Finding quick car loans can be a challenge, especially if your credit is poor. While it's possible to get bad credit car loans, it often takes a long time and a lot of searching to find lenders willing to give you car loan approval. Sometimes fast car loans are needed, and if you don't fit the standard loan requirements you might think you're out of luck. Don't give up, though-taking advantage of the information below can help you find bad credit car loans quickly.
While the specific requirements to get a quick bad credit car loan may be different for each lender, you will need to fulfill minimum qualifications in order to have a hope of approval. As a standard minimum, you will need to be able to provide proof of residence and employment. Also, your current job must pay at least $1000 a month.
Any bad credit car loan constitutes a serious risk to the lender, meaning that the terms you are offered will not be advantageous. If you get a bad credit auto loan, you will be charged very high interest rates and will likely be subject to increased penalty fees as well. You may also have to place a substantial down payment on your new vehicle in order to qualify.
If you fulfill the minimum requirements and are willing to deal with the consequences of a bad credit car loan, you can try to find lenders who will approve you for a quick loan by contacting any of the following 3 sources.
Car dealers deal with many people of varying credit scores every day and it's their job to make sure as many people as possible get loans to buy their cars. Contacting local car dealerships and asking for the contact information of lenders who approve bad credit loans can give you a good place to start.
If you don't want to deal with a car dealership, you can go directly to the lending sources. Find a directory of banks and credit unions in your area and give them a call to ask about their policies concerning bad credit car loans.
If you're not having any luck finding lenders on your own, you may have to resort to paying a car loan broker to do it for you. Loan brokers make a living by finding lenders to approve loans, especially for people with a bad credit score. If there's a loan out there that you qualify for, a car loan broker will find it for you. If even a loan broker can't find anything, you may have to first build up your credit by finding a no credit check car loan instead.
It's important to be aware of the financial consequences of getting a quick bad credit car loan. If you're sure you want to go through with getting one, researching lenders in advance to avoid wasting time on pointless applications will help you get a loan as quickly as possible.
