- Buying & Selling New & Used Cars
Applying For A Used Car Loan
Applying for a used car loan? Here are a few things to consider ahead of time.
There are a number of ways to get the best deal on a used car loan. In addition to calling or visiting your local bank or credit union, the world wide web allows car buyers to compare rates between hundreds of different used car dealers. There are also independent web sites - such as LendingTree - that will do this for you.
But even with the proliferation of consumer-oriented web sites, the first rule of thumb is to check your credit report and know your credit score (usually referred to as a FICO score). There are three main credit bureaus in the United States: Equifax, Experian and TransUnion. Each offers a product that allows you to access your credit report, or your credit report and credit score, a number of times per year at a cost of roughly $10-$20 per month. For an additional fee, you can also have your credit "monitored" so that anytime an inquiry is posted to your account you receive an email notification.
There is also a less expensive way to do this. By law, the three bureaus are required to furnish you one free copy of your report (without a FICO score) per year. With the correct timing (Experian in January, Equifax in May and TransUnion in September) you can cover an entire year for free. For your free FICO score, go to CreditKarma.com, sign up for a free account, and get your score anytime you need it.
Can I get a car loan with bad credit?
One of the best ways is to locate a used car loan web site that caters to customers with bad credit. The best of these sites has a national network of dealers that specialize in bad credit vehicle loans and can help you get a used car loan with the best rate for your financial situation.
And whether you have bad credit or good credit, you need to be sure to pick a web site that is a member of the Better Business Bureau and has a credit application that is SSL encrypted. That way, you'll know the company you're dealing with is legitimate and your personal information is secure.
Many people have never applied for any type of loan online let alone am auto loan. How about you?
Have ever applied for a used car loan online?
Opportunity for a Second Chance
Are you looking for a subprime used car loan?
Bad Credit Auto Loans for Any Credit Situation
Once you know your credit score, you can determine if you qualify for standard sub prime car loans or if you need a bad credit used car loan. As a rule, a score below 640 indicates a subprime loan while a score above 640 usually qualifies you for a near-prime or prime interest rate.
Near-prime and prime shoppers are usually able to shop around for competitive rates. If you are a subprime customer, however, the process is much different and the internet can be an invaluable resource.
Many car dealers don't offer bad credit car loans and just finding a bad credit lender, much less one that can offer you a "competitive" subprime rate, can be difficult. So if you find yourself in this situation, what should you do? Visit the following link to fill out a bad credit auto loan apply application. We find bad credit auto loans for any bad credit situation.