By Benjamin Robert Ehinger
How to Get an Auto Loan with Bad Credit Fast
There are many ways to go about getting an auto loan with bad credit. You can get one online, offline, or you can even get a private party loan depending on who you know and what is in your local area. Getting a loan for a vehicle can be a great way to avoid paying too much and ending up with a vehicle that is just not that good.
Are you in need of an auto loan, but do not have the credit to go to a new dealership? Are you stuck using buy here pay here dealerships and do not know how to get a good vehicle that will fit your needs? There are ways to get an auto loan with bad credit and there are more options than just buy here pay here car lots. Here are some of the options you can explore.
Top 3 Ways for Getting an Auto Loan with Bad Credit
1. Non-Conventional Lender
You can use a non-conventional lender that works with bad credit. There are actually lenders that have made it their business to work with those that have bad credit. All they require is that you have something on your credit that you have paid on time for at least 6 months. Then, of course the normal down payment that you would pay anywhere else.
2. Your Bank
You can try your own bank. If you have a 401k, an IRA, a certificate of deposit, or a good sized balance in an account of some sort at your bank, then they may be willing to work with you. They will want to you sign over the account or accounts as collateral in case you do not pay and will want the vehicle as collateral, but they will offer a lower rate than anybody else can offer you for an auto loan with bad credit.
3. New Car Dealership
You can go to a new car dealership with any type of credit when they do a nobody turned down promotion. Be prepared to pay a good amount of money down, though. They are not usually in the business of doing an auto loan with bad credit, but some now have special lenders for those with bad credit. They may require between $1,000 and $5,000 down depending on the vehicle and which car lot you go to.
Another Great Way to Get an Auto Loan with Bad Credit
There is one more way to get the car loan you need even if you have bad credit and avoid the high rates of a buy here, pay here lot. This is something you can do from your home because the last option to get an auto loan if you have bad credit is to go online and use a place called My Auto Loan Online. This is a great website and you will find the auto loan with bad credit you need.
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