Poor Credit Car Loans in Chicago

How to Get Bad Credit Auto Financing in Chicago

It would be too simple to say that you can get special auto finance loans with credit problems by using our services when there is more that goes into the process. An applicant from Chicago has to meet a number of different requirements to be guaranteed approval and receive the best loan rates.

Here are some tips to help in dealing with sub prime auto loans with a Chicago auto dealer and with our current economy:

• Before visiting a dealer and applying for a vehicle loan, you should know your credit score and what is contained in your credit report. Your credit score and history are what banks and other Chicago lenders look at in approving your bad credit car loan application and deciding which interest rate tier you qualify for. Obtaining a copy of your credit report a few months before you apply for financing gives you the chance to correct any errors and can result in an increase in your credit score.


• If you have good credit - that is a credit score of at least 640 - you should shop around for auto financing before you visit the dealer. Even if the dealer is offering lower interest rates, in many instances these are only available to the most qualified buyers � those customers with credit scores of 720 or better. If you don't qualify for the best Chicago vehicle loan rates, then the next-best rate might be higher than a pre-qualified loan you get from your credit union. It also may give the dealership the leverage they need to go back and negotiate a lower interest rate with their lender.


• Even if you qualify for auto financing in Chicago, sometimes these are in lieu of cash back offers. Combining a slightly higher vehicle finance rate with a bank or credit union and a Chicago area car dealer cash back reward can sometimes result in a better deal than the lowest interest rate offered by the dealer, so take the time to compare the different offers before you commit to the lowest interest rate.


• To help you out, we have qualifying calculators that can help you determine a budget for your new automobile as well as allow you to input various lending scenarios so you can determine what the least expensive loan might be for your particular situation. You can do this at home and print out the information so that you can take it with you when you go shopping.

One final suggestion: buy the vehicle, not the deal. A great auto loan in Chicago on a gas-guzzling vehicle with a poor resale record is not a good deal if gas prices hit $4.00 a gallon again and you can't afford to fill the tank. Likewise, a big rebate on a small vehicle in Illinois isn't a good deal if you plan on taking vacations with your car and your family can't fit into it comfortably.