Guaranteed auto loans for bad credit can usually be obtained with buy here pay here lots willing to work with a consumer, regardless of credit. Most buy here pay here car
lots work with a individual who have a steady job that allows them to afford the monthly payments on the auto.
These guaranteed auto loans for bad credit come with a few downsides. First, these buy here pay here lots charge a premium price for their cars. This allows them to still make a profit, even if you decide not to make your car payments. They accomplish this by charging you a large down payment. The second downside is that you will be charged a high rate of interest. Third, they may try to sell you the car for more than the actual value.
Consumer should be aware of some advertisements and promotions for guaranteed auto loans or suggest that there's a high likelihood of success that the auto loan will be awarded, regardless of the applicant's credit history. But, to take advantage of the offer, the consumer first has to pay a fee. And that's the catch: The consumer pays the fee, the scam artist takes off with the money, and the loan never materializes.
Legitimate guaranteed offers of credit do not require payments up front. Legitimate lenders may require consumers to pay application, appraisal or credit report fees, but these fees seldom are required before the lender is identified and the application completed. In addition, the fees generally are paid to the lender, not to the broker or arranger of the "guaranteed" loan. Legitimate lenders may guarantee firm offers of credit to credit-worthy consumers, but they rarely do this before evaluating a consumer's creditworthiness.
Other options available for people seeking a auto with bad credit is to ask friends or family, with good credit, to co sign. This will allow you to save on interest and get a better price on a new or used car. If this is not possible, in may be in your best interest to try to repair your credit score before financing a automobile. This can put you in a better financial condition in the future.
If you decide to seek guaranteed auto loans for bad credit, it is in your best interest not to seem desperate for a automobile so you will not be taken advantage of.