Tired Of Being Turned Down? Tips And Tricks To Get Approved For Bad Credit Car Loan
It's not easy buying a car when you have bad credit. Most lenders don't want to deal with someone who has less than a perfect credit score. That doesn't mean you need to forego a car. There are ways to get approved for a car loan; even if your credit is on the bad side. If you've been turned down for an auto loan, don't give up. The tips and tricks provided here will help you get approved for a bad credit car loan.
Increase Your Down Payment
If you want to get approved for a bad credit car loan, the best thing you can do is increase your down payment. If you don't have the cash on hand for a good down payment, use it as a starting point. Build up your down payment using the following methods.
Ask Friends and Family
If you don't have large enough down payment, go to your friends and family for assistance. Offer to pay them back a little at a time, so that you can get the car you need.
Request Deferred Down Payment
If you have a small down payment, but the loan company wants more, request a deferred down payment. A deferred down payment allows you to put what you have down, and then make additional payments until an acceptable down payment has been reached.
Use a Trade-In
You might not realize this, but a trade-in adds to the size of your down payment. If you have an old car that you're trying to get rid of, use it as a down payment for your new car. Using your old car, and a small cash down payment may give you the leverage you need to get approved for a bad credit car loan.
Start Small and Build Up
If you have your mind on a particular model of car, but you can't get approved for it, start small. Choosing a less expensive car will help you get the loan you need. While you're paying off that car, you'll be building up your credit score. Once you do that, you'll be able to purchase a better car next time.
Find the Right Car Dealer
If you're still having a difficult time finding a car loan, you might be looking at the wrong dealership. Find a dealership that caters to bad credit purchases, or go to website for help.. These dealerships have experience getting bad credit customers the loans they need. They'll know how to help you drive away in a new-to-you car.