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I want to buy a car by gettting a loan...how do i go about doing that and what's the easiest way....?
I'm trying to buy a car but i don't know how to get a loan...
- Anonymous1 decade agoFavorite Answer
If you are trying to get a Auto Car Loan and you know that your credit is not the best then you do not need to worry because getting a Car Loan even with bad credit is not that hard. Most lenders know that people nowadays have taken some hits on there credit and they have made it easier to obtain a Car Loan even if you credit is bad. There are some drawbacks from having bad credit but the positive aspect is that you can always improve your credit rating and have a higher score. You should always take advantage of getting your free credit report that you are entitled to each year from the 3 main reporting agencies because you want to check the report for accuracy and dispute anything that does not belong on there.
When getting your auto loan be aware that you may be required to pay a higher interest rate because the lender will look at you as a higher risk with bad credit. It is important to understand that even though you have a higher interest that as you make your monthly payments on time this will help raise your credit score and then you can always refinance it at a later time. Getting a bad credit car loan is easy because the lender knows that the car itself will be used as collateral and if you do not make your payments they can always repo the car. Remember that when you are getting a car loan even if you have bad credit you should shop around to get the best rate that you can.
- Anonymous1 decade ago
Most dealers will find you financing. Are you speaking of getting a loan yourself? If that's the case, if your credit is good, go to your local banks, and/or credit unions, and just tell them you want apply for a loan to purchase a car. They'll get you started.