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How to get a car loan with bad credit
1. How To Get A Car Loan With Bad
Credit
It Is Possible
2. Introduction
• It is just a fact of life now that because of the
economic issues facing the world there are a
lot of people that now have poor credit
ratings. If you are one of these people and
want a loan for a car you must read this.
3. Got Bad Credit?
• If you are suffering from the problem of a
poor credit history and this is preventing you
from getting a loan for buying your car, you
can go through the process of guaranteed car
finance.
• You get this kind of loan especially when you
have an interest in buying a used or second
hand car.
4. A Loan Is Possible
• With a not so perfect credit history, it is safer
to stay away from the banks who will more
than likely refuse a loan to you anyway after
they have checked your records.
• So, if you really want to see that new car in
your garage, then do opt for guaranteed car
finance.
5. Guaranteed Loans
• When you receive a loan in spite of your bad
credit or perhaps not completely perfect
credit history from some lenders who agree to
pay you the loan at a high risk, it is called a
guaranteed loan.
• You are not hiding your bad credit history or
the fact that perhaps, you did not get a credit
rating at all.
6. Lenders
• The lenders who give you this kind of loan
know very well that you have approached
them only because you have had problems
with getting your credit in order.
• They are aware about all these facts and are
willing to give you a loan despite these
problems.
7. Interest Rates
• However, the reason why the lender or any
organization is willing to give you money for
your car at a risk higher than the usually taken
by the banks is because the lender and the
organization charge you a much higher rate of
interest than what the banks would have
charged.
• The risk comes at a price.
8. Good For Your Credit History
• So usually one would advise you to consider
guaranteed loans only if all other sources of
obtaining loans are closed.
• However, this high interest loan does pave the
way for easier loans later by giving your credit
history a good boost if you manage to pay the
loan off on time.
9. Process
• It is true that these loans are easier to get when
compared to the long drawn out and complicated
process of securing loans from a bank, but this
kind of loan also has some requirements in terms
of documentation and proof of being able to
repay the loan on time.
• You cannot escape the process of having your
documents like property, tax return details and
other needed papers to show them to the
lenders.
10. Shop Around
• Some lenders are not satisfied with just these
documents some will ask for someone who
can stand behind you as a semi guarantee,
having the cash to pay back the loan in case
you cannot meet your obligations.
• Importantly, remember to check on the rates
of all the guaranteed car loan lenders before
you decide to choose one, to ensure that you
get the best deal.
11. Conclusion
• Even when your credit history is poor or
imperfect you can get guaranteed car finance
and our web site will help you with
guaranteed finance cars.
