance.
Knowing Where to Look
We live in the age of the internet, and it is easier than ever to find websites that will compare lenders side by side, show you their average rates, and even tell you about their pros and cons. In most cases, they will even help to point out which ones are well known for helping those with bad credit. These sites are valuable resources when it comes to obtaining a reasonable loan.
Always make sure to investigate a lender’s track record through the Better Business Bureau, or state and federal sites. To help get you started, here are two well known, reputable companies.
Despite being known to most as a credit card company, Capital One is actually one of the largest names in companies who aid those with bad credit in securing auto loans on used and new cars alike. They offer loans for vehicles up to 10 years, so long as they have less than 125,000 miles. That’s great news for anyone looking to save money by choosing to buy a pre-owned car.
While they do not allow loans for cars bought from private sellers, they do offer various tools to help buyers during the entire process. With FAQs, online calculators, and their Auto Navigator that allows buyers to view payments on specific vehicles, Capital One strives to help those with bad credit secure the best rates available.
Auto Credit Express
With an A+ rating from the Better Business Bureau, Auto Credit Express is well known for helping anyone find a good loan, even if they have already declared bankruptcy. They will provide you with a wide variety of options, and the lowest rates anyone can find. They even offer loans to special finance dealers.
Just like Capital One, they do not allow loans for cars bought from private sellers. However, they will not restrict anyone for applying from a loan based on vehicle age and mileage, or the amount of money they need to borrow. No matter what your situation is, this company will work with you.
Good Auto Loans With bad Credit Exist!
Above are just two examples of the various companies who are willing to work with your credit situation. Don’t allow a bad credit score to stop you from getting a reasonable loan with low interest rates! With a little bit of time spent researching, you will find a truly affordable way to finance your next car and get your credit back on track.