The recession may be improving, but a lot of people are still suffering with bad credit and many of these folks are looking for a car loan. The question is, can you get a good deal with low interest auto financing if your credit record is less than wonderful?
The major thrust of this article is going to give you the facts you need to hopefully not only secure the money you want so you can purchase a new vehicle, but also not to get too badly stung by high interest rates in the bargain. And also, because nobody who needs to buy a car or truck wants to have to wait forever and a day for their loan to be processed and approved, you also are looking for somebody that will deliver the cash as quickly as possible.
It is a well known fact of economics that when the demand for something is high and the supply is low then the prices are going to go up, and this also holds true in the world of automobile financing, at least according to conventional wisdom. But under the current economic climate, when governments are re-writing the rules with the stroke of a pen, what once held true about banks, loans, mortgages and other financial institutions may not be the case tomorrow.
For you, the person with bad credit who is looking for a low interest car loan, there is good news. Thanks to the internet, it has never been faster for consumers to get the most up-to-date information about credit policies in general and interest rates in particular. That is why we recommend that, at least for your initial research, you check around on the web to see what the companies are that are making decent deals on loans and what sort of rates they are charging.
Another piece of good news is that more and more companies are popping up that are loaning people money for vehicle purchases. The more of these folks there are, the more competitive their rates and policies are going to be.
Your first step in getting the loan you want is to take a look at your credit report and make sure it is correct. There are three major agencies that do credit reports. Their names are Equifax, Experian and TransUnion. They are required by American law to provide a credit report copy to any consumer. All you have to do is request it. The only stipulation is you can only do this once per year.
After you have made sure your report does not have any mistakes, then you should gather up the kind of information about your income and expenses that lenders will want to know. These documents are simply things like your pay stubs that spell out how much you are earning, and your rent receipts that give evidence of how long you have been living in your location.
Of course you also should have researched the vehicle market well enough to know the amount you will need to purchase the car, truck, minivan or whatever vehicle you require.
The final piece of advice is to slow down, take a few deep breaths and relax. When you are confident about yourself, your knowledge of your credit situation, and your desire to obtain an auto loan, then you are not going to seem too nervous and thus appear to be a poor credit risk.
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