Top 5 Bad Credit Auto Loans

Top 5 Bad Credit Auto Loans

Bad Credit Car Loans

Having a bad credit score is always a hurdle in getting a car loan. The lenders don’t trust such customers and thus they hesitate to approve their applications. Even if they allow you for this, they will ask you to pay higher rates of interest. If the borrower was already having a car, he is asked to collateral his vehicle for a short term loan. Such situations make the borrowers to default on the loans and their credit gets further ruined.

Top 5 Bad Credit Auto Loans

Online financial companies

There are best investment companies which you can ever find regarding the car loans and stuff, operating online. Even your bad and terrible credit score will not affect you. They also give you car loans, on lower rates of interest and on really a short duration of time. Such domains must be searched and followed.

Moreover, the online auto loans are economical. They save your time and money. Several domains are operating online and some are really awesome. You don’t need to go every day and moreover your credit score either good or bad is not considered.

People having bad credit suffer a lot due to this score. The students also find many difficulties because of age factor but they do need a car for the transportation purposes. Some people have bankruptcy; they normally don’t apply for auto loans.

It is case they have been frequently denied in the either case, they are charged higher interest rates. Most of the times people think that if there have no credit you can’t have any car loan. For all these situations, your shortcomings are put aside and you are given another chance. Rapid car loans is the best choice you can ever go for this.

Top 5 Bad Credit Auto Loans
Top 5 Bad Credit Auto Loans

Bad credit car loans

These companies offer you bad credit car loans. Choose a company of your choice. This kind of credit loan helps you in getting back to the situation and resumes with the credit either the used one or the new vehicle loan. Auto loans are an excellent opportunity to fulfill your dreams even if you have terrible credit history. If you are in a need of car, this is the perfect place that can actually help you out.

Advantages of online operating financial networks

They offer you the best rates; you just have to give the detailed financial information. The company then forwards this information to the lenders working in the network. The lenders, who are willing to offer you the loans, read that financial information. They then compete to give you the best rates and amortization.

These companies are is a ray of hope for the hopeless people who are having credit history and can’t have an auto loan. It is a new beginning as it gives a new chance to such people. So contact any one of such domains today, if you are not approved by any one. You will be offered best rates regardless the type of credit you have. Moreover, the loans are instant and online, they have guarantee approval, have low rates of interest, student car loans are also available, new and old car loans are also available here.

Car.Loan.com

Top 5 Bad Credit Auto Loans
Top 5 Bad Credit Auto Loans

How it Works

Car.Loan.com is a lending marketplace that will match you with lenders. They have no credit requirements and are willing to work with subprime borrowers. You can buy, lease, or rent a new or used car through Car.Loan.com.

To get started, you’ll follow the company’s four-step process. First, you’ll apply online then the company will match you with a lender or dealership. You’ll choose the car that best meets your needs and once you’re approved, you can drive away in your new car.

Requirements

  • You must be a U.S. citizen
  • Borrowers must be employed full-time or have a guaranteed fixed income
  • You must be at least 18 to apply

Advantages

Car.Loan.com will work with you even if you’re a subprime borrower or have gone through bankruptcy. And working with a lending marketplace will save you from applying with a bunch of different lenders. And the company doesn’t put any mileage restrictions on the vehicle you purchase.

Disadvantages

Working with a lending marketplace like Car.Loan.com doesn’t necessarily mean you’re going to be offered the best deal. You could receive interest rates as high as 25% as well as hefty dealership fees. And unfortunately, the company offers limited information online so it’s impossible to know what kind of rate to expect.

myAutoloan

myAutoloan

How it Works

When you apply for an auto loan with myAutoloan, you’ll receive quotes from multiple lenders who are willing to work with you. If you apply with a creditworthy co-signer, you’ll receive more favorable rates. Any loan offers you receive will last for up to 30 days and you’re not required to choose any offers you receive.

Requirements

  • The vehicle can’t be more than 10 years old
  • The maximum vehicle mileage is 125,000 miles
  • You must have a minimum credit score of 500
  • You must have an income of at least $1,800 per month
  • Borrowers from Hawaii or Alaska aren’t eligible

Advantages

Unlike many of the lenders on this list, myAutoloan.com shares information about their rates online. This means you can get a better sense of what kind of auto loan you’ll qualify for before you apply.

And the company allows you to apply with a co-signer, so this is a good way for borrowers with bad credit to get a better interest rate.

Disadvantages

The company does have a minimum credit limit so if your score is below 500, you’ll need to choose a different option. And myAutoloan puts restrictions on the type of vehicle you’re able to purchase.

Auto Credit Express

Auto Credit Express

How it Works

Auto Credit Express is an online marketplace that connects you with more than 1,200 auto dealerships and lenders. These lenders offer auto financing on new and used cars to borrowers with bad credit. The company will even work with borrowers who have gone through bankruptcy.

You can use the company’s Auto Loan Estimator to see how much you can expect to be approved for. From there, you can apply online or over the phone.

Requirements

  • Located in the U.S. or Canada
  • Employed full-time with an income of at least $1,500 per month
  • You have or can apply for auto insurance
  • Have a working phone number
  • Can show proof of residency

Advantages

Choosing Auto Credit Express automatically increases your odds of qualifying for a car loan simply because they work with so many lenders. Dealers in their network offer car loans up to $35,000 and the company does allow co-signers.

Applying is quick and easy. And Auto Credit Express does a soft pull on your credit so your credit score won’t be affected.

Disadvantages

If you have a slightly better credit score, then you will probably save money by working with a credit union or bank instead. And while Auto Credit Express won’t do a hard pull on your credit, one of their lenders might.

RoadLoans

RoadLoans

How it Works

RoadLoans is a lending platform that matches borrowers with bad credit to lenders who offer new and used car loans. The company works with more than 14,000 dealerships nationwide.

You can apply online with RoadLoans in less than 10 minutes and receive a lending decision instantly. You’ll fill out the company’s one-page lending application and then receive offers from interested lenders.

Requirements

  • Borrowers must be at least 18 to apply
  • Lending isn’t available for borrowers in Alaska, Hawaii, Mississippi, Nevada, or New Hampshire
  • You must have a minimum income of $1,800 per month
  • The minimum loan amount is $5,000

Advantages

There are no credit requirements to apply for a car loan through RoadLoans. And the company may be a good choice if you were hoping to take a loan from a dealership. RoadLoans doesn’t charge any fees and the application process is fairly straightforward.

Disadvantages

If you have less than average credit, you will likely end up with a high interest rate and fees. And RoadLoans won’t be an option for you if you live in one of the states they aren’t available in.

Blue Sky Auto Finance

Top 5 Bad Credit Auto Loans
Top 5 Bad Credit Auto Loans

How it Works

Blue Sky is another lending marketplace that connects borrowers with lenders. This will save you time because you don’t have to apply with multiple lenders and auto dealers.

To get started, you can apply online in three simple steps. Blue Sky promises that the finance request form is easy to fill out and that you can be approved for a car loan in as little as 24 hours.

Requirements

  • Borrowers must be at least 18
  • Have an income of at least $1,800 per month
  • The car’s mileage must be under 100,000 miles
  • Vehicles must be less than eight years old
  • The loan amount must be $8,000 or higher

Advantages

Blue Sky offers fast approval for borrowers with a poor credit history. They’re even willing to work with you if you’ve filed for bankruptcy in the past. The online process is easy and you could qualify for a car loan in as little as 24 hours.

Disadvantages

Blue Sky does put more restrictions on the type of car you’re able to purchase. And if your credit is considered poor, you may be paired with a lender who charges high interest rates and fees.