Bad Credit Auto Loans for Used Car Buyers
Getting a used auto loan with a bad credit rating can be a real uphill
fight. We believe that just because you’ve suffered from problems with
bad credit in the past you shouldn’t be automatically disqualified from
obtaining a bad credit auto loan.
So if you do have a bad credit rating, we can still help you to secure a
used auto loan. We aim to be as flexible as possible with our used auto
loans. We’re willing to go out of our way to help you find a special
finance arrangement that suits your circumstances and allows you to drive
away with a new or used automobile.
Used Car Loan Terms
With special finance lenders, financing a used auto loan for 72-month
term, is not completely out of the question. But for most people it is
and is not really the smart thing to do. When financing with special
finance lenders your interest rates will be elevated and you are going
to need to refinance the auto loan after you have made 18 to 24 monthly
payments on time, to get a better rate.
Used Car Loan Interest Rates
Used auto loan interest rates will vary from lender to lender, and from
auto to auto. The older the automobile the higher the interest rate on
that particular vehicle. More of a down payment also will lower your
interest rate by putting the lender in a more equitable position. Your
current credit rating will definitely have a huge effect on your interest
rate. The higher your score the lower your interest rate. So there is a
lot of factors that go in to calculating what interest rate your next
auto loan will actually be.
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Basic Requirements
- U.S. or Canada Residents at least eighteen years of age.
- No repossessions in the last year outside of bankruptcy.
- $1400 monthly income required.
- Take the time to complete all the information on the application.
- Please do not give false information.
- Loans are for car purchases not older than seven years.
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