You need to go for a car loan and you are having a negative credit score in your account, the solution to your dilemma is to go for a bad credit car loan. The bad credit car loan is given to a person, who, for some reason or other is not having a good credit history. A variety of institutes provide such loan viz, bank, finance institutions and online loan lenders.
Having a bad credit history always has a downside in getting even a bad credit car loan. The financers roughly feel it risky to lend a loan to a bad credit history holder. But being able to pay a high down payment roughly around 25% to 35% will increase your loan being approved. The rate of interest, being changed on bad credit car loans, are generally higher than the normal car loan because the lenders are always wary about you being fall defaulted in paying the EMIs. The lenders can’t be sure that you will pay back the entire loan amount and they want to make as much money quickly as they can, from you.
So, before applying for a bad credit car loan, calculate your finances seriously. Also make sure that you can pay back the EMIs throughout the loan tenure. In doing so, go for online easy loan calculators, in which you will enter the loan amount and the tenure for which you want the loan and the calculators will calculate automatically your down payment and your monthly installments. Now check out whether the calculation is financially feasible for you.
Once you are ready with your finances, get a lender and negotiate the terms and conditions. The lender will lend you loan in no times.
These lenders can offer the following types of car loans