Tuesday, 20 November 2012

Used Car Auto Loans – Best Choice for People with Bad Credit Score

Are you interested in buying a used car but worried about your bad credit score? What if you are told that bad credit can no longer be a problem in getting such loans? Gone are the times of constant car loan rejection because of poor credit score. This article will let you know ways to enjoy lower rates on your car loan as well as help you improve your credit ratings.

Apply for FREE Auto Loan Quotes

Used Car Loans - Perfect for Bad Credit Borrowers

Auto loans for used cars are brilliant for someone with a bad credit score. The logic behind it is that used cars are relatively cheaper than new cars. So, the total loan amount reduces significantly. When you have lower auto loan amount, it becomes easier to pay-off the loan. That’s how you don’t need to put in extra efforts for improving your bad credit score.

How to get approved for Bad Credit Used Auto Loans?

Cars are not only a major investment but also an essential element of American life. When you buy a car, you make a commitment. So, it is important that you are prepared for it.

Ascertain your Financial Capacity

For buying any car, you need to be sure of it financially. You cannot buy a used car without thinking about auto loan payments. So, prepare a budget by calculating your income as well as expenses. Once you know how much money you can afford to spend on monthly payments, you will find it very easy to choose a car.

Reliability is the Key

Don’t buy a car just because it looks good. Buy a car because it works good!

It is extremely essential that you choose a reliable and efficient car because car purchase is not like buying coffee from Starbucks. You don’t do it every day. So, choose a car only after inspecting it thoroughly. Ask your trusted mechanic to inspect it. Also, check the car title and ensure that it is clean.

There is no harm in buying a car from private seller, but make sure that you know all about the car. Also, remember that when you buy a used car from a non-dealer option, opt for a private party auto lender that deals with subprime credit.

Checklist of Documents

Lenders require documents so that they have a written proof. Although every lender has different criteria of documents, these are the most common ones:-

>> Your Credit Report
>> SSN
>> Income and Employment Proof- Recent pay stubs can be used
>> Documents related to your Credit/Banking History - Bank statements, credit card details, etc.
>> Utility Bill
>> Car Title
>> Odometer Statement
>> Car’s purchase price, VIN, year of manufacture, car make and model.

It is quite possible that your lender may ask for an Employment Verification Letter from your employer. So, be ready for it.

Choosing the Right Lender

You must search for a lender who specifically deals with bad credit and gives you the much needed second chance for improving your credit score. You can make use of the internet to search for a subprime lender or a used car financing company. Don’t forget to ensure that the lender is reliable.

When you are prepared for a used car loan, lenders and dealers will know how serious you are in getting approval. When lenders will be very much sure about you, getting an auto loan for older car won’t be a trouble for you.

You may have been tired of ceaseless rejections from lenders and dealers. Being a high risk credit borrower is the reason for it. But, you can fight this problem by lowering the credit risk associated with you. Use the tips and information mentioned in this article and get ready for bad credit used car loans with low rates.

Best of Luck! Grab that second chance of improving your credit score and drive your car today!

Rapidcarloans.net is a reliable bad credit used car financing company that offers lowest rates on used car loans. It has several years of experience in providing car loans for bad credit borrowers. Apply now and get the benefit of free no obligation car loan quotes!

Monday, 5 November 2012

Essential Advice to Get No Money Down Car Loans for Bad Credit Borrowers

As cars are becoming a necessity for us, the importance of auto loans is rising. When someone applies for a car loan, it’s obvious that he has no ready cash for buying the car. This means making a down payment also becomes difficult. The good news is that you can avoid money down by opting for no down payment car loans. This car financing program is perfect for everyone including people with bad credit.

Apply for FREE Auto Loan Quotes

Is it Possible to get No Money Down Auto Financing with Bad Credit?

Yes. You can easily get approved for no money down auto loans with poor credit. All you need to do is ensure the lender of his financial investments. If he considers you a less risky credit borrower, instant approval and guaranteed low rates will be a reality for you.

How to get Guaranteed Approval on No Down Payment Auto Loans for Bad Credit?

These tips will help you get easy approval no down car loans. Bad credit will cease to be a problem when you follow these suggestions. Try and use the maximum of them to enjoy low rates and lower car loan cost.


A co-signer lowers the risk factor. It is because the lender knows that he can recover his money if you stop making payments. So, start your search for a co-signer today.

Income Proof

Having sufficient income to pay-off car loan is one of the important criteria. You can show your pay-stubs or tax returns as income proof. This way lender will be sure of your regular income and also, regular payments.

Inexpensive Car

Choosing an inexpensive car means reducing your car loan amount. And with the reduction in loan amount, lender’s risk also reduces. This way your approval chances become brighter.

Trade-Ins and Rebates

You can avoid down payment by trading your old car. Ask the dealer to deduct the value of your old car from the car loan amount and forget putting money down. You can also make use of rebates for the same purpose.

Shorter Loan Term

If you opt for a shorter loan term, it means you will be able to pay-off the loan before the end of useful car life. This is perfect for everyone because the risk of upside down car loans reduces substantially.

Choosing the Lender

You certainly don’t want to waste your time in applying with lenders who won’t offer you loans. So, start your research for lenders who offer no down car financing programs to individuals with bad credit ratings.

You can make use of internet for searching sub-prime lenders. They work with bad credit borrowers and have no trouble in providing car loans without down payment.

You can select a reputed online car financing company for loans. They have a huge network of lenders and dealers which makes it easy for them to guarantee quick approval on no money down auto loans for bad credit. Don’t forget to check the reputation of the lender/auto financing company before filling the application form.

All these tips will definitely help you in securing no down payment auto loans. When you follow them, it will make your car loan application stronger and lenders will be compelled to look beyond your credit score. So, don’t forget them during the car financing process.
Rapidcarloans.net offers affordable bad credit auto loans program to everyone. People with bad credit score can enjoy no money down car loans by applying on the secure website. Apply now to enjoy low rates and 100% free car loan quotes.

Sunday, 4 November 2012

Bad Credit Auto Loans : Enjoy Better Car Loan Rates even with Poor Credit History

Do not believe when someone says that better car loan rates are only for people with good credit. It is not true. Anyone can enjoy low-interest rates if he reduces the risk factor associated with him. So, even you can enjoy affordable car financing with bad credit score.

Prepare Yourself for the Car Loan Process

Car loan process can be a lengthy and a strenuous one. But, you can make it easier by preparing for it beforehand.

Prepare a budget so that you know how much you can afford to spend on the car. Calculate all your monthly income and expenses and decide how much monthly payment is possible for you. Don't forget to consider costs related to the car like registration fees, taxes, insurance, maintenance, etc. It will help you to take an accurate decision. This step is very important for people with bad credit because any wrong decision can further deteriorate your credit score.

Also, you must order your free annual credit report and check for any errors. It is a known fact that credit bureaus mess up transactions. So, inspect the report thoroughly. If possible pay-off few debts to improve your credit score.

Used Cars can be Beneficial

As used cars are of lesser value, the overall auto loan cost is lower compared to new cars. This situation is perfect for a bad credit borrower because a smaller auto loan is much more manageable than a larger loan. So, opt for a used car. But, don't compromise on the quality of the car. The vehicle should always be reliable because you don't want to spend your money on a lemon or a junk.

Searching for a Sub-prime Lender

Do not apply with your nearest lender/dealer. Instead, take some time in research. Only apply with those lenders that offer bad credit car loans. Most sub-prime lenders work with borrowers who have credit issues. So, contact reputed sub-prime lenders and apply with them.

How to Get Better Rates?

Don't think bad credit score is the only factor that is responsible for approval. You can enjoy better rates by concentrating on other factors.

Income Proof
When lenders see your regular income, they will consider you a less risky borrower. For this purpose, use your pay stubs and/or income-tax statements.

As the co-signer also reduces credit risk, lender's confidence increases in you.

Down Payment
Down payment can really work for someone with poor credit history. As you put money down, auto loan amount reduces. This means your total loan cost comes down.

If you have an old car, you can use it for trade-in. It will lower the car financing amount. Also, it is beneficial for those individuals who find down payment difficult.

Applying for a Bad Credit Car Loan Won't Lower your Credit Score

People with bad credit ratings are often apprehensive of applying for a bad credit auto loan. They think that inquiries on their credit score will make it worse. But, the reality is different.

Fair Isaac Corporation, the company that handles FICO scores has announced that all inquiries made within 30 days of car loan shopping won't affect your credit score. Now, the number of days may reduce to 14 if the lender uses previous versions of FICO scores and increase to 45 if he uses the latest formula.

This means there will be no reduction in your credit ratings if you apply for auto loans with poor credit history. So, go out there and apply for auto financing without any worry.

Hope you soon get better rates on a car loan and buy your dream car!

Friday, 2 November 2012

Bad Credit Car Loans - Get Guaranteed Approval and Low Rates

A car is every man’s need and every woman’s style.

Anyone who lives in America knows the importance of automobiles. Car loans are necessary for buying new cars or used cars. Most Americans often have a misconception that bad credit score can ruin their chances of getting guaranteed approval auto financing. But, the reality is something else. Getting guaranteed approval on car loans is easy even when you have poor credit. You just need to know how to reduce the lender’s risk and increase his faith in you.

Know your Financial Affordability

Buying a car is a big decision and you must be very sure of it before signing the contract. You must understand that auto buying process involves several costs. You will have to incur expenses like taxes, DMV registration fees, insurance, fuel charges, repairs and maintenance, etc. If you are financially ready for paying all these expenditures, only then opt for buying a car. Otherwise, you will end up harming your credibility and your credit score to a further extent.

Clean up Your Credit Report

Reviewing your credit history is extremely necessary before applying for any loan. When you have bad credit score, it becomes all the more important.

You must review your credit report for any discrepancy and unwarranted transactions. If there have been any unauthorized inquiries, you must immediately report it to the credit bureaus with valid proofs. Also, try and pay-off few debts. Both these actions will help in improving your credit score.

Go for Reliable yet Cheap Car

When you have bad credit, it is best to build your credit score by opting for a car loan with lower amount. If you go for extravagance, you may have to face tough time in paying off the loan.

Choose a car that satisfies your needs. If you have to travel longer distances, go for a fuel-efficient car. If you have a band, then a huge car with enough space for musical instruments is required.

So, take some time for thinking about the purpose of your car.

Co-Signing can Help

A bad credit score means lenders have less trust in you. They may shy away from you by looking at your credit report. But, you can get guaranteed approval by asking someone to co-sign your car loan contract.

Remember that not everyone can co-sign. It is essential that your co-signer has a good credit score and a decent debt to income ratio.

Down Payment is Another Factor
Down payment can be best used to combat bad credit score. Make a down payment in the range of 10%-20% of the car cost. By doing so, lenders will know that you are financially capable of handling payments. The logic is simple. When you can pay such a large amount, smaller monthly payments won’t be any problem for you.

Research for the Best Lender

Not every lender in your area will offer bad credit auto loans. Only subprime lenders offer car financing programs to people with bad credit. So, you must do a thorough research before applying with lenders.

Online car financing can serve you best in getting a bad credit car loan. These companies work with several subprime lenders which makes it easy to get guaranteed approval. Also, you can expect quick results because the entire process is online.

Once you are assured of company’s reputation, apply and get approved for affordable bad credit auto loans.

Don’t take a hasty decision in choosing your car loan. You must spend time on every aspect of the auto loan process because it will have a major impact on your credit score. Improving your credit score can be possible only when you choose the right car loan for you. 

Rapid Car Loans provides low rate car financing to people with bad credit. You can fill the bad credit auto loans application on our secure website and get guaranteed approval. Apply now to enjoy simple approval process and free auto loan quotes.
All the best!