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EZ Auto Financing Ė Lower Rates make it Ideal for Bad Credit Car Buyers - RSS feed - Add to Google

Wed, Feb 26th - 3:32AM

How to Get Better Rates on Sub-prime Auto Financing?

A car is a requirement for each and every individual. It is a necessity for a borrower with good credit score. You need a car even when you have a subprime credit history. Yet, most bad credit borrowers complain of constant car loan rejection. But, things are changing with subprime auto financing.

Subprime Auto Financing Ė A Common Phenomenon

People with good credit scores are called prime borrowers. And, people with bad credit scores are known as subprime borrowers. Lenders that offer auto loans to subprime borrowers are called subprime lenders.

Subprime car financing is common these days as many Americans are having a bad credit history. Lenders know that they cannot shy away from offering auto loans to bad credit borrowers because there are so many of them. They would lose a considerable amount of business if they didnít offer subprime auto financing options.

Important Tips to Get Guaranteed Approval on Sub-Prime Credit Auto Loans

Yes! It is possible to get guaranteed approval on subprime car loans if you understand these important tips and follow them.

Credit History

Your credit scores play an important role in getting any type of loan. Even if you have subprime credit, it is necessary that you check it. An accurate credit score can help you avoid scams. There is a possibility that lenders may con you by not offering lower rates under the pretext of a bad credit score. So, always check your credit score.

When you check your credit ratings, you must go through your credit report as well. Look for discrepancies. If you find any error, report it to the concerned credit bureau. It is better to remove all errors from your credit report because it will improve your credit score. You can also increase your credit score by making regular monthly payments.

Down Payment and Co-Signer

A large down payment increases your chances of getting a subprime auto loan. When you put money down, the car loan amount reduces. There is also a decrease in the lenderís risk. As a result, getting lower interest rates becomes easy for you.

When you have a co-signer, the lender is sure that his investment is safe. This will increase his trust in you and your car loan approval chances will increase.

Search for Lenders after Making a Budget

When you make a subprime car loan budget, you get an idea of your affordability. A budget is a necessity because a planned credit purchase is easy to manage.

Once you know how much you can actually afford as monthly payments, start your search of finding a subprime lender. It is always better to search for car loans first and then choose the vehicle. When you have a pre approved auto loan, it takes pressure off your mind and you are able to make a better car choice. Also, you avoid unpleasant car financing surprises at the dealerís lot.

Submit your car loan application at many places because lenders donít have common criteria for subprime auto loans. It is possible that few lenders may consider your score very bad while others may think of it as average. So, it is always better to apply with several car lenders.

Traditional financial institutions and banks are reluctant in offering auto loans to subprime credit borrowers. So, itís better to avoid them. You can apply with a credit union if you are its member. You can even opt for online subprime auto loans by applying with online auto financing companies. These companies offer instant approval because they work round the clock with a large network of lenders and dealers. Remember to check the authenticity of the website. Apply with only reliable car financing companies.

Comparison and Negotiation

After receiving several car loan quotes, compare them on factors like interest rate, monthly payment, APR, car loan terms and conditions, pre-payment penalty, etc. When you compare on all these aspects, you get a clear picture.

Once you have chosen the best subprime easy auto financing program, negotiate with the lender. If he is convinced that you will make regular payments, he will definitely lower your monthly payments.

Subprime auto loans not only allow you to buy a car but also help in improving your credit score. With simple yet extremely effective tips, getting subprime car financing will become very easy. Donít forget to use them while applying for your next car loan.

Getting Subprime car financing is simple with EZautofinance.net. We have several subprime auto lenders in our network who help us offer instant and guaranteed approval on subprime auto loans. Apply now and get an opportunity to own a car!


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Wed, Feb 26th - 3:29AM

What Precautions are required for buying an Automobile with Bad Credit?

Car loans with bad credit are easily available because lenders have understood that there is a large American population with a bad credit score. Even if it is not difficult to opt for a bad credit auto loan, you must be cautious so that you donít end up choosing an unaffordable car financing option. If you choose a bad option, you will be causing more damage to your credit score. This article will help you to adopt a disciplined approach in applying for bad credit car loans.

Planning Is the Key

Never choose a car loan without planning. You must ascertain the budget by calculating your income and expenses. If you donít plan well, you will end up paying more than you bargained for.

If you can actually afford to make payments, only then opt for auto loans.

Pick Up a Used Car

A used car costs less and so, lenders will easily approve a bad credit car loan for used cars. Choose a reliable car and donít forget to get it inspected from your mechanic.

Search for Sub-Prime Lenders

Not all lenders offer bad credit car loans. Banks and traditional financial institutions have strict lending criteria. They donít want to risk their investment. Hence, it is essential that you apply with only those lenders that offer easy approval on bad credit auto loans. There are few sub-prime lenders who provide low rate auto loans to borrowers with bad credit. They deal with bad credit on a regular basis and thatís why it is easy to get a bad credit car loan from them. So, search for sub-prime lenders only.

Choosing a Bad Credit Auto Loan

When you apply with sub-prime lenders, you must not choose the first car loan quote that you get. Compare and analyze several car loan quotes before taking a decision. You must not use monthly payments as the only factor for choosing the best bad credit car loan quote. Consider APR, interest rates, loan terms and conditions, additional fees, etc. before taking a decision. Donít take a hasty decision because you donít want to get stuck with an unfavorable car loan.

Getting a bad credit car loan is easy but you need to be cautious. It is important that you research and take a well-thought decision. Do remember a decision taken in haste often turns waste.

Do not let bad credit make you a victim. Instead, start improving your credit score with us. We offer guaranteed approval on bad credit auto loan applications because credit history is not our only criteria. Re-establish your credit score by getting approved for bad credit auto loans with low rate today.

All the best!


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Wed, Feb 12th - 8:13PM

Know the Process of Bad Credit Auto Loans and Buy Your Dream Car at Lower Rates

A car is a necessity for the people of America. But, most people don't have the resources and ready cash to buy a car. That's where a car loan is useful. With the help of auto financing, one can easily buy the car of their choice. By and large, Americans use this option for buying the much needed automobile.

But, what about those individuals who don't have a good credit score? We all know that getting any type of loan is difficult when you have a bad credit score. But, does it mean that a mere bad credit history can cause so much trouble? Thankfully, the answer is no. Bad credit auto loans can really help someone in distress. Understand how bad credit car loans can be useful to you. Also, this article will help you in availing an auto loan with bad credit.

A bad credit often causes trouble. But, a bad credit history never means your car dream is over. You can get a car loan despite your very poor credit score. Lenders have understood that many Americans have a poor credit history today. It is impossible for them to suddenly improve their credit score. Also, it makes business sense to offer car loan to such a large segment of the population.

With a bad credit auto loan, you can buy the car you always wanted. You just need to know the exact car loan process. If you know how and where to apply, you can easily get buy a car.

Affordability Is Important

When opting for such loan or any other type of auto loan, most people tend to miscalculate and end up with a loan beyond their affordability. If you sign the car loan contract without thorough research, you may end up paying more. A complete attention is required to get the best loan rates. So, calculate your total income and expenses and ascertain your budget for buying a car.

What To Expect While Applying for An Auto Loan with Bad Credit?

When your credit score is bad, you must avoid banks and traditional car financing institutions. The reason is that they have stringent lending criteria and so, they approve less car loans applications. You can opt for a credit union if you are its member. Online auto financing companies are also a good option. You can get instant approval on bad credit auto loans because they work with sub-prime lenders.

If you have bad credit history, you cannot expect lowest possible rates. Your interest rates will be higher than the average. Your poor credit score is a red flag for the lender and he considers you risky.

How to Lower Interest Rates on a Bad Credit Auto Loan?

You can lower your interest rates by convincing the lender that you are not a high risk credit borrower. Here are few important tips to help you get low rate bad credit car loans.

Down Payment

By making a down payment of 10%-20%, you can improve your car loan approval chances. The lender will understand that you are capable of making a down payment and will be ensured of your financial capacity.

Co-Signer

A co-signer is someone who agrees to co-sign your car loan contract and makes payment if you fail to do so. When you have a co-signer, a lender is assured of his money. So, the lender will not hesitate in providing a car loan.

Using a Collateral

If you have a really poor credit score, you can use your home, machinery or any other car as additional collateral. Even though your new car will be used as collateral, additional collateral will have a positive impact on the lender. The safety of his investment will increase which will be beneficial to you.

So, this is how you can get a bad credit car loan. This loan can really help you in buying a car and improving your credit score.

Apply now for bad credit auto loans with no money down today!


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