123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

Car Loans For People With Bad Credit - Now Get Car Loans Even If You Have A Bad Credit Record

Profile Picture
By Author: JohnHaward
Total Articles: 11
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Everyone makes mistakes with their credit at some point of time in their life. But what appears to be small mistakes with credit can turn out to be major ones. If your credit is bad, it's hard to get any kind of loan. Bad credit history can stalk you for years. However, even with bad credit, it's still possible to get an automobile as there are car loans for people with bad credit.

Having a bad credit can ruin your chances of getting an approval for any loan application including a car loan. Banks and other money-lending companies do not entertain people with have bad credit. But the good news is, there are now lending companies that offer car loans for people with bad credit. All you have to do is search carefully about these companies on the internet as there are several lenders available in the market offering car loans for people with bad credit. The important thing is to look for a lender who offers low interest rate loans.

These loans are unsecured in nature sanctioning amounts of £1000 to £25,000 for 6 months to 10 years.

Lenders are willing to make an exception with auto loans. The vehicle is like ...
... a security against the auto loan. If the borrower does not pay back the auto loan, the lender can easily take back his vehicle. If people are interested in availing short term loans for people with bad credit, bank loans for people with bad credit, they should be ready to pay a higher percentage rate. Moreover, lenders have specific qualification criteria's. Some lenders require that individuals with a recent bad credit have a minimum monthly income. The amount for monthly income differs from lender to lender. Also, a lender may require you to have the same residence and employment for at least six months. To obtain car loans for people with bad credit, borrower must be at least 18-years-old, or have a co-signer.

Additional conditions include not having a previous repossession within the last year, and the bad credit must be cleared. Different lending companies have different application periods. Usually one can enjoy a faster application process when he chooses to apply online for car loans for people with bad credit. The interest rate on car loans for people with bad credit is higher. Refinancing for a lower rate may decrease one’s monthly payments. However, if borrower works towards improving his credit rating, he may have the opportunity to refinance the auto loan.

Total Views: 149Word Count: 412See All articles From Author

Add Comment

Investing / Finance Articles

1. Why Wealth Management Is Essential For Young Professionals
Author: Adyanth Wealth

2. Boost Your Retirement Savings With These Superannuation Strategies
Author: Daniel Stewart

3. Outside Ir35 Calculator
Author: Dhara Tuvar

4. Scalable Mt5 Greylabel Solutions For Forex Brokers
Author: MT5 Greylabel Provider

5. How Credit Cards Can Prevent Financial Stress During Personal Crises?
Author: Saloni Mehta

6. Role Of Wealth Management Companies In Mutual Funds
Author: Saloni Mehta

7. Best Passive Income Ideas To Make Money Through Investments
Author: Adyanth Wealth

8. Gst Registration In Bangalore
Author: mwseo

9. Ashneer Grover Net Worth, Investments, Portfolio, And Bharatpe Journey
Author: Planify

10. Why Is The Indian Stock Market Struggling?
Author: Indira Securities

11. Common Investment Mistakes And How To Avoid Them
Author: Adyanth Wealth

12. How Term Loans Can Help Retail Stores Manage Seasonal Inventory Needs
Author: Bad Credit Business Loans

13. How Lines Of Credit Can Help Medical Professionals Manage Operating Costs
Author: Bad Credit Business Loans

14. Getting The Right Loan With Realloans
Author: Sukhjeet Singh

15. Top Reasons Why The Indian Stock Market Is Fluctuating So Much
Author: rickyponting

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: