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How to Get the Best Car Loan Interest Rate with Bad Credit
Car loan interest rates arent set in stone. You can get low rates even with bad credit by finding an independent lender, depositing a large down payment, or getting a co-signer with good credit. Any of these factors will lower your rates, but put them together and you will get the best car loan rates out there.
Find An Independent Lender
Deals between financing companies and car dealerships usually mean high costing car loans for you. Before you purchase a car, line up your financing ahead of time with an independent lender. Not only will you get a reasonable rate, but you can find the lowest costing loans by shopping lenders.
The internet makes car loan shopping easy. You have the option of going to a broker site for multiple quotes or searching out companies one by one. Without completing an application, you can request a car loan estimate and make your decision based on the best numbers.
Look At Vehicle Loan Terms
Vehicle loan terms will also raise or lower your rates. New cars usually will qualify you for better rates and used. Buying from a dealership will also get you better rates.
Large down payments, 20% or more, qualify you for better rates. By ensuring that there is equity in the car, the risk level of the loan drops significantly. Knowing you have a vested interest in keeping up on payments, financial companies will drop their rates.
For the largest reduction in interest rates, find a co-signer with good credit. That way, financial companies will be looking at the co-signers credit score, not yours. But be ware that there are legal ramifications for the co-signer that should be disclosed before signing any loan contract.
Strategies For The Future
Just like with mortgages, you can refinance your car loan when your credit score improves for better rates. In as little as two years, you can have a good score after a bankruptcy or foreclosure. Just make sure that your current car loan doesnt have an early payment fee.
Spend the time to shop for the best car loan rates. A few minutes invested now can save you hundreds in the future.
See my recommended Bad Credit Car Loan companies.
Carrie Reeder is the owner of ABC Loan Guide, which offers help with poor credit auto finance.
More Useful Resource and Updates on fixed rate oregon credit unions home equity loans
- Federal Home Loan Bank of San Francisco Releases July 2008 Cost of Funds Index (Business Wire via Yahoo! Finance)
SAN FRANCISCO----The Federal Home Loan Bank of San Francisco announced August 29, 2008, that the 11th District Monthly Weighted Average Cost of Funds Index for July 2008 is 2.698%. The index for June 2008 was 2.829%.
- Community Bank Names Wright Mortgage Loan Originator (Rockbridge Weekly)
August 28, 2008- Staunton, VA- Community Bank is pleased to welcome Stephen Wright, Mortgage Loan Originator, to its Secondary Mortgage Department. Wright will be responsible for originating fixed rate mortgage loans and promote lending services to the real estate community.
- ANZ lowers fixed rate mortgages again (Adelaide Now)
ANZ will lower its fixed home loan rates and investment loans rates by between 30 basis points and 50 basis points.
- With bank loans scarcer, some websites help borrowers tap individuals for cash (Los Angeles Times)
WASHINGTON -- Steve Lubs was looking to get rid of his $8,000 in credit card debt, but his high interest rate had him bogged down. He tried getting a loan through a bank to pay off the balance but couldn't find one with an interest rate lower than 12%.
- Home sweet loan: Using a 401(k) loan for a down payment (Miami Herald)
Faced with a real estate market that has tightened up lending standards at a time when home values are dropping, more people are borrowing money from their 401(k) retirement plans to help swing a down payment to buy a home.
- Federal Home Loan Bank of San Francisco Releases July 2008 Cost of Funds Index (wallstreet:online AG)
The Federal Home Loan Bank of San Francisco announced August 29, 2008, that the 11th District Monthly
- Home loan: How to cope with rising EMIs (rediff.com)
How badly is the EMI (equated monthly instalment) of your home loan messing up your budget? Over the last four years, the interest rate on home loans has risen from the bottom of about 7.75 per cent in 2004 to about 12.75 per cent now for existing customers.
- ANZ lowers fixed home loan rates again (News Interactive)
ANZ is lowering its fixed rate home loans for the second time this month, as the market prepares for a cut in official rates next week.
- ANZ lowers rate again (Perth Now)
The ANZ Bank will lower its fixed home loan rates and investment loans rates by between 30 basis points and 50 basis points.
- Text size (Business Weekly)
A few years ago, an uncomfortably high default rate in a section of the US home loans market would have been of very little interest to the vast majority of people living outside North America. But today, in an interconnected financial world where banks parcel up parts of their loan books and sell on debt to other lenders and investors, the default problem has had obvious global implications.
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