Bad Credit Used Car Loan

A person who has bad credit can still get an excellent vehicle to drive by purchasing a used car.

Bad credit used car loans are smaller

Since used cars are substantially cheaper than new cars persons don’t have to borrow as much money to buy them. This means that person with bad credit is much more likely to get a used car loan than a new car loan. It also means that they will have less loan to pay off and will be able to pay it off quicker.

Get a better car

Another advantage to used cars is that an individual will be able to get a much better car by buying used. This means that a person might be able to get a bigger and nicer model with more features. It also means that they won’t have to settle for a simple bare bones economy car because they have bad credit.

It's fairly easy for people with bad credit to get used car loans and buy used cars because many car dealers guarantee the loans themselves. Car dealers do this because they make money when they sell cars. If a car is sitting on a car lot the dealer is loosing money on it so it's to the dealers advantage to sell the car even to a person with bad credit.

Now is a good time to buy a used car because auto prices are depressed because of the bad economy. Many people who would normally purchase used cars are able to afford new cars so there are lots of used cars sitting on the lots. There are lots of cars that have been repossessed sitting on the lots because people have lost their jobs. This means that car dealers are more willing to work with people with bad credit than ever before.

Talk to the dealers

The way to see what sort of deal you can get on a used car is to go to the car lots and talk to the dealers. Visit several different used car dealers, both small lots and big dealers and look around. Talk to the salespeople and ask what sort of deals they can get you. Be honest while you’re there and tell them your situation and your credit rating. That way they’ll know what they can and can’t do for you.

A good rule of thumb to remember is that a person with a steady income should be able to get a car loan today regardless of credit. Car dealers are willing to do this because the car is something they can repossess if you don’t make the payments.

Now is the time to start shopping for a used car even if you have bad credit.