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It is quite common for such individuals to apply for car financing and end up with rejected car loan applications. The common reason being improper preparation of the application or applying for the wrong kind of auto loan at the wrong time. Due to the ongoing economic recession many of the moneylenders have started offering credit facility to borrowers having low FICO score and poor credit history in the form of bad credit auto loans simply because they need to sell their loan products and earn some money in the form of interest. Having stringent measures would mean less business and lesser earnings because there is no way the bulk of the market applicant would satisfy the harsh requirements. So what is the way out for the person if he or she wants to avail the auto financing facility and has bad credit ratings? The following pointers can help you in deciding how to go about the problem. Special Auto Finance Facilities for Individuals Having a Bad or Poor Credit History Traditional loan providers need good or excellent credit ratings and a high FICO score before they provide their credit.
Some negative factors that might be considered when you apply for auto loans are: • How long ago was the last negative entry on your credit report? • Do you have accounts that are currently in arrears or in default? • Have you had a car repossessed in the past few years? • Are you currently in bankruptcy or has your bankruptcy been discharged? • How low is your credit score? • What is the ratio of how much credit that is available to you (e.g. credit cards and open loans) as compared to your debt? That being said there still are factors that can mitigate an automotive dealership or lenders risk to positively influence the outcome of your application: • Do you have money for a down payment available? Even if a down payment is not required making one can be a smart thing to do.
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Whereas you would have to commute to the bank and then the dealership to fill out the paperwork involved with applying for a loan you will not have to leave the house to fill out an online auto loan application! The streamlined service involved in applying for an online auto loan comes from the plethora of online loan lenders that will work with you quickly and efficiently to find the best loan that you need. A simple search will reveal thousands of sites and lending services ready to help you on the spot and the applications are stress free. As with all loans whether they are for a car or house when applying for a loan online research it! The online loan rates can differ wildly depending on what bank company or business the online lender works with.