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How to Get Bad Credit Car Loans Many people have ended up with bad credit due to the unstable economy. However, just because you have bad credit does not mean all is lost. You can improve your bad credit situation by simply adjusting your lifestyle. These measure are not only easy to understand but can also be implemented with just a small measure of discipline and willpower. There are various steps you should follow before and during the application process of a bad credit loan. When you get an affordable bad credit car loan, it will be easy to improve your credit score. Steps to follow before applying for a loan:
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i) The first step is to get your credit report. The national credit bureaus usually offer the reports for free every once a year.
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ii) Striving to improve your credit score will improve your chances of getting a good interest rate and securing you a reasonable down payment. While improving your credit score will take time, it will be worthwhile. iii) Staying in one job for a while will make you desirable with lenders. Generally, lenders require bad credit borrowers to have been in employment for at least three months. You are also likely to be given better terms if you are in permanent employment. iv) You are more likely to be financed if you offer a large down payment for the loan. The down payment usually serves as your commitment to paying back the loan. v) Inasmuch as you have poor credit, it is important to ensure you look for a loan with the best terms. When you shop around and compare the interest rates charged by different companies, it will be easy to know which one to sign up with. vi) Apply for a loan from lenders that specifically deal with consumers that have bad credit. When applying for a bad credit car loan, follow the steps below: i) Go for a used vehicle instead of one that is new to keep your costs down. When you buy a used car, you will require a lower amount of loan than you would for a new car. This will also lead to lower risk to the lender. Find a guarantor that has a good credit rating to back you up. Having a cosigner will improve your chances of getting better loan terms. When you get approved for a bad credit car loan, you can tidy up your financial situation through timely payment of bills, having a steady income flow and a real budget. If you can, look for an additional job that will bring you more income and make it easier to pay back the loan.