How to get bad credit car loans

Mar 4 2010

In today’s times, it is not very easy getting access to Car Loans. Money flow has tightened and unless you meet specific criteria, you will not be sanctioned loans at attractive rates of interest. Things can become difficult if you do not have a credit score that is deemed acceptable to the lenders.

However if you do have a Bad Credit score, do not despair that you would find it difficult to get Car Finance. It is possible to get a car loan quite quickly as long as you follow some other conditions as under:

• You should have completed eighteen years of age when you apply for the loan.
• The car loan sanctioned needs to be availed of only at the dealer outlets that have been specified by the lender.

Of course, the above conditions by themselves will not guarantee you the loan you desire, as the lenders would have other factors to consider. They would want to look at the debt to earning ratio, which is the monthly liability you have as against your monthly earning. If this debt amount is very large and is greater than the earning by fifty per cent, they might not consider extending any loan to you.

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