Less than perfect credit sounds so much better than “poor credit”, doesn’t it? Regardless of what you call it, having a low credit score presents a problem when you need a car loan. Auto financing for people with poor credit scores is very doable, it’s just that most people go about it the wrong way and set themselves up for major disappointment.
Most folks that have poor credit, go to the car dealership first.
That’s exactly the opposite of what you should be doing.
Going to a dealership, checking out all the new rides and getting “hooked” on a particular model or type of vehicle can set you up for some major heartbreak. Aside from that, it puts you in a position to where you are more emotionally involved in the purchase than you should be. Mixing money and feelings are a very, very bad thing.
To get the upper hand on the car deal, and to get the easiest approval, you should seek to initiate the financing end of the car purchase separately from the car shopping. What this means in simple terms is that you’ve got to keep your priorities in check. Don’t make the mistake that most people do by going from car lot to car lot filling out multiple credit applications trying to get accepted for auto finance. Sure, it’s fun I guess, but won’t help you to get the best finance deal.
The most simple way of obtaining good auto finance when you have a poor credit rating is to use an online lending network. There are a couple good sources online that can take your present credit situation, turn it into an auto loan approval and set you on the road to rebuilding your credit. That way, when you go car shopping again in a few years, you’ll be in a much better position to just say, “Yeah, I want that one.”