Bad Credit Car Loans: Tricks To Getting Approved That You WILL NOT FIND Anyplace Else!

Posted by Josephine M. Campo

December 18, 2009

Finding an auto loan with bad credit can be a lot of work!

When you get the bad news from your bank that you have been turned down for an auto loan because you have bad credit reported on your credit report, to some people can seem like the end of the world! Especially if the reason why you were turned down for an auto loan was simply because your credit score was slightly too low, can make you want to give up all together. But do not despair, there are many individuals in this economy going through the same problems as you. Its true, once you fall into the bad credit category in the lenders eyes it can be a lot harder to get approved on a car loan. But its not impossible! There are many things you can do to raise your chances of getting approved for a bad credit auto loan. Below, I am going to give you some tips on what you can do to obtain an auto loan approval with bad credit.

#1. Run your credit report. Look at the report and try and determine if there are any inaccurate information reported to the credit bureaus. Usually someone with a negative credit history can find one or two inaccurate marks and contact the credit bureaus to dispute them and have them removed. This is very common in the credit industry. So make this your very first step because it is an important one!

#2. Get a credit report with the FICO scores on it. Ten years ago it was much harder to run a credit report for yourself and get a FICO Score with the report. That was for the lenders to see only. Now practically every company that offers credit reports to consumers offers them with the credit scores included. You can also contact the credit bureaus like Exuifax, Trans Union and Experian directly to run the reports for you. You are entitled to one free credit report per year without effecting your credit score in a negative way. Knowing your credit score gives you a good idea of what to expect at the dealership when you apply for a bad credit auto loan.

#3. Do some research. Go on the internet and research different auto loan lenders online. All the lenders offer different rates and terms and different ways to qualify for an auto loan. Find the best one that can give you a payment that will fit your budget and give it a shot. Also check out some auto loan services such as companies like www.GuaranteedCarLoan.com , that work with large dealer networks throughout the United States that specialize in bad credit. That can be another approach to obtaining a car loan online. There are tons of these services online.

#4. See what you can do to raise your credit score before you shop for a bad credit auto loan. You can pay down some outstanding credit card balances if possible . This will help raise your credit score in no time. Also a great trick that I learned over the years is to ask someone close to you to add your name to one or two of their credit cards that have low balances and that they pay on time every month. In a few months of those credit card companies reporting the on time payments to the credit bureaus, you can dramatically improve your FICO score by as much as 50 points. This really works folks! Remember you don’t actually have to have possession of a credit card, just have your name added to their account as a user, and make sure they have good credit, as you don’t want any other negative credit on your report! This is definitely one to try!

So remember, having bad credit does not mean that you will not get an auto loan. It simply means that you have to use a few proven strategies to get the best deal. Once you get approved for that bad credit auto loan. Make sure you make all your payments on time this way your credit score will improve and you will not have to worry about getting turned down again.

Find the best deals on Bad Credit Car Loans, then visit www.DrCarLoan.com to find the best advice on Car Loan Quotes for you.

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Bad Credit Car Loans: Tricks To Getting Approved That You WILL NOT FIND Anyplace Else!

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