Author Archive

Bad Credit Auto Loans

Wednesday, November 13th, 2013

Bad Credit Auto Loans Reviews Online DriversApproved.com

Getting online auto loans for bad credit fast is a free auto loan quote service provided by DriversApproved.com. If you want the best low rates car financing for used or new auto loans we can assist you instantly. Looking for a auto loan with damaged credit has never been easier because of the great number of poor credit auto financial institutions that take part in our solution.

You can get approved fast for a low credit car loan with no money down as well. Our bad credit car loan lenders will accept new or used car loans and guarantee the lowest rates. We do provide a free online car loan finance application where you can apply and get approved the very same day.

If you have a low credit score, bankruptcy or no credit there are auto loans bad credit financing available in every state. We have almost 1000 auto loan finance companies that make available 24 hour authorization for poor credit auto loans. We’ve got the largest nationwide community of bad credit car dealers who are experts in second chance auto loans. Bad credit auto loans are responsible for financing 63% of the automobiles being sold today.

The following are some auto finance recommendations to help you perhaps save big bucks if you are ready to purchase a new or used vehicle. First always check your credit score. Be sure you inspect very closely pertaining to mistakes and errors since they could quite possibly fees thousands in interest costs you could keep away from. It is very simple to get most of these blunders in your credit report erased. This could make a really high interest rate auto loan into a low interest rate car loan and save you thousands of dollars in needless interest charges. Though a lot of our lending companies provide car loans with zero cash down, you’re able raise your chances of approval by simply looking at a modest down payment. You should have total protection auto insurance. Having full coverage car insurance is a requirement on any auto loan financing.

DriversApproved.com has the best lenders for bad credit auto loans online if you are ready to buy a car today. Just complete the online auto loan application and drive home today: Bad Credit Auto Loans

New Car Financing with Bad Credit

Friday, October 4th, 2013

New car financing with bad creditThere’s nothing like the anticipation you experience when you know it’s time to purchase a new car. Don’t forget that now is also the time to think about financing for that new car loan especially if you think your FICO score is bad. Making good decisions on auto financing for a new vehicle could save thousands of dollars in interest charges that you don’t need to incur.

There are several ways you can go about paying for, or financing a new vehicle purchase. People with bad credit may have to opt for a bad credit auto loan. We’ll cover your options for getting car loans with bad credit, as well as some of the other common auto financing options in this post. Knowing your financing options helps you to start moving forward on your quest to purchase a new vehicle.

Should You Pay Cash?

This is an option that not many of us have when purchasing brand new vehicles. Let’s face it, there just aren’t many of us who have tens of thousands of dollars lying around. However, if you have come into a large settlement, inheritance or have just been saving up a lot of your pennies for some time, you do always have the option to pay cash for a new car rather than financing it. It’s not always the best choice to use your money so consider some of the other financing options that we are about to talk about.  But if money is no object to you (your lucky dog!) by all means consider paying a lump sum to cover your new car purchase.

Should You Lease a New Automobile?

Let’s be honest here, most of us don’t have the money to pay for a vehicle outright. This is especially true for those folks looking for auto loans with bad credit. However, another option that some people use to drive the car of their dreams is leasing. There are some dealerships that will allow you some premium lease deals even with a little lower bureau score. Some of the manufacturers often offer incentives to lease a new automobile.

However, this is generally the exception and not the rule, as most auto dealerships don’t like to provide leases on new vehicles to customers with FICO credit scores lower than 700. If you’ve recently checked your FICO report and know that your score falls below the 700 mark, you can always try leasing rather than financing a new car, but you may want to think about getting a bad credit car loan as your Plan B.

Online Car LoanIs an Online Bad Credit Auto Loan Right For You?

If you don’t have the money to pay for your car outright (the same as 99% of us..) and you can’t find a conventional bank loan or lease for your new automobile, this is the option for you! There have been millions of people who have seen their financial ratings drop drastically in recent years. As such, more people than ever are using online bad credit auto loan lenders to obtain financing for new and used car purchases.

This website is directly affiliated with hundreds of lenders in one of the largest networks of online car loans lenders. By filling out and submitting the online car loan application on this website, you will have access to this network. What does this mean for you? Well, your auto finance application will be processed by some of the best lenders that just happen to be experts at offering new car financing with bad credit. You get to compare the offers  for loans you receive from multiple lenders, so you can choose a financing option that is favorable and that you can fit into your current budget. An online car loan is the ultimate solution for people in need of auto financing with bad credit!

Bad Credit Car Financing Options

Tuesday, October 1st, 2013

Bad Credit Car FinancingIf you’re looking to get behind the wheel of a new car, but you have a bad credit score, you may feel like your financing options are limited. Well, in some ways that’s true; a person with a very low FICO score isn’t going to have the same opportunities for loans that someone with a high score has. However, all hope isn’t lost if you need to get approved for car loans with bad credit. In fact, we’re going to tell you about some of your many choices with regards to financing today.

Having a good experience when buying a car really boils down to thinking about the car you actually want to buy, the length of your bad credit car loan and the interest rates that you will ultimately end up paying on your loan. We will break down each of these important areas and tell you about your options when getting a car loan with bad credit…

Bad Credit Auto Financing – Choosing the Right Automobile

We can all appreciate the latest/greatest new cars that hit the market every year. It seems like the major automobile manufacturers just keep upping the ante; delivering new cars that are stunning and loaded with cool, optional features. You may want to avoid dreaming of driving a new Ferrari off the lot if you have bad credit, though. As cool as the fancier cars are, they are usually not a good fit for someone who is struggling with credit problems. We recommend that you set your sights on a reliable vehicle that is priced a bit lower than the higher end rides that are so popular these days. Most of us simply need a car to get from point A to point B. By choosing a less expensive car, you’re more likely to find bad credit auto financing that actually works within the constraints of your budget.

Auto Loans with Bad Credit – Opt for Short Term Loans

It’s very true that getting a loan with a longer term – like a 60 month car loan – is often the preferred option for many people. However, you should be prepared to get a shorter term car loan if you have poor credit. Most lenders will offer you 3 to 4 year loans when your bureau score isn’t quite up to snuff. However, if you took our advice and sought out a less expensive vehicle to begin with, you should have no problems with making payments on a shorter term auto loan. You may have to pay just a bit more each month than you would had you received a longer term loan, but you should be able to find a car financing package that offers payments that are low enough for you to afford.

Bad Credit Car Loans – Interest Rates will likely be Higher

Bad Credit Car Loan Interest RatesWe would like to tell you that all people with bad credit are going to get car loans with super low interest rates. However, if we did tell you that it wouldn’t be true. Yes, you may find that some lenders do offer low interest rates loans to bad credit borrowers, but that’s not always the case. The simple fact of the matter is that lenders – even lenders that specialize in providing car loans to people with bad credit – have to offset the risk they take in lending to bad credit borrowers by charging higher interest rates. However, there’s no rate that’s “set in stone” so to speak. You should try to obtain loan offers from more than one lender to see which one offers you the loan package with the lowest interest rates. These finance companies aren’t dumb. The know the bad scores that people have now aren’t because the people are bad, it’s due to the bad economy over the last 5 years. That’s the real reason why they are able keep the interest rates so much lower than in past years.

Understanding Your Bad Credit Car Financing Options

By now you understand the most important facts about your choices when seeking financing to purchase a new or used vehicle with bad credit. Don’t forget the importance of getting multiple loan quotes to see which lender can offer you the best combination of these three, important features. To do that, you can fill out the online car loan application on this website. We will then see to it that the lending experts in our huge, nationwide network of bad credit auto loan lenders are able to process your loan request. You could end up with offers from several loan companies. That will give you the opportunity to compare what each lender offers and to ultimately choose the car loan that is ideally suited for your unique circumstances.

You may have slightly different options when you search for car loans with bad credit. The important thing to remember, however, is that you do have options. Keep the information you learned from this article in mind, and you’re sure to find the loan that you need to purchase the vehicle that you want in no time!

Bad Credit Auto Loans for College Students

Monday, September 30th, 2013

bad credit auto loans for studentsWhen you’re a full-time student, things can become pretty hectic. You have to stay on top of your studies, keep those grades up and still try to balance your schedule to allow for fun times with friends or to work at a job to pay your tuition/living expenses. With so much going on, it’s no wonder that so many college students wind up with bad credit scores. As if worrying about your grades wasn’t bad enough, a low rating can often make you worry about your financial future. For example, if you need a vehicle how are you supposed to get auto loans with bad credit?

If this question has kept you awake at night, we have some good news for you today! You see, you have arrived at your online resource for all things related to bad credit auto loans. And since we want to see all students empowered with the information and loans services they need, we have put together this article to tell you how students can get a bad credit auto loan that won’t break the bank. Along the way we’ll touch on some other important information that should come in handy as you continue to search for the auto financing you deserve. College campus’ are so big today you must have a car to get to class on time. In high school you could get by but in college you definitely need a car. Just don’t forget to make that car loan payment.

Are You a College Student with Bad Credit?

Have problems with student loans caused your bureau rating to drop a bit? If so, you should know that this happens to tens of thousands of college students every year. It’s not an inexpensive venture to attend class and attend to your living expenses. Many students find that they max out their bank cards quickly and often end up with poor scores to show for their efforts.

Remember, though, if you are a working student (i.e. you bring in an income from a job you are working to help pay your bills) you may very well find that it’s easier to be approved for a bad credit car loan than you might have thought. In fact, we’ve even broken the entire process down for you, so you can easily get started on pursuing the bad credit auto financing you have been searching for today. Read on to find out how…

How to Apply for Bad Credit Auto Loans

Now that you know some of the requirements to keep in mind prior to applying for your car loan, it’s time to talk about how you can apply for your loan easily. We have simplified the entire process for you right on this website. Just use the convenient online car loans application, and we’ll make sure that your loan application is processed by some of the top lenders in our nationwide network. All of these lenders are experts at offering car loans to people with bad credit, and are able to work with hard working students to provide affordable, fair bad credit car loans.

Bad credit auto loan onlineRepairing Your FICO Score

If you are dealing with low scores, you should take some steps to improve your score. Some simple ways to do so include: paying down your current consumer debt, fixing mistakes on your report and always paying your bills on time. When you do get your next car loan, you can begin repairing your score by making sure that you pay your lender on time each month. Over time your score will improve, and you’ll have one less thing to worry about.

The Final Word on Bad Credit Auto Loans for College Students

We know that the college students of today will be the world leaders of tomorrow. We want to see all of you thrive and do well at your studies. And we’d also like to see you behind the wheel of that vehicle you want to get around campus, make it to work and even to drive home to see your family during the holidays and summer months. Keep the information from this article in mind when you make the decision to apply for the bad credit auto financing package that you currently have to have. And don’t forget to use our online form to have instant access to some of the top bad credit auto loan companies in the country today!

If you are a college student and need a new or used car loan, DriversApproved.com is here to help. No matter where you went to college, we have both new and used auto loans available in your state.

Bad Credit Auto Loans Online Approval Process

Bad Credit Auto Loans Low Interest Rates

Saturday, September 28th, 2013

bad credit auto loansHaving an automobile is tremendously important for families and working individuals. However, most people nowadays find it difficult to find their own car financing because of bad credit score. The credit rating of many people has decreased significantly due to the ongoing economic upheaval. Trying to obtain an auto loan in banks seems like the most obvious solution. These local lenders think if you have a FICO below 700 you are a bad credit risk. The problem is they have very strict requirements including a good credit score. The good news is financing for bad credit auto loans are now available for everyone regardless of their bad credit history.

Bad credit auto loans are easy to find because they are offered over the Internet. The only thing that you need to do is to fill out an online car loan application form wherein you will be asked to provide some personal, employment, and financial information. There’s no need to worry about the security of your information because reputable websites are using SSL-encrypted server. After providing the required details, the website will match you to several auto lenders that are specializing in providing auto loans for bad credit. This is the reason why your loan application is unlikely to be rejected.

These websites will also see to it that the high risk lenders that they match with you are offering the best financing terms and low interest rates. The approval process of bad credit auto loans is quite fast. It takes only a few minutes to have your online application approved, which means that you can have the financing that you need to buy a new car within the same day. Most of the time borrowers are also given the freedom to buy a car from the dealer of their choice. Regardless of how bad your current FICO score is, no down payment is required when you obtain an auto loan online and this is also available in 50 states.

bad credit auto loans low interest ratesBorrowers who intend to buy a brand new car might qualify to get up to 125% of the manufacturer suggested retail price. As for those who prefer to get a bad credit used car loan online, they can advance 125% of the retail value of NADA. Refundable adds are already included in both of these loans. The interest rates on an auto loan with bad credit really isn’t anywhere near as bad as they were in the past. The actual rate on these automobile loans are very low now and depends on several factors like income and amount to finance just to name a few. That is why you have to be very careful in choosing a car to ensure that it fits in your budget. A cosigner is not really required to be approved for a bad credit auto loan, but your chances of getting low interest rate financing on the new or used car loans are much higher. Please note there isn’t much difference in rates between a new or used car loan.

Aside from getting your own car, you can also use the less than perfect auto loans to your advantage. This is because when you pay your loan on time, your bad FICO score will definitely improve. If you are consistent, you will be able to get other online car loans in the future with better interest rates. Also, be sure to be very cautious when choosing a company that provides bad credit auto loans online in order to avoid scams. Read some online auto loan reviews to see the feedback of clients, and you can also check out some online reviews on how to detect scammers.

Bad Credit Auto Loans Reviews

Bad Credit Car Loan Tips

Tuesday, September 24th, 2013

What is a bad credit car loan?

Bad Credit Car LoanPeople seeking to get a bad credit car loan usually have one or more issues with their bureau report which has prevented them from getting the best car loan programs available for vehicles.  Everyone has had their share of problems with paying their bills at one point in time or another.  For those people who have had several late payments and calls from creditors wanting to collect on past debts, then these things are a clear indicator of possible dings on their bureau.  Even though people with issues are often able to regain control of their bills and make regularly scheduled payments, they might still have those nasty negative marks on their personal financial history which will alert any financing company that they may be a high risk loan; in other words a bad credit loan. Right now bad credit is considered to be anything less than 700 on your report. We are going to show you below that financing a new or used automobile or truck is far easier than ever before.

Luckily there are still plenty of car loans for bad credit that thousands of people take advantage of every year if you know where to look.  The first step is to look for bad credit car loans reviews online.  There are dozens of websites that specialize in reviewing these types of auto loans and can be a real benefit for anyone who is unfamiliar with the system.  Many reviews go into great detail about the best bad credit car loans online, how to apply, and what to expect from the lending institution. In most states you can obtain a car loan with bad credit that have rates as low as 5 percent. So as you can see that is certainly not bad compared to a few years back when those same loans were 18 percent and higher. Online auto financing is growing by leaps and bounds. Many people are surprised to learn that car loan bad credit financing is responsible for the majority of new and used auto and truck financing loans nationwide.

Most lenders who are open to bad credit car loans have laid out some basic guidelines as to the type of documentation they need, income requirements, and minimum requirements. The type of documentation that is commonly required in order to start the ball rolling with a loan is at least 2 years of W-2 forms for tax purposes, a verification of employment, income statements, and personal references.  There could be more paperwork that bad credit auto loan companies may need, depending on the lending institution, but if you have these things handy then when you begin to fill out a loan application to get pre-approved then you might be ahead of the game because you can submit this information quickly which will make the car loan approval run quicker.  So depending on how fast you need a car loan, how quickly you can provide this paperwork, and how quickly the lender can process the paperwork, you can sometimes have an approval within a couple hours. Financing online provides the best rates and terms.

Bad Credit Car Loans Approval Process

Bad Credit Car Loan Approval TipsBad credit car loans are not that much different than standard car loans in that the process is basically the same, but what is different is the risk the online lenders can take and the interest rates are always higher because of it. Interest rates can vary greatly depending on many factors but the biggest one is your FICO score.  The lower the FICO, the higher the interest rate may be.  There is a minimum requirement for bad credit loans as well so if someone has a very low score or no credit score at all then the chances of getting a bad credit car loan are very slim.  It is advisable to check your bureau file before you begin the process in order to determine if it will reach the minimum requirements set by most lending institutions.  In the event that the score is very bad, then some repair work may be necessary in order to boost the FICO up to an acceptable level. You won’t find the subprime lenders in a local bank. By offering car loans bad credit financing online they can keep the interest rates low and pass those saving along to you.

This is how it works:

Important Used Car Auto Loans Bad Credit Facts

Wednesday, September 11th, 2013

Used Car Auto Loans Bad CreditWith so many people dealing with financial issues these days, we hear from a lot of people who are a bit concerned about their chances for getting auto loans for bad credit. If you’ve been looking for some used car auto loans bad credit information, today’s post was created with you in mind. We know that lots of people plan on buying used cars in the near future. And if you have low or bad FICO scores you may be wondering what path you should follow to get a decent auto loan. Keep on reading to find out what you need to keep in mind as you weigh your auto loan options.

Are Bad Credit Auto Loans for New Automobile Purchases Only

One big myth that keeps getting perpetuated online is that you can only get car loans for bad credit on a brand new vehicle. We don’t know who started this rumor or why so many people believe it, but the truth is that you can just as easily get a subprime auto loan for a used car as you can for a brand new automobile or truck. Heck, most of the time people have an easier time finding loans to finance a used vehicle purchase than they would if they had opted to purchase a very expensive, brand new model. If anyone tells you that you aren’t able to get used car auto loans, you now know that these folks simply are not telling you the whole truth.

Making Smart Car Buying Choices

It’s always good to be an informed customer. This is especially true when you plan on buying a used car. Be sure that you know the history of the vehicle you plan on purchasing. See if it has ever been totaled or undergone any major repairs in recent months or years. You should also put some effort into making sure that you are paying a fair market value when you purchase a used vehicle. Careful not to overpay for a late model used car if the blue book value is far lower than the sticker price! Many consumers don’t understand that used vehicle interest rates are just about the same as new automobiles. In some instances buying a used automobile is better investment than a new one. Primarily because you do not take an immediate hit on the value of a used auto compared to the inevitable depreciation of a new vehicle.

Down Payments on Bad Credit Used Car Loans

Auto Loans Bad CreditIf you’ve been saving up some money in an emergency fund, it may be time to use that cash when you purchase your next car. If you intend to get a bad credit auto loan, offering money down on the purchase will help you to get more favorable financing rates and better terms on loans. It is not an absolute requirement to put money down on your car, though, as you can still find some very fair bad or damaged credit car loans even if you do not have a sizable down payment to offer.

Our Conclusion on Used Car Auto Loans Bad Credit Information

Now that you know how to approach your used car purchase, it may very well be time for you to apply for your loan. If you’re prepared to take the first step to get your loan today, you have come to the right place. You’ll find a free online auto loan application form on this website. Fill out and submit your application and we will assist you by making sure that your application is processed by some of the top bad credit auto loans lenders in the country. You can then compare loan quotes to choose the best loan offer! Getting your next used car, van, truck or SUV will never be easier.

Here’s a great video on how the best bad credit auto loans work:

 

How to Get an Auto Loan Online

Tuesday, August 13th, 2013

auto loan onlineBy now we are all very familiar as to how the Internet has changed the way that we do virtually everything online. It used to be that if you wanted to contact an old friend from high school that you’d have to get lucky and run into them somewhere or look up their phone number. Nowadays, with Facebook and other social networking sites, you can find old friends online in just a few minutes. And what about getting auto loans online? People used to have to wait anxiously at the bank to find out if they were approved to get loans to buy new vehicles. These days, however, you can apply for an auto loan online and get quotes from multiple lenders to choose from.

But how do you go about getting a car loan online? And what about people who have poor or bad FICO scores? We have answers to these questions and more helpful information in this post. If you’re curious at all about finding auto loans for bad credit from your computer, please keep on reading to find out more…

Isn’t it Better to get a Car Loan at the Bank?

Even though this site makes it easy for people with bad past histories to apply for auto loans online, people still often wonder if it might just be easier to get their car loans the old fashion way – at the local bank. This might work for you if you have a spotless bureau rating. However, many of our visitors are folks who happen to be dealing with financial issues. And the big banks typically avoid approving loans for people having low scores. Therefore, if you are someone who has a low score (a FICO rating of less than 700) you will probably have better luck using this website’s online car loan application form to apply for your auto financing. We make it our business to help YOU get the car loan that’s right for your financial situation.

Bad Credit Auto Loans Online

Now that we’ve talked about getting an auto loan with bad credit, it’s important for you to understand the basics of how to get a car loan with bad credit. Essentially, the process is much like applying for any type of auto financing. You will provide proof of income, contact information and other information to online auto lenders. They will then process your application and send you a notification loan quote. You then have the freedom to either accept financing or to compare any offers you get with quotes from other lenders. At the end of the day, you really do wind up with lots of borrowing options when you work with our network of bad credit car financing experts.

Getting Prepped for Your Bad Credit Auto Loan

How to get an auto loan onlineBefore you take a moment to fill out the online car loan application form on this website, you should make sure that you have your financial information in order. It’s wise to have a current copy of your credit report, proof of employment and other information on hand to simplify the loan application process. And if you have money for a down payment, be sure to let your lender know prior to accepting any financing. Please don’t forget that today 70 percent of us require help with bad credit car financing.

Ready to Apply for an Auto Loan Online Right Now?

If you can’t wait another day to find online auto financing for your next car purchase, you can get started right now. You now know more than most people will ever learn about getting bad credit auto loans online, so feel free to fill out our online loan application to get moving toward your goal of owning a new vehicle in the very near future! DriversApproved.com is your best source for a fast approval regardless of any past bad credit issues.

Bad Credit Auto Loans Online Reviews:

Financing Used Car Loans with Bad Credit Online

Monday, July 29th, 2013

Used Car Loans with Bad Credit OnlineWhat do you think of when the topic of purchasing a new car comes up in conversation? Do you think of driving off the lot in the latest model? Most of us today think about finding online loans for a used automobile. The difference between new and used automobile loans is substantial. There is a fairly large group of auto lenders who prefer to make loans on used vehicles. They know that loans made on used vehicles have shorter terms thereby seeing their return on investment a lot sooner than loans made on new trucks or automobiles. However, after helping people find used auto loans for years now, we often suggest that people consider purchasing a used (aka previously owned) vehicle. If you only want a nice, dependable car that you can use to cruise around and get to work with, a used vehicle may very well be your best option.

Can You Really Loan for a Used Car with Bad Credit?

We often hear from people who are very surprised that they can actually finance the purchase of a used vehicle with a bad credit car loan. People often assume that when you purchase a used car that you actually buy it outright, and that financing options for previously owned vehicles are pretty much non-existent. Nothing could be further from the truth, though. You can finance a very nice, used auto in much the same way that you’d finance a brand new vehicle. Of course, chances are you’re going to pay a lot less on a previously owned vehicle than you would for a top-of-the-line brand-new model. This is one difference that pretty much all buyers agree is pretty darned good!

Find the Right Used Car Loan for Your Budget

Before you go about checking out used cars at local dealerships, it might be a good idea to think about your budget. You want to have a pretty good idea of how much you are willing to pay, both monthly and over the lifetime of your car loan. It’s also smart to have some money to offer as a down payment if you want to do your part to both increase your chances at getting a good car loan with bad credit, and to actually lower your monthly payments at the same time. You see, since you borrow less when you put money down on your next vehicle, you don’t have to pay as much as if you were getting financing for the entire purchase of your new ride.

Used car loans for bad creditYour Options to get Bad Credit Auto Loans for a Used Car

Just as people have options when they are looking for bad credit auto loans for brand new cars, you also have a bit of wiggle room to decide on your lending options when you purchase a used auto with bad credit. Right out of the box, though, we always warn our website visitors to skip going to the local bank to get a car loan with poor credit. As you know, big lenders aren’t usually willing to take the risk of making a loan to people with damaged credit. It’s better, then, to save yourself the time and effort, and to pursue more realistic options to score financing for your upcoming car purchase.

We can help you out in this department. We specialize in assisting customers with bad or low FICO scores find the car loans that they need. All you need to do is fill out the online loan application form on this website, and we’ll work to put you in touch with some of the top bad credit auto loan lenders in the nation. You’ll have the freedom to compare loan offers from various lenders, so you end up with the financing package that makes the most sense for your budget and personal plans. Just so you know bad FICO loans don’t always have those high rates.

Your Next Step to getting used car loans with bad credit

If you’re in need of getting that previously owned vehicle in your driveway sooner rather than later, don’t hesitate to get the ball rolling. Fill out the online loan application on this site, and the lenders in our network can even work with your preferred car dealership to get the deal on your next auto purchase underway. DriversApproved.com lender and dealer networks offers the best rates for online used car loans for bad credit, so take just two minutes and get approved today.

Bad Credit Auto Loans – Avoid These 3 Mistakes When Getting a Car Loan

Friday, July 26th, 2013

bad credit auto loansWe live in a society where you pretty much have to have a reliable car to get around. The problem that many people face is finding auto loans for bad credit when they are on the lookout for financing for a new car purchase. Unless you have a WHOLE LOT of money lying around, there’s a good chance that you’ll have to finance that new car purchase. And if you’ve had credit problems recently, bad credit auto loans will probably be the only way you’ll get your new car purchase financed.

To help you out in your search for the best car loans for bad credit customers, here are 3 mistakes you must avoid when searching for your auto loan.

Bad Credit Car Loans – Mistake #1 Having No Down Payment

Cars are expensive these days. If you’ve been shopping around for a new ride you probably already realize this fact. However, people often make their new car purchase a bit more difficult to pull off by not having any down payment money at all. Here at DriversApproved.com we realize that it can be hard to save money these days. But if you plan on financing your new car purchase it’s a good idea to have some sort of savings dedicated to your down payment.

The bottom line is that it is easier to pay off any type of car loan when you start off the purchasing process with a little bit of cash down on your auto purchase. You don’t have to put a lot of money down, but if possible get at least $500 set aside to make paying off your car loan a bit easier and to give the car salespeople some incentive to cut you a better deal.

Auto Loans for Bad Credit – Mistake #2 Not Going with Car Dealer Financing Options

There are probably dozens of car lots in your town that offer financing for bad credit borrowers. They can provide new or used car loans with bad credit that can’t be found with banks. The auto financing options that you’ll get offered by the people trying to sell you a car will likely provide very good terms and excellent interest rates. Remember that car salespeople can provide you with in-house financing for your car loans for bad credit customers. If you happen to have terrible credit or multiple repossessions this could be a great option.

bad credit auto loans onlineAuto Loans for Bad Credit – Mistake #3 Paying More Attention to Monthly Payments than Overall Cost

Some car finance companies will offer you financing for bad credit auto loans that feature some very low monthly payments. When you look at the big picture, however, many of these loans are for extremely long terms and end up costing you more money over the long run. When buying a car you should always look at the overall cost rather than settling for the loan that offers you the lowest monthly payment. You can use a free online auto loan payment calculator to check. You may pay a bit less on these loans each month, but end up paying THOUSANDS more over the life of the loan.You can always refinance the auto loan as you improve your credit rating.

Avoid the Bad Credit Auto Loans Mistakes You Just Learned About

Doing things the right way is just as much about avoiding mistakes as it is about taking the right steps. If you are looking for the best car loans for people with bad credit, be sure to avoid the three mistakes we told you about above. And remember, at DriversApproved.com we are here to help you find the best loan for your upcoming car purchase. To find out how we can help you simply fill out our secure, online bad credit car loans application to ensure that your loan request is matched up with the top lenders that are ready to offer you the best rates on your upcoming car loan.