Same Day Auto Loan – Car Loans for Bad or No Credit
Posted on | December 27, 2009 | No Comments
Getting a same day auto loan is something that many Americans will look to in the coming weeks. If you are looking for a car loan for bad or no credit then there are many options available for you. With the amount of end of year car sales coming up there is no reason to neglect the research of saving money on buying a car at the end of 2009. Getting financing for this loan may take you a little extra homework if you have bad or no credit.
By simply doing some google searches you are likely to find many bad credit lenders out there who can help you get an auto loan. Please do not think that the only option you have is to finance a car through a dealership. Most car salesman will try to convince you of this but this is definitely not the case. If you do not qualify for financing through the dealership there are many other options.
Prior to going to the dealership it might be a good idea for you to submit some auto loan applications to get an estimate of what interest rate you can get. It might be a good idea to go ahead and submit an application to your bank as well as they might give you a lower rate then some bad credit lenders. It is usually the case that dealerships will offer you a very good interest rate but not everyone will qualify.
You have probably seen advertisements on the television and the Internet for interest rates as low as 2.9% for some new vehicles. This is a very good interest rate but please understand that you need a credit score above 680 to have any access to interest rates this low. You will also likely have to put some type of down payment on a car to lock into this type of financing.
If you have found 2009 to be a great struggle when it comes to money then you might have to look towards other resources to get your auto loan. With the amount of money you are likely to save by buying a car at the end of 2009 the interest rate on your loan does not have to be as low as you would expect. It might even help you to negotiate a lower price on the car at the dealership by explaining to them that your interest rate is going to be higher on the car loan.
Author: Tiffany Mann
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