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Applying For A Used Car Loan

Updated on March 12, 2013

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.

Have ever applied for a used car loan online?
Have ever applied for a used car loan online?

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?

See results

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.

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    • profile image

      Elliot Pollard 3 years ago

      At any time you at the end or in the middle of the month are looking for a immediate financial assistance, then come loans for people with bad credit a great relief. Unexpected end hinder staff and introduction to recognize challenges, if you are experiencing cash flow problems. The minimum loan offered is 100, and the mounting of up to 1000 with the period of 31 days. The repayment term can also be revoked if you compare inconvenience as a refund. To give this arrangement the official loan provider. This process can take a fee from you.

      http://www.loanssinuk.org.uk/

    • profile image

      lensesbyjames 6 years ago

      Great Overall Lens Thanks!

    • profile image

      anonymous 6 years ago

      Love the lens!

    • profile image

      anonymous 6 years ago

      I have an above average credit rating, previously I was turned down beacuse my score was too high! when I further enquired into why the lender has turned me down there responce was that im a low risk and they wouldnt make much money out of me...it would seem as though those with higher than average credit ratings can sometimes struggle as much as those with a low credit rating!

    • GoAceNate LM profile image
      Author

      GoAceNate LM 7 years ago

      @phoenix arizona f: That's the boat many of us are in right now. Knowledge is power that provides options. We're just spreading the word.

    • phoenix arizona f profile image

      phoenix arizona f 7 years ago

      In this economy it's so hard to get a loan for most people. Fortunately, there are places willing to help and work with even the most distressed of buyers!

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