How to Fix Bad Credit and Get Approved for a Car Loan

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How to Fix Bad Credit and Get Approved for a Car
Loan
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• Getting approved for car loans when you have
  bad credit can be extremely frustrating, but it
  doesnt have to be. As long as youre willing to
  put in the time and effort, you should be able to
  get approved for the car loan you want, even if
  your credit isnt perfect. We have eight
  strategies that will help you fix bad credit and
  get the car loan approval you deserve!

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Fix Your Credit Report

• One of the best ways to address bad credit is
  by fixing your credit report. Doing so will erase
  erroneous marks, resulting in a much more
  accurate picture of your financial past. Check
  out our guide on how to fix bad credit here. To
  fix bad credit you need to either pay off what
  you owe or bring your accounts current. To do
  that, youll want to work with a debt settlement
  company like Decs-We Kill Debt which can
  negotiate settlements with collectors on your
  behalf. These companies typically charge normally
  of what theyre able to settle which can give you
  money back without making any payments at all
  while also repairing your credit score since it
  shows that some bills are being paid as agreed.

Obtain Auto Financing
If youre applying for an auto loan, its
important to look at more than just your credit
score when deciding whether or not youll be
approved.
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Low-Interest Rates Are Important

• To get approved, your credit rating needs to
  be in good standingbut that doesnt mean it has
  to be great. While having bad credit might scare
  away some lenders, there are still options if you
  need car financing. Talk with multiple banks and
  lenders about your situation chances are high
  that youll find one willing to work with your
  past mistakes. Dont apply for a personal loan
  instead of an auto loan because you think they
  are easier to obtain keep in mind that car loans
  can have lower interest rates and shorter
  repayment periods.

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A Co-Signer Can Help Your Chances

• he Federal Reserve continues to hold interest
  rates at record lows, which is good news for
  prospective car buyers. Its never been easier or
  cheaper to finance a new or used vehicle. If you
  have bad credit, dont despair low-interest
  rates can help you rebuild your credit score
  faster. Find out how here.
• Its Not About Your Score You could be
  driving around in a gorgeous new car if you had a
  high credit score, but chances are you still
  dont. Heres why todays lenders and dealers
  arent looking only at your FICO number when
  they decide whether to approve financing options.

Its unlikely youll be approved for a car
loan if you have bad credit. But if someone who
has good credit co-signs your loan with you,
theres a much better chance that youll get
approved.
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Choose Lenders Who Accept High-Risk Applicants

• If your child is 18 or older and has good
  credit, one option is to ask him or her to
  co-sign on your loan with you. Just make sure he
  or she understands what he or she is agreeing to
  doand be prepared for those payments should
  something happen down the road (such as job
  loss). You can also see if any family members
  will agree to help by putting down money towards
  your purchase instead of acting as a co-signer.

If you have bad credit, it may be harder than
normal to get approved for a car loan. However,
dont give up! There are still lenders out there
who may approve your loan application if you
qualify based on your income or assets. You can
also try applying for loans with lenders that
offer subprime financing. These loans are similar
to payday advances in that they carry
high-interest rates, but they can sometimes be
easier to obtain than loans from other lenders
who only work with good credit applicants.
Another alternative is to look into getting a
personal loan instead of a car loan some
personal lenders will allow you to borrow money
without considering your credit history.
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Decide On A Down Payment Amount You Can Afford

• Deciding on how much you can afford in terms
  of down payment plays an important role in
  determining whether or not you will be approved
  for a car loan. Down payments of less than 20
  percent are usually required by car dealers, so
  if you want your loan application to pass
  through, its wise to make sure that you set
  aside enough money so that your down payment
  amount is at least 20 percent of your vehicles
  cost. The higher the percentage of your down
  payment, however, the lower your monthly
  installment repayments will bebut keep in mind
  that having a high percentage also means there is
  more risk involved should you decide to default
  on any payments. If you have bad credit or no
  credit history, it might also mean higher
  interest rates being charged when compared with
  those who have an excellent credit history.

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  92307
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  credit-and-get-approved-for-a-car-loan/