Poor Credit Auto Loans - Easy Vehicle Financing for Bad Creditors
Posted by Michael Ronald at 1:06 AM
There was a time when cars were considered luxury items. There was a time when it was impossible for people with poor credit to obtain auto loans. But now, cars are no longer a luxury. They are a necessity. You need them to reach to your destination faster and at your own time. This is not always possible if you rely only on the public transport system. And again, nowadays it is also possible for people with poor credit to get their cars financed. There are money lenders on the internet who offer poor credit auto loans.So, you need not back up from your decision of buying a car if your credit report is poor. No matter how horrible your report is, you can still apply for the poor credit auto loans to get the loan application approved. You may be surprised to know that the rejection rate of applications at online money lenders is less than 1 per cent. You may have to pay a bit higher interest rates on the poor credit auto loans as there is risk involved for the lender, but this interest rate can be afforded easily as this loan also offers you a chance to repair your credit score.
These loans can be secured or unsecured. They can be 100 per cent finance. Some money lenders may ask you to pay some upfront payment in the range of 15 to 20 per cent of the car value. But if you are buying the car through one of their associate dealers, you can get additional benefits. For secured loans, the repayment tenure is longer allowing you to repay the loan in smaller installments.
Repayment scheme for the poor credit auto loans should be selected based on your repayment capacity. You can select the longest tenure available to make sure that the installment amount is lowest. This relieves you of the monthly tensions of the installments. You can check out the different repayment schemes available with different money lenders before you zero in on a particular lender.
Frank Dervin completed his Masters in Finance from