Guaranteed Auto Financing and Bad Credit Loans - 5 Tips

A low credit score is not a big deal normally. It is just a 3-digit number in a database somewhere that tells banks that lending money to you is more risky than lending to someone else.

Of course, that little 3-digit number suddenly becomes a very big deal if you want to borrow money to buy a car. Auto financing is just about the only way that a great majority of us can afford to purchase a car of our own.

If you are looking for guaranteed auto financing with bad credit loans, check out these 5 tips:

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1. Your credit score plays a big role in the car financing decisions of most lenders:

About 90% of auto lenders pay a whole lot of attention to your credit score. In fact, it seems that your score is about all they look at when making a decision about whether to lend you money.

2. Bad credit car financing lenders look at other factors:

However, a special class of auto financing lenders look at more than just your credit score. They have found ways to look beyond just that single score when making decisions about whether they should offer you an auto financing loan.

3. All lenders really care just one thing: whether it is likely you will repay the loan:

At the end of the day, what every lender - bad credit auto loan lender and traditional lender included - wants to know is: will you pay back the loan? Are you credit-worthy? If the answer is "yes" to either of these questions, you are an excellent candidate for guaranteed financing.

4. Gather together additional information in support of your credit-worthiness:

Before applying, put together information such as your resume or a document showing your work history. Also, anything that establishes who you are as a person, such as letters of references, could help your case.

5. Apply to at least 3 bad credit financing lenders:

Do yourself a favor and apply to at least 3, 4 or even 5 auto financing lenders. Doing so will likely have you behind the wheel of your newly-purchased car in no time flat.

Consider these 5 tips as you look for guaranteed auto financing and bad credit loans.

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