In today's economy, thousands of Americans are suffering from bad credit due to foreclosures, bankruptcy, repossessions, and/or loss of employment. Due to the amount of bad mortgage loans, banks are making it harder for people to get a loan. Their guidelines are now stricter than ever.
If you have bad credit then how do you get approved for a car loan? First, let me tell you that each bank or lender has its own credit score to determine if you are a subprime borrower. Subprime means a person will fit in this category if he or she has less than a 620 credit score.
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If indeed you are a subprime borrower, it doesn't mean you can't get a bad credit auto loan. Most banks are eager to lend people with bad credit because they are making money off of the steep interest rates they will be charging. Although the interest rates might be high, this is an opportunity for you to get a new or used car while trying to build back your credit score.
Before you jump into a car loan, make sure you call around to other banks to check their loan rates. All bank rates are different. It can be a quarter, half, or more than one percent difference. Even a quarter percent difference can save you a lot of money over the life of the car loan.
After a few years of paying your bad credit auto loan on time, review your credit score to see if you can refinance your loan into a lower interest rate loan. You can conceivably improve your credit score within two or three years if you pay all of your bills on time.
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