If you’ve gotten the old turned down from a car dealership or two because of your credit history, then you are probably wondering where in the world you are going to be able to go to get approved for a car loan.
There is good news and there is bad news.
The bad news is that your credit is going to take years to recover from even a few late payments and collection accounts. The good news is that while you are waiting for that to happen, it is very likely that you can still obtain a reasonable financing through a few select sources, online.
Of course, there are always car dealerships that will give you financing if you have a big enough down payment and can afford to pay the high interest rates that buy here pay here type dealers charge. This is certainly not a recommended route to take, however many people have gone down that path and have lived to tell about it.
If you have access to a cosigner that has really good credit and enough income that they can show the finance company that they can afford to make your payment if you can’t, then that may be a viable option. For most people, it’s not simply because there are so many people that have defaulted on car loans and the lenders have not been able to collect from a cosigner. If you have a cosigner, they must have exceptionally good credit and a strong income as well.
You may think that you can get your own financing outside of a car dealership because of bad credit. This is incorrect. There are lenders that help people that have bad credit just like there are lenders that cater to people that have good credit. It’s actually more in your hands than you may realize. You can get a loan and a car loan with bad credit, on the Internet and it is surprising to most folks, it’s exactly how easy it is.
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