Sonic Auto Loan

Bad Credit Auto Loan Approval

Poor Credit Auto Loan Approval

You best auto financing options are on the web if you have poor credit

It seems that there aren’t too many folks left today without some kind of credit problem. With everything that has taken place in the economy over the past several years almost everyone has been impacted, most of the time negatively. The first time that someone realizes can be when they go to make a large consumer purchase that requires financing like buying a car. Then they discover that their credit isn’t nearly as good as they thought it was. However, it’s not a time to panic. Because there are so many people in the same boat, there’s developed a very large financing community, especially on the internet, dedicated to financing for those who are currently credit challenged. The best developed and most robust of all these subprime financial markets is for auto financing and, for you; this makes the purchase of a new or used car very possible even when you have credit issues, potentially even serious ones.

If you find that you have a credit score in the low 600’s or lower, there’s no question that the best alternative available for you is to search for your car financing on the net. This is not to say that you can’t apply on the web if you have good credit; you definitely can. It’s just that for those with poor or bad credit have fewer and more limited options available to them. Many of the lenders on the internet specialize in poor or bad credit auto financing. What exactly does this mean? It tells you that they aren’t afraid of poor credit and have experience in working with it. Unlike, many of your local lenders who prefer to work with only good and excellent credit, the online lenders know how to successfully finance those who have demonstrable credit issues.

 

So let’s agree that the best place to get your financing if you are credit challenged is on the internet. Next, we need to address several other issues that can have a positive impact you being able to buy a car. Let’s look at a few:

  1. Focus first on your financing and secondly on which car to purchase. Remember the key to getting into your next car all revolves around the financing. Once it’s in order, everything else will fall into place. Its definitely your first priority.
  2. Don’t let your eyes get larger than your wallet. There are many very nice new and used cars on the market and many of them you definitely can’t afford so don’t waste your lender’s time trying to finance too much! Look at and try to finance what you afford. How much is this? It’s generally and roughly an amount of money that you can pay off in 48 months with monthly payments that don’t exceed about a third of your disposable monthly income. 378
  1. Try and save up some funds to put something down on your next car. This can save a potential multiplier effect and save you money on your interest rate as well as let the lender know you are a serious applicant.

There are less important things you can do to also increase your chances of getting successfully financed. These can include such simple things as consider buying a car at the end of the month when dealers are anxious to move inventory. Also wrap up your financing before you go to the dealership. This way you have your financing behind you and can focus more intently on making the very best deal possible. You also won’t be worried that your entire transaction may come crashing down based on your financing.

Auto Finance Specialist

First Time Buyer Credit Online

Today’s internet is the marketplace of choice for inadequate credit auto financing.

If you have poor credit, get your car financing on the internet.

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:

  1. Review several websites but only once. Multiple applications will tend to be considered “duplicates” by those who receive them, and often this is used as a basis for not taking the application seriously.
  2. Read the websites carefully, and be sure you are comfortable with what they say they can do. Some will look as if they tend to exaggerate their promises, and I would suggest you stay away from these.
  3. Be sure the website is secure and that the information you provide is transmitted securely.
  4. If you don’t hear back in a few days, follow up with an email to the site. For this reason, it’s important to remember the site on which you applied. Remember, do not go to another place and apply until about 30 days have elapsed.

 

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.

 

Bad Credit Auto Loan Refinancing

Refinancing Your Bad Credit Auto Loan

Bad credit auto loan refinancing can lower your monthly payments.

If you want lower car payments, try a refinance

For many, the financing you agree to when buying a car works well for a while, but before long, it can get to be a burden. What to do? The answer may be to refinance your car loan.

For those with good credit, this has always been an option. But what’s new is that auto refinancing is now available for those with poor or bad credit. This means that if you have poor or bad credit, you have the opportunity to refinance the existing auto loan on your current car regardless of your credit. By refinancing, you replace the current loan on the car with a new one with a new loan amount, loan term, and interest rate. When you refinance an existing loan, the current loan is paid off, and a new loan and a new lien are placed on the car. It’s very similar to what’s been taking place for a long time in regard to home mortgages which are often refinanced.

There are several important things that be accomplished with an auto refinance. They include:

1. Since you often borrow less when you refinance than you did with your original loan, there’s a

   good chance your monthly payments will be lower.

2. You can often lower your interest rate, and this will save you money.

3. By extending the term of your loan, your payments can be lower.

Combined together, it’s hard to see why looking seriously into refinancing your current auto loan isn’t a very smart idea.

Also, if your credit has improved since you made the original loan, you may find the new loan a better deal and easier to manage than your original loan. It all starts right here by letting us know more about you and your situation. Based on what you tell us, we can let you know if refinancing your car works for you.

Our network of online financing specialists can go to work for you. They can tell quickly if they are going to be able to help you. Our team is committed to helping customers that have been unable to refinance their auto loans through conventional lending sources.

To make it even better, our service is free and can help most people with special finance needs get out of their current loan and into a new one that works better for them. Arrange your auto refinance loan with us. Our online questionnaire takes only minutes to complete, and loan decisions normally occur within hours. Find out for yourself how easy and fast you can refinance your existing loan and get all the benefits that come with refinancing your car.

How To Find Bad Credit Auto Loan

Finding The Best Loan When You Have Bad Credit

Your best alternative for successful auto financing for bad credit is on the internet.

The internet is your friend in locating auto financing for poor and bad credit.

There aren’t nearly as many options to successfully finance a car if you have bad credit as when your credit is excellent or very good. This makes it important that not only do you choose your options carefully but that you also work intelligently in assisting the potential funding source you choose so that it works the very best it can for you.

When most people think about buying their next car and financing it, they often think of using the dealer where they are going to purchase the car. For those with good credit, this is a valid choice, but for those with poor credit, this may not be the right answer. Why? Some dealers are better organized to work with poor and bad credit than others. If you start with a dealer that’s not too well set up to handle poor credit, you can find the entire transaction gets off track. For those who find this can be a possible risk, it’s best to look at another option first. There’s no way you can tell, as a person, if the dealership can genuinely help with your financing.

This is where the internet has had a big impact. By initiating your search for financing using the internet, you can solve this issue. Most lenders and dealers who have a presence on the internet are very much geared up to working for those with credit challenges. Take your time and look carefully over several websites before completing an application. Be sure you feel comfortable with the site, and it’s a good fit for you. Then complete your application. Only do it once. Don’t send in multiple applications from different sites. The reason for this is many sites are tied together, and many of the same lenders and dealers work with multiple sites. Once your application is seen a 2nd time, it’s considered a “dupe” and deleted from most systems. Just choose carefully and complete one application. If you don’t hear back or get a reply in the time you expect, follow up and inquire with the site rather than just completing another application elsewhere.

Some basic conditions that are required in most autos financing today include:

  1. You need to be employed or a student. If you are currently unemployed or just don’t have a job, most online lenders won’t be able to help.
  2. You need to be 18 years of age or older. If you are younger, nothing will happen.
  3. You need to make enough income so you can pay for where you live and make a car payment with some money left over.
  4. Be a US citizen
  5. Have a valid phone number where you can be called. A cell number is fine. An interested lender or dealer will want to get in touch with you by phone, not just email. Also, answer your phone. If they can’t reach you, they will lose interest, and all your effort will be for naught.

There are several other important points that make a difference in whether or not you are successful in obtaining your financing. Among these are:

  1. Try and finance only what you need. Don’t get carried away and try to buy more cars than you can afford.
  2. Try and put money down on the car whenever possible. This has many positive benefits.
  3. Keep focused on your financing………. This is what it’s all about. Worry and the make and model of the car as a secondary issue.

So when you start looking to finance your next car, and you realize you may have credit challenges, remember the best place to start your search is on the internet. It’s the best financing option for those who don’t have very good and excellent credit.

Call Now Button