Subprime Auto Loan Lenders

If you have bad credit and need transportation, you may consider going to a subprime auto loan lender. These businesses are sometimes called Buy and Pay Here auto lots. Yes, there indeed are lenders who are willing to grant auto loans to folks who have made some bad financial moves. These are useful to many folks, but could prove disastrous to others.

Watch Those Interest Rates

Subprime auto loan lenders are not known for low interest rates. They impose these rates because they are lending to folks who have a bad record of paying off debts and this cuts their losses if a buyer defaults. Others will enjoy much lower interest rates because they have good credit. There is some pain for every gain. Consider that with your subprime auto loan you are getting wheels, that you are being provided a chance to improve your credit , and (hopefully) learning some better spending habits.

Playing the Car Dealer Game

Things can be get a little tricky with subprime auto loan lenders. The dealer is going to throw in a free GPS system for your new (to you) set of wheels. Do not think the dealer being Mister Nice Guy. If you default on a payment, by as little as a few days, the dealer knows where the vehicle is and will not hesitate to grab it. It is almost as if they expect you to default; would be happy if you did. And, that may be the case.

Avoid Vehicle Repossession

Once a payment is missed, even if only by a short time, the subprime auto loan lender will start looking for the car. They will still have you on the hook for a loan, and after they grab back the car, they can put it up for sale again. Of course, this varies from state to state, but it is a serious mistake on your part and will be a two-part blast to you. You will lose your wheels, and no one, NO ONE, will make a subprime auto loan to you for the long foreseeable future. Your credit rating will become the lowest of the low.

Make Sure You Have a No-Fail Financial Plan

Obtaining a subprime auto loan is not really that bad. Be sure you have the capacity to make your payments in full every time they come due. And, do not forget, you cannot predict the future. If something disastrous happens, like losing a job or unexpected medical expenses, the subprime auto loan lender does not want to hear it. Your car is gone with the results mentioned above. Be sure you can make that payment no matter what catastrophe may arise. This is truly one time when it is better to be safe than sorry. Have a financial plan in mind and stick to it, including provisions for just plain bad luck.

Subprime Auto Loans Not So Bad

Actually, getting a subprime auto loan is rather easy. Often, you can go online, fill out an application (might take you a couple of minutes), and go down to the lot and pick out your car. You will need a down payment of some sort, but the dealer will work with you. Tags, title, and insurance costs are due at the time of purchase and may be required in addition to the down payment and the loan.

So, gather the bucks for the down payment and other initial costs, formulate a fool-proof repayment plan, fill out your subprime auto loan application, get your wheels, and make your payments on time. You will be able to get around while you improve your credit scores. Good luck.

The Truth About A Bankruptcy Auto Loan

The truth about a bankruptcy auto loan is that it may be easier to obtain than you think. After a bankruptcy someone may find the need to get an auto loan and many feel this is a near impossible task. This is not necessarily true.

Currently, many people are finding no other way out of their financial debts except to file bankruptcy to wipe the debt slate clean. This debt may include a car with payments that are simply too expensive to pay in addition to keeping up with their other financial obligations.

Thus, some are deciding to let the vehicle go back to the bank during the bankruptcy process. Here arises the need for a new bankruptcy auto loan.

So, the question may be where do I go to get such a car loan? The truth is that there are many dealerships or auto consultants who offer special financing for those that find themselves in the position of needing a bankruptcy auto loan.

Not every dealership offers special financing and not everyone who does will be the same. It may be a good idea to check with relatives, friends and neighbors who may have had a similar experience.

If not, check on line for local car dealerships or auto consultants who have an entire department devoted to helping those that have recently filed bankruptcy.

Auto Consultants have become an excellent source for a bankruptcy auto loan. This is because you will get personal service for your specific auto loan needs. auto consultants work for you and will do their very best to get you into a quality vehicle you can afford.

This personal service will include treating you the same as if you had perfect credit. Bankruptcy can leave you with the feeling of despair and you have most likely already been through enough stress.

An auto consultant understands that bankruptcy happens to good people and they will do all they can to help you toward rebuilding your financial future through a bankruptcy auto loan.

In addition to great service, auto consultants have great resources to find you a quality used car. You will get the added comfort in the safety inspections an auto consultant uses to assure the quality of the cars they sell. Along with the thorough inspection, the broker will run a Carfax report to ensure the car has had no previous damage such as accidents or flooding.

The consultant will also help you get your financing in place for your new car.