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Bad Credit Auto Loans
Bad credit auto loans generally refer to loans that are offered to potential car buyers with FICO credit scores starting the low 600’s. Like most things in life, it can be fairly fuzzy where this scoring starts. A perfect credit score is 850 and one is still considered to have good credit down into the upper 600 range. However, this is subjective and individual lenders and dealers have some flexibility with their interpretation.
As with most things, there’s quite a difference in degree when it comes to just how bad one’s credit is. As long as it’s above 600, it’s often considered FAIR. What’s referred to as POOR credit is generally in the range of 500 to 600. Once one gets below 500 one is considered to have BAD credit. Also as one may suspect, the lower the FICO score the harder it is to get financed and also you can expect to pay higher interest rates as your score drops. This is not to say you can’t get auto financing. Working with the right dealers and lenders you probably can. Many of the largest and most respected ones can be found on the internet. They know how to work with each variation in credit to successfully get a car financed.
What is the Ideal Credit score for getting an Auto Loan Online
I’m often asked what the ideal credit score is in order to get an auto loan online. I’m generally reluctant to give too simple an answer, but I can tell you this, it’s easier to get a car loan online than almost anywhere else. It’s much easier than getting the loan from and Savings and Loan or a bank if you have bad credit. Most “brick and mortar” lenders today only want to work with good and excellent credit.
Since anyone with a credit score of 750 or better can get an auto anywhere, let’s consider that a given and not include them in our discussion. A better way to phrase this question may be want credit score do I need to get an auto loan online. The good news is that it can be a wide range. A person with a score in the low 700’s down thru 600 should find getting a loan online a pretty straight forward proposition. When one gets to 600, which generally is considered “poor” credit, its starts to get tougher. When one has a score of 500 or below, this is often considered “bad” credit and it’s the hardest of all. However, I would like to quickly add that you shouldn’t get discouraged. There are many lenders and dealers on the internet with many different loan packages and it’s a matter of taking the time and having the patience to check out several until you find the one that’s right for you and fits exactly what you are looking for.