How to get bad credit auto loans

If your Credit Score is < 600 don't submit loan applications that get rejected, dropping your credit score even further. Apply to AutoCreditFinders, they find "bad credit car loans" for you. They get you new car financing from high risk lenders, with decent online auto loan rates, even with a bankruptcy. If your score is > 550, no bad credit for 6 months, AutoCreditFinders Bad Credit Auto Loans can help you establish credit with lower online auto loan rates than dealers. If you had bad credit in the past, but now you make more money, you'll find you are cash rich, and credit poor. Then a bad credit auto loan might be your only hope.

How your credit score affects your auto loan rates

People with bad credit pay higher auto loan interest rates. It can hurt your job prospects, insurance companies check your credit too. Get your credit report instantly online. DO NOT apply for new car loans until you get your credit report WITH credit score. Get it online at Equifax, Experian or TrueCredit. Remember, you can run your own credit file all you want, but if dealers run it for new car loans, then your score drops a bit. If your score is <550, don't apply for new car loans until you learn how to repair your own credit.Your last auto financing resort is a bad credit auto loan.

Credit score myths: "I've never missed a payment. My credit score must be high!"

Many people get upset at auto loan time when they find out their credit score is low, and they have bad credit. Paying on time is but one of 100 variables making up your credit score. Having many open accounts will damage your credit score, as there is potential for you to spend up to your credit limits. People with good credit have too much credit and old accounts no longer in use. When I got my score it was ok, but by closing half a dozen retail store cards no longer in use, I improved my credit score almost 40 points. Having credit account balances above 50% of the credit limit quickly degrades your score, meaning higher auto financing interest rates and bad credit auto loans.

Keep your debt to income ratio and credit balances low

It's crucial before you attempt new car financing, to get your credit balances below 50% of your credit limit or they lower your credit score. You pay on time but can still have a low credit score if balances are too high, you applied for credit recently, or have too many open accounts. This surprises many people applying for auto loans who get rejected. Get your debt to income ratio below 30%, otherwise banks stick you into a bad credit auto loan.