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Low interest auto rates are tied to one’s credit
Even those with poor credit and get the best rates available
Every one today is looking for the very best rates they can find to finance their next car purchase. To many it’s a matter of pride that they were able to obtain a very low interest rate—it’s like a badge of honor. Unfortunately not everyone has the credit to qualify for super low interest rates and the question quickly becomes getting approved and getting the very best rate that’s available. If you find yourself in this situation, probably your best alternative is the internet. There are many lenders and dealers on the web that specialize in working with those who have challenged credit.
When you find out your credit score, the question becomes what is the ideal credit score to get auto financing on the web, I’d say that if you have a credit score below 650, the internet is probably the place to start your search for your next car loan. As an additional bonus you will find that the net is terrifically convenient and offers a super efficient way to check things out quickly and totally hassle free. This is not to say that everyone under a score of 650 will be approved but there are a few things you can do to help make you a better candidate for an auto loan. Let’s look at the 2 most important.
- Don’t try and borrow too much money. Internet lenders and dealers are like everyone else, they want to be paid back. They are much more interested in making a loan to someone they think has a chance of paying them back and this starts with not trying to “over borrow”. Rather than selecting you car first, get your loan first. Start with looking at loan amounts you can pay back in not over 48 months with a monthly payment that doesn’t exceed about a third of your disposable income. Most lenders would find this a very attractive loan. Once you’ve got the loan amount fixed, and then start looking for a car that matches up.
- If there’s any way in the world you can pull together some funds to make a down payment on your purchase, believe me, it’s worth it. Just by showing a dealer or lender that you are willing to put some money down, you’ll be surprised how it changes the way they look at you. They know you are serious and have thought things through. This may well be the difference between getting approved or being turned down, something you don’t want to happen.
So to tie things up, its fair to say that if you have a credit score below 650, the first place to start looking for your next car loan should be the internet. To increase your chances of getting approved the 2 most important things you need to do is borrow an amount of money you can afford to pay back and try and put some money down on your car purchase. This combination should increase your chances substantially of getting approved for your next loan. Don’t worry that you don’t have the very lowest auto loan interest rate available in the market, look at what you’ve accomplished from the perspective that you were approved, you now have a car and all the benefits it brings. While low interest rates are important, getting approved is even more important and today’s internet offers you the opportunity to get that approval conveniently and with out a hassle. I’ll tell you when the choice is having a car or not having one, I always select the option of having a car……… of me its not even a choice!