This is a very common question that we are going to take the time to answer carefully. We think that you deserve a good deal on a dependable car even if you have bad credit. Rather than worrying about why you have a bad credit rating, we are more concerned about helping you realize that it is possible to get a good auto loan with bad credit.
You are most likely NOT going to get the same great rates as someone with a perfect credit score if you have a spotty credit history. At the same time, however, you should make sure you aren’t paying interest rates that are too high. We’re going to take a quick look at one of the best ways to make sure you get the best auto loan possible.
By applying for a bad credit auto loan online, you can quickly get an answer about approval. This information will allow you to have an idea of how much you are going to need for a down payment. To really help improve the overall loan, it is a good idea to put down as much money as you can when getting the loan. This will keep the amount you need to borrow lower so you can pay off the loan quicker. This means less interest payments over time, which can really add up to quite a bit of savings.
To answer the original question, no credit check auto loans are usually not “real” in the sense that they are used by “buy here / pay here” type auto dealers. The problem with these is that you will NOT get credit for payments made on time when it comes to your credit history. Additionally, if you are late on even a single payment, they can repossess the vehicle from you and you are out of luck and back at square one.
No credit check car loans may be “real” for some people, but they are not the only option most of the time. When you apply for a bad credit auto loan online, for example, you can work with a lending institution and get credit on your credit history for making timely payments. The interest rates are typically lower with these types of bad credit car loans as well. Any way you look at it, getting a car loan with bad credit is not as difficult as it might seem to be.