Many of you must be looking for some loans at lower interest rates to buy a new or used car. If you are already struggling with your present financial situation, you might need some kind of special financing to help you out. There are many ways of getting auto loans with bad credit and with variety of options. Here are some ways that you can try to get auto loans with poor credit.

The first option that you must try is with your bank. Your bank might be willing to help in such situation if you have a good business relationship with them over the years. You might get approved for a loan at cheap interest rate if you have some collateral. If you have already got some investments with the bank, then your loan approval process will become a lot easier.

If you do not get any help from your bank, then you should try with the different lenders who usually approve 98% of their loan applicants. Your loan approval will get a lot easier if you did not have any multiple repossessions in the past and do not have any tax debts. Browse through the internet and you will find a lot of online lenders offering their loans at decent interest rates.

You may also try for a poor credit auto loan with some lenders. If you are not getting approved for any loan, you can always try the buy here pay here car lot. If you are using this option, be aware that they will be reporting on your credit report otherwise they won’t be willing to help. Get your car thoroughly checked by a certified mechanic before picking the car. You need to be sure that you got a good vehicle on that price.

This entry was posted on Friday, August 28th, 2009 at 3:34 pm and is filed under Auto loans, Poor Credit. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.