Any ideas where to get an auto loan for $2500 when you have terrible credit.
Yes there are bad credit auto loans online for people with a poor credit history and low FICO scores who need transportation, and need a fresh start in repairing their credit. Although it may seem hopeless if you have blemishes on your credit there is a solution. First you will want to get rate quotes from various sources. This is very important, you should shop around to find the best deal. However, keep in mind that there are different factors at play with each lender, as to whether or not you get a loan and if so at what interest rate. You can get approved for a auto loan.
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But lets be clear, obviously you are not going to get the preferred interest rate on a car loan that a person with A+ credit will receive. However with a little research, especially online, you can find the best auto rate quote that meets your circumstances. Most people just dive head first into the auto financing process when buying a car, giving no thought to how the auto loan interest rate affects the overall cost of the vehicle or monthly payment. With no plan of action or alternative financing source, this results in them receiving high interest rates and high processing fees which lead to high monthly payments.
There are many car franchises that solely market to people with bad credit. In fact, the only qualification is that you have a job that can make the payment. One that you might want to check into is JD Byryder. Another way is to go to a pawn shop in your area that allows people to pawn there cars. Many people lose there vehicles and the pawn shops have to sell them to get there money back. They will let you make payments but won't let you have the car until paid off. The upside of doing this is you can find really good deals for good vehicles. You might want to look into repairing or corredtin your credit because all the credit reporting agencies are behind on there response rates. You can get free step by step instuctions at http://funadvice.com/r/3k060p74pt
Best to get a co-signer. If you want a car and you personally can't put up any money, a legit place probably won't take the deal. BUT if you have had a steady job, you might find a credit union that will talk to you. Good Luck!!
