Category: Car Loan

Getting a Car Loan with Damaged Credit

As anyone who has dealt with damaged credit knows, a low score can lead to a long list of obstacles when making financial decisions. Finding cars for sale with a less than stellar credit score can be a difficult process, but it’s certainly not impossible. Follow a few of these tips to find and secure your auto loan.

Know Your Credit Score

Before you begin your search for a loan, get the facts. Find out exactly what your credit score is and what that means for your potential to get a loan. There are several companies that will provide you with your credit score at no cost. Go into the process with realistic expectations to avoid being surprised or quickly let down if you’re met with obstacles. This will help you to go into the situation with confidence, showing lenders that you are well prepared.

Getting a Car Loan

Keep Your Options Open

You may find that the first place you visit in hopes of finding a loan won’t work out. Don’t let this setback be the end of your search. There are many places to look for a loan and you may be surprised by how many options you’ll have to choose from. Keep in mind that some lenders will be more willing to work with you than others. It’s a matter of doing some research and taking the time to find the right lender for you and your situation.

Look Close to Home

As you begin your search, start with the places that you know well. Go to the bank where you already have an account. Check with your credit union. For an example, when searching for cars for sale in Newcastle, look for the lenders in the area. These lenders may be more willing to work with you if they know you. Others may have a relationship with local car dealers and will know how to best make a loan work for you. Continue reading