When you set out to qualify for an auto loan for the first time, it is normal to expect the process to go smoothly. After all, how hard could it be, right? This is particularly true if you have a steady job and make at least $400-$500 per week.
But, this typical high level of confidence possessed by first-time car buyers quickly goes away if the applicant has a bad credit score. For people entering into the automobile market as a buyer for the first time, the powerful effect that a person's credit score can have on the outcome of an auto loan decision is often not well-understood.
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However, the first rejection or two that they experience usually puts things into perspective pretty quickly.
One solution for someone in this situation is to look for automobile loan lenders who offer approval-guaranteed auto loans. These are admittedly hard to come by, especially if you have a bad credit score. Still, a search for this type of auto loan does not have to end up a fruitless one.
Approval-guaranteed bad credit auto loans may be your best bet for finding the right car loan, even if you have a poor credit score. To help you get approved faster, here are 5 things to look for in a lender:
1. Have a strong reputation:
Make sure that the auto lenders you talk to have good reputations in the marketplace. This would mean that they have few or no complaints against them concerning their honesty or customer service. The best way to find this type of thing out about a lender is to check online discussion forums such as chat rooms and the like.
2. Advertise themselves as "bad credit auto loan lenders":
Given your credit situation, you are going to want to make sure that you are dealing with auto loan lenders who specifically refer to themselves as "bad credit auto loan lender" on their websites or in their ads.
3. Offers you a better loan rate than do similar lenders:
Obviously, the lender you select should be one that offers you a competitive loan interest rate. You should be willing to pay maybe a half a percentage point for a firm that has a stellar reputation for customer service. But, beyond that, interest rate is king, since a lower rate can save you thousands over the life of the loan.
4. Is willing to negotiate with you for an even better rate:
When your lender first makes you an offer, see how they react when you go back to them to ask for an even better rate. Any lender that will negotiate with you a bit is worth talking to.
5. Requires little or no down payment:
Most lenders will require some sort of down payment from you, especially given your bad credit score. Still, find out how low they are willing to go in terms of a down payment: you never know unless you ask.
Look for these 5 things in your approval-guaranteed auto lender. If you do your homework first and then approach the right lenders in the right way, you will have an excellent chance of qualifying for the loan you are looking for.
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