| Most of us don't have a pile of cash in the bank when | | | | circumstances. However, expect to get charged a |
| it's time to buy a car. And if you have bad credit, you | | | | higher interest rate--and possibly higher fees--because |
| may be worried that you won't get approved for an | | | | of your shaky credit history. |
| auto loan. However, it is possible to get a car loan | | | | PICK THE RIGHT DEALER |
| even if you have a less-than-perfect credit history. | | | | Some used car lots offer a buy-here-pay-here option. |
| Here's how to find a lender: | | | | Essentially, you're financing your car through the dealer. |
| ASK YOUR LOCAL BANK | | | | However, you usually don't have to go through a credit |
| If you're already a customer, your bank or credit union | | | | check. Instead, you drop off your payment (or mail it) |
| might be willing to give you an auto loan, especially if | | | | to the dealer every week. The interest on these types |
| you have a solid, positive banking history with them. In | | | | of loans tends to be high, and most times your car will |
| many cases, banks are more willing to work with bad | | | | be repossessed if you skip or are late paying just a |
| credit borrowers than auto dealers, and they're likely to | | | | few payments. However, they're a good choice if you |
| charge you a more favorable interest rate. Also, your | | | | have such bad credit that a credit check would |
| bank may be willing to give you a secured loan, where | | | | eliminate any chance of obtaining a loan. Here is a list |
| you use a valuable possession--such as another car | | | | of recommended Vehicle Finance Lenders [ |
| or an expensive piece of jewelry--as collateral. | | | | autoloans.shtml] online. It's important to use a reputable |
| SEARCH ONLINE | | | | lender online to make sure your personal information is |
| Many independent loan companies are willing to lend | | | | secure. |
| money to bad credit borrowers for things like houses | | | | Even if you have bad credit, it's possible to get an auto |
| and cars. Do an Internet search for "bad credit car | | | | loan. However, you may have extra costs--such as |
| loan" or "bad credit auto loan" to find a lender that | | | | higher interest rates or higher fees. |
| might be willing to work with your special | | | | |