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Bad Credit Car Loans - 3 Tips on Getting a Reasonable Interest Rate
Obtaining a car loan with bad credit is achievable. The downside to purchasing a car with bad credit is that you may receive a high interest rate. On average, individuals with poor credit can expect to pay about 2 or 3 percentage points higher. Higher interest rates may increase you monthly payment by up to $150. Those who can afford to pay a higher monthly payment may be willing to purchase a car with a high rate. Nonetheless, there are ways to improve your chances of getting a reasonable interest rate.
Fix Your Credit Problems
Before approving a loan, lenders review credit reports to determine credit worthiness. Credit reports reveal a lot of information regarding your credit history. Do you pay your bills on time? Have you filed bankruptcy? How much debt do you have? Based on this information, lenders will approve or deny credit. If you have a low credit rating, try and improve your score before applying for a car loan. It takes time to improve your credit score, but it is worth the effort. Improving score involves paying bills on time, reducing credit card and consumer debt, etc. If you have recently filed bankruptcy, consider opening two or three new credit accounts to rebuild credit and establish a good payment history with creditors.
Save for a Down Payment
Having a down payment is a great way to negotiate a lower interest rate on a new car. The average down payment varies. However, a down payment of as little as $1000 can make a big difference. An interest rate reduction may save you thousands throughout the life of the loan. If you are hoping for a very low monthly payment, consider a large down payment. Not only will you get a low interest rate, but you are able to pay off the loan balance quicker.
Compare Fees and Rates
Many people receive auto financing through a dealership. However, it is smart to obtain at least three quotes. The best way to obtain multiple quotes for a car loan is to apply for a loan with an auto loan broker. Brokers are the convenient way to compare lenders. Simply complete an online information request form, and auto loan brokers will negotiate with several lenders to provide you the best financing. After you receive quotes from lenders, compare their rates, fees, and terms. Select the lender with the best financing option.
To view our recommended auto loan companies online, visit this page: Recommended Auto Loan Companies Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
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