Bad Credit Auto Loan Financing

Are you worried that your blemished credit is going to keep you from bringing home the car you have always wanted? Don?t be. There are now a lot of auto loan financing options available for you. These days, banks, credit unions and finance companies are all becoming more lenient towards borrowers with flawed credit. But they won?t come to you ? you need to come to them. Here are some things to keep in mind before you do:

Tidy up your credit. Hopefully, you don?t have a lot of unpaid bills and are beginning to build a savings account by the time you apply for auto financing. This shows banks and other lenders that you are taking steps to make your financial situation better, and that you are ready for more responsibility.

Check your credit records. Order a copy of your credit report and make sure that all the information there is accurate. Check if all the loans you have already paid off are in fact marked as paid, and if all your on time payments are reflected. Credit reports sometimes have errors, and these mistakes can get you steeper interest rates if you do not correct them.

Be ready to haggle. Just because you have bad credit does not mean you do not have choices. Remember, dealers want to sell their cars ? even to folks with damaged credit. Do not act like they are doing you a favor. At the end of the day, you are still the customer, and it?s your call.

Go straight to the source. If you can, avoid dealing directly with dealerships. They usually jack up interest to earn extra. Go straight to the source of the money instead ? apply directly to the bank or credit union. This way, you never have to pay for the processing fees and other hidden charges that dealerships add on.

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