When credit issues are keeping you from getting a reliable car, you can count on us to provide options for getting bad credit car loans. It would be great if it was a perfect world. But things can go wrong in a hurry. Maybe a job loss, or a medical issue? Lot’s of things can create financial difficulties that have a negative impact on our ability to get financing on a car or truck.
What Types of Loans are There for Bad Credit?
Sub Prime Lenders (Secondary Banks)
Basically there are only 2 types of Loan structures when it comes to buying a car, truck, or sport utility vehicle with bad credit.
The first type is referred to as Secondary Financing or Sub Prime lending. The actual car loan is a bank loan like any other car loan, but is not through a primary bank. Instead the loan is through a secondary bank like ACC or AmeriCredit. Currently with the American economy still being down there are quite a few of these banks servicing the used car market. Typical credit scores that can apply for and possibly be approved for Sub Prime loans are between 600 all the way down to 480 in some cases. The only way to know for sure rather you would be approved it to give us a call and we’ll have a team member go to work for you.
Buy Here Pay Here Car Loans
The second type of lending for car shoppers with some credit issues is buy here pay here. Basically in this situation the dealership where the purchase is being made does the financing themselves. As long as you’ve got a job showing adequate income, and a decent down payment. Your chances of being approved to buy a vehicle can be pretty good.
So there it is. If you want to know if you can get approved just call us or fill out our get Pre-Approved form and one of our team members will contact you ASAP to discuss options.