There’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.
Is 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!