You are here: Home > Loan > 100 Percent Financing Bad Credit Car Loans – 5 Tips for Qualifying

100 Percent Financing Bad Credit Car Loans – 5 Tips for Qualifying

As you know that whenever you plan to buy a car, the second most important thing after the car you select is the budget and the finances to pay for it. Looking at the cost price of the cars these days it is unlikely that you will be able to purchase the car all by your personal funding. In almost 75% of cases the cars are sold on loan. Lender who give loans will first ask for your credit score because it is on the basis of your credit score that they decide whether there is any sort of risk involved in lending you money or not.

They usually take credit score as the basic criteria in deciding if the loan should be approved to the borrower or not. So, it is your responsibility to try and convince your lender to grant you the money for  the auto loans you are looking for. Every lender has their own set of criteria to decide whether  to lend money to people or not. Usually lenders ask for a minimum 600 as the credit score to give loan for buying car. If a person is not having credit score of 600 points then they need to initiate steps to convince the lender by the repayment plan. For lenders the only thing which is important is the repayment of loan so if you are capable enough to convince your lender regarding the repayment of loan, then you can easily avail the loan amount.

Here are some tips by which you can get qualified for 100 percent financing bad credit loan.

1. Getting hold of good , bad credit lenders- Not easy
Whenever you plan to buy a car and have a bad credit, you need to put in a lot of effort into finding a lender who specially lends money to people with bad credit score as they do make credit checks, go through whole credit history and financial condition of borrower before declining weather to grant loan money or not.

2. Make a list of bad credit lenders
The second thing which you have to do is look for the lenders who deal with loaning of car for people who are holding bad credit score and make a list of five top lenders amount those list. After getting these five lenders compare the deal offered by them and then decide with whom you want to take loan.

3. Check the details of the lenders online- Before you finalize
Before finalizing the 5 top lenders for your car loan, first go through their company’s website and make a proper research that whether they are good enough or not. This you can do by reading out feedback comments which is given by their customers in their website.

4. Apply to more than 3-4 lenders:
Once you have got everything completed regarding the list of lenders, you have to apply for at least 2- 3 lenders in that list so that you can get the best deal from any of them as it will be able be easy to make proper decision for deciding the lender.

5. Negotiate and get the best deal
Haggle with every lender which you have sorted down as the best among all. This is because by this you can get high negotiation from lenders as at last moment when you will tell the offers which are available for you from different company then they will give you additional discounts to attract you so that you take unsecured personal loans from them only. This is a good option by which you can easily get some heavy discounts at end moment.

It is easy to get an auto loan with a bad credit score and it is very important for the borrower to choose a proper lender for the loan because if in case they don’t choose correct lender then they might have to face difficulties later in their life.

Tags:

Comments are closed.