When you have bad credit, it’s not only demoralizing, but it also ties your hands when you want to make changes and improvements in your life. An automobile is essential for many households. But how can you obtain one with bad credit? Bad credit auto loans specialists, such as PrimeLoans, are specifically designed for those people who need an automobile but who are having a hard time getting one based on their credit history.
What is Bad Credit?
Your credit status is determined by information such as a FICO credit score, used by 90 percent of lenders including lenders for vehicles. There are five categories with a FICO credit score – Exceptional, Very Good, Good, Fair and Poor. If your FICO credit score is between 580 to 669, your credit is considered fair. If it is between 300 and 579, it’s considered poor. A fair or a poor FICO credit score would likely prevent you from qualifying for anything other than a bad credit loan.
How Do You Apply for a Bad Credit Loan?
In the 21st-century, the process of applying for a loan is made simple. You can apply for an auto loan online and with no cost to use, even when you have bad credit. Specific information, however, will be required to get the loan started and to obtain the auto financing. Your information will be reviewed, and an auto loan specialist will search for the best lender for you.
What Does an Auto Loan Specialist Do?
When you apply for a loan with a specialist, the complicated process of searching for the right loan is done for you. You just fill out the quick, secure online form, and the specialists get to work to find the right car or truck or another vehicle loan for you despite your bad credit history or current financial situation.
Will I Have a High-Interest Rate?
Bad credit loans often present a smaller amount as well as a higher interest rate, because these are loans that are considered riskier than loans given to people with good credit. An auto loan specialist will work with the results of the search to find you the best loan based on your credit status.
When you are in need of a car but have a bad credit history, go with an auto loan specialist. These professionals can help you get the car you want despite your credit status