If you are like many Americans, you may find that your credit has been negatively impacted over the last 3 to 4 years. This is certainly the case if you’ve had a loss of job and gotten behind on your bills or if you have had to turn to credit cards to help ends meet and now find your credit cards close to maxed out. This and similar situations are more the norms today than ever before. Most of it can be traced back to the financial crisis in 2007, 2008, and 2009. It also may the first time since that period that you are considering buying your next car. This may have you worried, and you don’t quite know where to turn.
Fortunately, there is a very viable option. Over this same period of time, the internet has become the marketplace of choice in finding reliable auto financing for both new and used cars. Many of the largest lenders and dealers have a presence on the web. It has even evolved to the point where, with one application, you can submit your information to a network of lenders and dealers who have coverage over the entire country. Now here’s the good part, especially if you are credit challenged and have a fair, week, or bad credit, these networks actually specialize in credit challenged loans. They are both experienced and very capable of working through any credit issues that appear to be an obstacle and get you successfully financed. 247
I think it’s fair to say that for those who have less than very good credit, the internet is today’s preferred choice as to where one has the best chance to be successfully financed when looking for auto financing. Savings & Loans, large banks, and even local banks are really no longer viable contenders for readily providing this type of automotive financing. One other point to remember; no matter how poor your credit, try and stay away from the “buy here, pay here” type of car lots. This really is the last place you want to either buy or finance your next car. They tend to charge exorbitant interest rates and vehicles that are generally overpriced.
There are several things that will help you be successful in using online lenders. Let’s look at a few:
It’s also a good idea to get a copy of your current credit report. That way, you know for sure and for yourself what your credit status is. A recent credit report is available free from any of the major credit reporting companies such as TransUnion, Experian, or Equifax. One other piece of advice when applying online is to be sure and report your income accurately. This is a critical determinant in whether many companies can help you. Misstating income only complicates and delays the process. Just be sure you know your monthly payment from whatever sources before your start filling out the online form.