Getting a car these days does not have to be impossible, even if you have less than perfect credit. For those who have had issues that have made their credit score less than what standard loan companies or banks require, the answer may be found with subprime auto lenders.
Although you may have to pay a higher interest rate for shorter terms than traditional loans, borrowing money for a car from a subprime auto lender can do several important things for you.
First of all, these loans can get you into a vehicle where other loans won’t, which is essential for many people who need a vehicle for work, school, or who are raising a family.
Besides getting you into a vehicle, you can also use the subprime lending experience to build your credit while you make other efforts to straighten it out, ending up well ahead of the game in the long run.
If you are wise and make the right decisions, many times you can find that borrowing from a subprime lender is just the stepping stone you need to position yourself correctly in life down the line.
There are many lenders out there today who offer subprime lending, but there are unscrupulous companies out there you need to watch out for in the mix.
In order to give you information about some of the companies that offer subprime lending, we looked at a few of the choices available and outlined them below:
- Auto Credit Express. Features an easy online form that takes little time to complete. Specializes in those with bad credit, bankruptcy, repossession, and no credit. Relied on by satisfied customers since 1999. Those with bad credit must have $1500 per month in income to be able to qualify.
- MyAutoLoan. Loans can be used for purchasing a new or used car, or for refinancing purposes. Bad credit is acceptable in some circumstances. Receive a check or online loan certificate in as little as 24 hours (fast approval). Receive up to 4 offers from a nationwide marketplace of lenders. In business since 2003, the application takes less than two minutes to complete.
These subprime auto lenders can be a great choice if you really want or need a car, have acceptable levels of income, and have been denied by banks or other traditional lenders. However, there are many auto financing options available, so be sure to conduct thorough research and weigh your options before committing to any particular financing program.