Saturday, November 14, 2009

Can You Get a Car Loan with a Credit Score of 600?

Yes, you absolutely can get an auto loan with a credit score of only 600.

In fact, there are some loan companies that don't even consider your credit score to be a factor in approving you for car credit.

So if you're looking for a car loan and have a low credit score, can you say -

SHA-BANG-A-BANG!?!?

Here' s a recommended site to get things worked out for you online if you want to check it out. It's run by a friend of mine... http://www.BuyingCarswithBadCredit.com. (I like to give her a plug on my blogs and if you saw her you would know why:)

If you want some information about buying cars with bad credit in general... here's an article that you can read that might put you to sleep if it's 2 in the morning...

Buying Cars with a Low Credit Score

Bad credit auto financing is primarily for people that have a credit score below 650. This can vary depending on the details of your credit report.

Previously, lenders refused car financing for people that had bad credit or a prior foreclosure, bankruptcy or repossession. Now, consumers that have credit problems don't have to be concerned as much about whether or not they can get approved.

It's just a matter of "where".

It should come as no surprise to discover that there are more lenders that are dedicated to exclusively processing applications and issuing credit to people that have credit problems. Here are a few tips that will help you to get a good deal on bad credit auto financing...

If you do have a credit score below 600, be sure that you know exactly what is on your credit report. This is very important and you want to be sure that there are not things being reported inaccurately, further dropping your score. Get a free copy of your report here.

You may choose to check with a debt consolidation or counseling service that can help to improve your credit report in the quickest time possible. Look for bad credit auto financing companies that are specialized in helping people that have moderate to severe credit problems. Knowing where to apply is what it's all about when it comes to getting approved.

Don't fool around with trying to get approved with mainstream lenders.

The odds are very low when it comes to getting approved with them if you have a low credit score. Before you agree to any offer for credit, you need to make sure that you read the fine print! Make sure that you're getting the deal that you're thinking that you are. It's also a good idea to carefully check your budget to make sure that you can truly afford what you think that you can. Make sure to figure in extra money for the weekends!

Most folks don't set out with a good plan, and you should make sure that you have money set aside for an unexpected expense, to make sure that your car payment is still made on time. This is so simple, yet so important for preserving your credit history or making sure that it continues to improve with time. One missed payment can wreck your efforts to rebuild your credit report. There are some things that are needed during the application process... although you don't have to have them when applying, they'll be needed during the finalization of your loan.

Some of the things that you'll need to have in hand when you sign your loan agreement are your paycheck stubs for the last couple months, some type of proof of residence, proof of auto insurance, a social security card and a valid drivers' license.

Submitting an application for an auto loan on the internet can be one of the quickest ways to get approved. It helps you to avoid the pressures of dealerships, too! You don't have to go anywhere, or deal with a dealership to get approved for auto financing if you choose to do it online, which is one really good benefit if you want to be able to handle everything in the comfort and "sanity" of your own home or office.

Copyright Jason Lanier - Unauthorized Use Prohibited Without Permission of the Author