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Do You Need A Car But Have Poor Credit? Learn About Poor Credit Car Loans

Maintaining good credit in a bad economy is a struggle to say the least, but that should not mean that you can not own the car that you need. A poor credit car loan is designed to get those with less …

Maintaining good credit in a bad economy is a struggle to say the least, but that should not mean that you can not own the car that you need. A poor credit car loan is designed to get those with less than perfect credit behind the wheel of the car they need, without the hassle of stuffy bankers who refuse to grant credit for those who need it.

If you have bad credit, you know that having bad credit does not mean you are not a good person. It just means you have had some financial difficulties and have thus fallen behind on your payments to other creditors. There are many reasons that you might have experienced financial troubles that led to your poor credit score – especially with so many companies struggling to stay afloat amid the financial crisis (with some companies finding it necessary to cut hours and even downsize by having fewer workers). Whatever reason, bad credit need not speak of your character, just of your past troubles. You can qualify for a poor credit car loan today.

Down Payments

Because you are seen as a risk when it comes to borrowing money, you should approach your lender with a down payment and a good work history. A down payment of at least $1000 will generally secure the vehicle you need with a poor credit car loan. Also, having a stable work history with the same job for the past year is a great indicator that you are a responsible person. Be sure to provide documentation to your poor credit car loan servicer about your employment service record.

You might also consider applying with a cosigner to get the poor credit car loan you need. Your cosigner will agree to make the payments on your car loan if you fail to do so for any reason. Your cosigner will need to have good credit and an established credit record. Commonly, borrowers turn to parents, friends, and relatives as cosigners.

Car Stands As Collateral

Keep in mind, however, that lack of a down payment or cosigner will not hold you back from getting the poor credit car loan you need – they just improve your odds. You can qualify with many lenders to get the car you need because the car itself stands as collateral against your poor credit car loan. Your lender will place a lien against the car that can only be revoked upon complete repayment of the loan. This makes poor credit car loans easier to get than other loan products for damaged credit.

Online Lenders Who Will Service Your Loan

You can also improve your odds of getting your poor credit car loan by shopping with an online lender. There are lenders who doing business online who specialize in financing car loans for those with poor credit. These lenders have higher approval rates and charge less interest than typical walk-in banks. You also will benefit from the ability to apply completely online for your poor credit car loan.

Article Tags: Poor Credit, Down Payment

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