Bad Credit Auto Loans: Unbelievable Tricks To Get Approved Faster ...

Finding an auto loan with bad credit can be a lot of work!

Getting a turndown after applying for a bad credit car loan online can really have a negative effect on the average persons mindset. It can be very depressing to say the least. Finding out that the reason for the decline on the car loan is because your credit score is a little to low to qualify can just add to the pressure. There are a lot of people these days in the same boat as you. Most auto loan lenders these days try and stay away from the sub prime credit market. After you are labelled as a customer with bad credit or also known as a ?Sub Prime? customer, it becomes more and more of a hassle trying to find a bank to approve you on a bad credit auto loan. But does this mean that you will not get approved in any way? No, there is hope that you will find an auto loan to suit your needs. There are a few things you can do to help you make things easier along the way. Today I am going to give you some tips on what to do when you shop for an auto loan with bad credit.

#1) Find out exactly what is on your credit report. Run your report and go through it with a fine tooth comb to find any and all discrepancies that may be considered inaccurate. Trust me, 8 out of 10 people can usually find something on their credit report that should not be there. If you do find some inaccurate information reported, contact he credit bureaus right away and they will tell you how you can dispute those items. Usually you have to right a letter to them of some sort disputing the information. The creditor in turn will have 30 days to respond and show proof that the info is accurate. If no prof is shown in 30 days. Usually the items gets removed from your report.

#2) Get your credit FICO score. The times have dramatically changed. Years ago it was nearly impossible to get a credit score without pulling teeth first. Now all you have to do is contact the major credit agencies like Trans Union Equifax and Experian and they can assist you in getting an accurate credit score. This way you know exactly where you stand and you can sketch out your plan accordingly and get approved on the bad credit auto loan you need!

#3) Go online and try to compare different auto loan lenders and finance companies rates. See if there are any particular programs that you qualify for specifically, and try to apply with the lender that can give you the best interest rate and terms on the loan out of the group. If you have a problem in any way, you can also try one of those auto loan services that work directly with large nationwide car dealer networks, who are specialists is sub prime credit such as www.KarLoans.com . Companies like those are usually a one stop shop and can be used as a last resort if for some reason you had a problem with the direct lenders. There are many of these kinds of auto loan services online you can try that usually work very well.

#4) See what you can do to raise your credit score before you shop for a bad credit auto loan. You can pay down some outstanding credit card balances if possible . This will help raise your credit score in no time. Also a great trick that I learned over the years is to ask someone close to you to add your name to one or two of their credit cards that have low balances and that they pay on time every month. In a few months of those credit card companies reporting the on time payments to the credit bureaus, you can dramatically improve your FICO score by as much as 50 points. This really works folks! Remember you don?t actually have to have possession of a credit card, just have your name added to their account as a user, and make sure they have good credit, as you don?t want any other negative credit on your report! This is definitely one to try!

So remember, having bad credit does not mean that you will not get an auto loan. It simply means that you have to use a few proven strategies to get the best deal. Once you get approved for that bad credit auto loan. Make sure you make all your payments on time this way your credit score will improve and you will not have to worry about getting turned down again.

Find the best deals on Bad Credit Car Loans, then visit www.DrCarLoan.com to find the best advice on Car Loan Quotes for you.

Posted in Money Tags: auto, bad credit, bad credit car loan, bankruptcy auto loan, car loan, consumers, debt, family, financing, guaranteed car loan, loans, military, money, transportation, tricks Both comments and pings are currently closed.

Source: http://fairstocktrading.org/2012/03/10/bad-credit-auto-loans-unbelievable-tricks-to-get-approved-faster/

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