The decision to apply with very bad credit auto lenders is one that many people often find to be impossible, but this is hardly the case. Almost anyone can use a car loan company with poor credit financing to get a new or used vehicle if they are able to locate the proper loan company or dealership to help them.
There are certain auto lenders that specialize in vehicle financing, and AutoNet Financial has been one of the best at helping people with credit problems find quality dealers.
BHPH Finance Dealerships
One of the more popular ways of obtaining a car loan for poor credit people in a number of areas has been buy here pay here dealerships. These types of lenders separate themselves from most vehicle dealers with their ability to take part in in-house financing. This means that the dealer provides bad credit auto loans without the help of a bank or credit union, which makes it possible for them to offer loans to anyone regardless of their credit score.
Poor Credit Financing with Pay Day Loans
Another useful method that is often used to help acquire a loan with below average credit ratings is the use of payday loans, also known as cash advances. The key feature that is commonly found in this form of financing is through the lenders ability to offer sub prime financing without a credit check and a short term loans that is usually easy to pay off. The reason this is has everything to do with the fact that most finance loans that are offered by these types of lenders rarely supersede $1000 which makes it easy to repay by a person's next pay day, hence the name "pay day loan".
Downside of Bad Credit Lenders
As beneficial as both of the bad credit car lenders are to most consumers there are still some things that you must take into account before completely committing to filling out an application.
- High Interest Rates: Both BHPH dealers and cash advances are known to have costly interest rates for late payments.
- No Credit Repair: Since most of these kinds of lenders use your paycheck as your credit, they rarely ever report you payments to a credit bureau, which results in no improvement in your credit score.
- BHPH Repossession: In addition to the large interest rates, buy here pay here dealers are also known to quickly reposes a vehicle if payment is not made in a timely fashion.
- Not Always Legal: In certain parts of the United States the ability to provide a pay day loan to a consumer may not be considered legal due to state law or may simply have a large amount of stipulations attached to them as well.
Despite some of these negative marks against buy and pay here dealerships and pay day advances, the truth is that the best auto finance companies can be helpful to people with a poor credit history. So if you're interested in going forward with receiving a loan from one of these lenders you only have to click the "Apply" button above and we will help you contact a local dealer that can best serve you.
AutoNet Financial provides auto loans to people with bad credit and that earn over $1,500 per month, regardless of how long they have been on the job. We work with local car dealerships and in house financing dealers to find the best auto loans that accept people with problem credit.
