Yes, you can obtain a car loan with bad credit. The best advice is that you cannot believe everything you read or are told when it comes to getting a car loan with bad credit. The truth is you will have to pay a higher interest rate but you there are things you can do to lower the monthly payment a bit and afford a car loan even if the car is not a brand new model.
Too many times, people with bad credit are suckered into a car loan that takes the money directly from their bank account weekly or monthly and are in a contract without a grace period. This means if you do not have the money in the bank when the payment is due, the lending company will repossess the car. This does not have to be the case at all. If you find this information on a website, run. There are better opportunities.
The first thing you should do is obtain a copy of your credit report. Now, if you know you have bad credit you can be upfront and honest with the lending company or car dealership. You can even bring along the credit report and ask them not to inquire on your credit rating, as this will lower your score.
Even with bad credit, you can afford a car loan as long as you make $1500 per month minimum and have a down payment or trade in. Most banks and lending companies will give a car loan to those with bad credit if they can prove they can afford the car. By putting up a down payment or a trade in, you are putting up your own money on the car, thus making an effort to help pay for the car.
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