Finance_Your_Car_With_Poor_Credit

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Finance Your Car With Poor Credit


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335


Summary:
Cars don't look at your credit before they decide to breakdown. Anyone, with poor credit or great credit,
could find themselves in a situation where they need an auto loan. Fortunately, those with poor credit do
have options available for financing their vehicles.


"Bad Credit Car Loans"


One of the most common methods of purchasing a car with poor credit is with a "bad credit car loan". You
can acquire these loans through auto dealerships, online lenders, and high risk l...



Keywords:
auto loan, vehicle finance, poor credit



Article Body:
Cars don't look at your credit before they decide to breakdown. Anyone, with poor credit or great credit,
could find themselves in a situation where they need an auto loan. Fortunately, those with poor credit do
have options available for financing their vehicles.


"Bad Credit Car Loans"


One of the most common methods of purchasing a car with poor credit is with a "bad credit car loan". You
can acquire these loans through auto dealerships, online lenders, and high risk lenders. Typically these loans
are available for anyone with a credit score below 600. People can find themselves in this situation after a
divorce, after bankruptcy, if they have little credit, or if they have made poor financial decisions. The "bad
credit car loans" are designed to protect the lender. They have higher interest rates than conventional auto
loans. However, it is in your best interest to shop around for a bad credit car loan


Risks of Shopping around


There is a risk of shopping around for an auto loan. Submitting loan applications to several different
companies will lower your credit score even more. It is in your best interest to find an organization that will
find various Bad credit car loans for you, but only check your credit report one time.
Home Equity Loan


Another way to get auto financing with poor credit is with a home equity loan. The interest rate on a home
equity loan is usually lower than the interest rate on a "bad credit car loan". Another advantage is that the
interest is tax deductible on a home equity loan. The one obvious disadvantage to this type of financing is
that you are using your home as collateral. If you are not able to pay your loan, then you put your home in
jeopardy.


Do not lose hope if you have poor credit. There are still options available to finance your car. Bad credit car
loans, and home equity loans can help you achieve your goal of purchasing a new vehicle.




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posted:1/4/2012
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