As stated be Experian, a credit bureau, about one third of the American population has bad credit. But despite this statistics, it is 100% possible to get a car loan with bad credit. Many lenders out there provide car loans for people with bad credit. So no matter the nature of your credit, you can get a car loan without any stress.
How to Get a Car Loan with Bad Credit
When it comes to getting a car loan, there are several finance alternatives. Banks, credit unions and other financial institutes offer loans to people who wish to buy a car. However, terms and policies differ between these lenders. Plus, there is the risk of winding up with a high-interest loan that you may not be able to afford.
The best way to get a car loan with bad credit is to approach a reliable bad credit car loan company like Car Loans of America for assistance.
When you approach a bad credit auto loan company, you will immediately receive a preapproval, which gives you the authority to shop for your car like a cash buyer, as well as the freedom and negotiating power to get the best car deal at the dealership.
To get a car loan even with bad credit, you approach a trusted bad credit car loan company and apply. However, before you apply for a bad credit auto loan, you need to review your credit history to check for possible errors that may affect your chances of getting the best deal and auto loan rate.
After applying and getting the car loan, the next thing is to begin to map out plans to pay off the loan. This means working with your budget to reach an amount that you can easily afford.
With our auto loan calculator, you can reach an estimate of how much loan you can conveniently pay off, as well as a comfortable monthly payment amount that will not strain your budget. The car loan calculator will also give you an idea of the interest rate, loan duration, and overall loan balance – including the interest charges. You can vary these parameters to reach a convenient payment plan that will suit you.
Apply for a Bad Credit Auto Loan with Car Loans of America
Irrespective of your credit status, applying for a car loan with bad credit should not be stressful or complicated. Car Loans of America offers affordable car loans to people of all credit types at fair and competitive interest rates. Our auto loan process is also simple and streamlined, giving you the best bad credit car loan anytime.
Our online auto loan application form is secure, simplified, and short. You will be able to complete the online application within a few minutes, and receive an instant decision from us. Once approved, you will get a preapproval that satisfies your car-purchase needs. This preapproval comes with no obligation and is valid for 30 days.
In a situation where your monthly income is not enough to support the monthly loan payment, and you have a poor credit history, you can select the cosigner option to include a creditworthy friend, colleague or family member. This cosigner stands as our guarantee of getting back our money in case you miss a payment, or whenever you fail to pay up the loan.
Where to Buy a Car with Bad Credit
Car Loans of America works with over 14,000 selected dealerships nationwide. And with the dealer locator feature on our website, you can easily find a dealership close to you that offers the quality of car you desire.
You approach the dealership with the printed copy of your pre-approval. And it is with this preapproval that you shop for your dream ride.
Our auto dealers have a wide collection of cars and vehicles that meet our standard of quality, as well as your specific cash requirements.
Once you have made your choice, you will be required to sign the agreement to finalize the car-buying process. Our customer service reps and dealers will work you through the entire process.