Getting the Best Used Car Loan Bad Credit Can Buy

How do you get the best used car loan for your situation? What can you do if you need a used car and have bad credit? While you will need to get real about your situation it doesn't mean that you have to give someone permission to violate you because of bad credit.

Tips for Getting the Best Used Car Loan With Bad Credit

  • Appreciate the fact that you are a credit risk to any lender. Again, get real. You are not going to qualify for 0% financing.
  • Take steps to rehabilitate your credit worthiness before you buy. Try to get your credit score above 680.
  • Negotiate your loan first . . . then shop for a car.
  • Reliable transportation should be your goal. You may not be able to be able to choose your brand.
  • Don't let the dealer trap you into unnecessary add-ons. Focus solely on the car.
     

Getting the best used car loan will require some patience on your part. If you can forego your purchase until you can improve your credit score you'll be much better off. Also, if you are in a position to put a decent down payment on the car you can tip the negotiations in your favor. In the event that you need to purchase immediately, be aware that the dealer may try to persuade you into add-ons that could get rolled into a high-interest loan. There is no reason to purchase credit life or VIN etching and pay 18% interest for the privilege.

 


 


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