December 06, 2001
By: Bev Dodd
Car loan bad credit: Low rates, flexible terms
Sometimes taking the rebate offered over the lower finance rate is best when you apply for a car loan bad credit. Find out your numerical credit score before applying for a car loan bad credit. We'll discuss this more below.
The 0% APR loans are available only to very few people with perfect credit, on car loans 12 to 36 months only. Most of us planning 48 or 60 month loans cannot get 0%. Remember, all the ads say "with approved credit". Also, you either get the 0% APR or the rebate, not both. Calculate which works out cheaper. If you have a big enough rebate, it could be better in the long run to take it over the 0% APR. In most cases one of our online lenders can do just as well or better for your car loan bad credit.
You should always know what kind of financing you qualify for before you apply for a car loan bad credit loan. You can do this by getting your credit report and looking at your numerical score. This is a score that the banks will use to determine what they can do for you. Scores under 500 is bad credit, 500 to 600 is weak credit, 600 to 650 the beginnings of good credit, most people fit in around here and finally 650 to 700 excellent credit.
Know how much you want to borrow and shop around for an acceptable annual percentage rate (APR). Be aware of any hidden fees or restrictions on your loan. On occasion, some banks and credit unions may give a lower APR if you agree to have payments made via automatic drafts from your bank account. Generally banks offer a better rate than dealers, while credit unions offer a better APR than banks. Online financing is usually comparable to credit unions and a great place to start looking for your car loan bad credit.
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