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Auto Financing For Bad Credit and Auto Loans For Poor Credit Explained

by Robert Chandler
Auto financing for bad credit is available but you must be very careful to avoid the traps that many people find themselves in when getting these types of auto loans for poor credit. It is a sad truth that many companies will scheme to take advantage…(continued below)

Auto Financing For Bad Credit and Auto Loans For Poor Credit Explained

…of people that need this kind of financing as they know that they are often in a desperate situation and easy to exploit.

We have a young man, Kenny that works here in our company that recently was in a position where he absolutely had to replace his old car as it needed repairs costing many times the value of the old clunker. Kenny has the worst possible credit which even includes a repossession of a previously financed vehicle from a couple years ago.

Desperately needing a car to even get to work so that he could keep his job and the obviously needed income and knowing that he could never get “normal” financing through a dealer or bank, Kenny started looking at cars offered by the many “no credit needed – buy here, pay here lots”

Thankfully, he came to some of us old guys for some advice before getting himself trapped in one of these deals as almost always, those types of car lots sell cars that are way overpriced (in many cases the required down payment will entirely cover the lot’s inventory cost in the vehicle) and they actually plan to take the car back if you are even a little late with a payment so they can sell it again and collect another down payment.

Fortunately, there are some honest lenders that specialize in this kind of auto financing for bad credit that are not in the car selling business which makes it possible for you to arrange your financing limits, interest rates and terms first and then go shopping for your best car deal without being limited to the “junker” used car lots with their overpriced inventory.

Two easy-credit lenders that we found especially helpful and easy to deal with are and It’s probably smart to put in applications with both as they are both totally free and will very quickly give you quotes to compare interest rates and loan amount limits so that you will know exactly what you could have to work with when you go car shopping.

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