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“I Need a New Car But I Have Bad Credit” ‐ It Is Possible Now to Get Auto Loan Even with Bad Credit! Quite often professionals working in the credit industry are faced with a question or, let us say, plea “need a new car but have bad credit”. Most of the times, when faced with such questions or requests, they say that it would not be possible for them to provide anything. In some cases it is also seen that these people do not have a co-signer which makes it even harder for them to have a crack at getting the loan. With poor credit scores the only option these borrowers have is a lender from the sub-prime markets. There is very little chance that conventional lenders such as banks will entertain such propositions. People who go around saying “I need a new car but have bad credit” need to remember that even if they are accepted for a car loan with their less than palatable credit scores they are more likely to get the maximum possible interest rates on the loans. The major reason behind this is that a poor credit,
more often than not, reflects a poor financial condition and the lenders are not sure that if they will receive their money back. Any loan provided by the lenders is a major investment and they always try to make sure that they do not incur losses. This also explains why several lenders ask for substantial down payments when interested applicants tell them “I need a new car but I have bad credit”. The ability to pay a good down payment shows the financial capability as well as mental readiness and overall resourcefulness of the borrower in question. These loans are also provided as unsecured loans where the car is not attached to the loan and will not be repossessed in case of default or delay in payments. The advantage of a secured loan is that the rates of interest on these are fairly low. One explanation of that could be the fact that the car can be repossessed by the lender in case there is any problem in repayment, which is not the case in the unsecured auto loans. For more information on these loans please look up AutoDriver.Com.
Published on Mar 20, 2013
Do You Need to Buy a Car? But Having Bad Credit? Don't worry, AutoDriver.Com will help you to get auto loan with any credit history. Apply n...