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To understand the bad credit and car loan properly first we will have to understand that what is bad credit and how car financing is beneficial.

Bad Credit- Your credit history is a record of all past financial commitments and your pattern of repayment, as well as an overall look at your total debt load. Credit reference agencies use this information to assess your credit worthiness and assign a credit score. Lenders then use the credit score as a factor in deciding whether or not to underwrite your loan. Though each lender has its own definition but usually credit score of less than 620 lands you in this less-than-desirable category.

How Did I Get A Bad Credit History?

• Anytime you are late making a payment,
• miss a payment,
• default on a debt,
• Or fail to otherwise fulfill a financial contract or commitment, this information is reported to credit reference agencies.

You met with several lenders and everybody confirmed that you are eligible for a car loan. However, when you applied for the car, it gets rejected. When you ask the lender to reveal the problem with your application, he says there is problem with your credit score and that you have poor credit. If you were suffering from bad credit then it was a very common problem for you that you visit several borrowers, you spend your time, efforts and money on visiting and in last you land up with rejected application by all lenders. These all things are now days in money lending market a history.

There are lenders who even consider the bad credit also. Bad credit car loans are customized loans meant specially for people with bad credit score. With a bad credit car loan, a borrower can not only buy a new car, can opt for refinance but also gets a chance to improve his credit record and his reputation. Once you get, a bad credit car loan, you buy a car and use as you wish. Or perhaps, you might be interested in car repair loans poor credit. To make the loan processing fast these loans are available on net also, where you can apply, you can search different options etc. If you don’t have a car in mind already, then the lending company expert counselors will be quite helpful in advising you based on your loan amount, your income and the purpose for which you are taking bad credit car loan. So finally, don’t be discouraged if your earliest attempts at financing have failed.

Eligibility-

While applying for car financing, you need to provide evidence of the following:

• Income statement or salary details
• Residence proof
• Identification Proof
• Your bank statement showing credit of your monthly salary
• Your employment duration details.

Loan Amount & Interest: The loan amount and the interest rate vary as per the business policy of the lending company and it depends on the borrower status also. But as now there are various lending sources there shouldn’t be panic, before going for that you should certainly do the survey in the lending market and as per the need you can do the bargain with them.

Other Resources:

Auto Loan Guide – Auto loan options for bad credit borrowers.

Bankrate.com – Learn how to get a better car loan.